Top Adding - Home Based Business

There are two types of home based businesses. One is the traditional one with an office at your home and the other is a virtual office – your website. Both require customers to keep it going and both require you to d

According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product

o an initial research to see which type of business you should open. Without researching both, the traditional and online, businesses are destined to fail. Let us first look at the traditional home based business.

T

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

aditional Home Based Business

These include all kinds of small cottage industries that can be run with a few people usually family members. Professional services (e.g. photography, print & design, ladies accessorie

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

, maintenance & repair services, etc), network marketing (MLM) and food & bakery contribute to the majority of traditional home based business.

Some of these had go on to become local brands and they survive well wi

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

h regular streams of customers. Therefore, a traditional home based business cannot be booted out for good.... at least not now or any near future. They serve a niche market of their own.

Although many traditional

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

home based businesses have been successful, these ventures are quite risky to begin with. Here are some of their cons:

1) The delivery of a physical product or personal services can be very much limited by time and

ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc

space.

2) Promotion and marketing of your product or services are also limited to a smaller local market.

3) When business is brisk, you struggle to meet production but when business is slow, you struggle to keep i

easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi

going.

A traditional home based business require an office, you spend money on decorating that office, even if it is a home. You would require infrastructure like telephone, fax machine, printer and stationary supp

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

ies. A traditional home based business may take time to set up.

A point to remember, a traditional home based business requires higher recurring expense when compared to an online home based business.

With a tradit

and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ

ional home based business, you need to think about hiring staff and worry about attrition. Then there is the fear of losing your traditional home based business to natural calamities like hurricanes, storms or floods

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

You would have keep inventory which could cause you losses.

All the above are points to ponder when you are thinking of starting a traditional home based business.

Online Home Based Business

When compared to a tr

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

ditional home based business, starting an online home based business is much faster. Once you have your website running, you are in business. You do not need to wait for the stationary or the office to get ready.

Th

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

s does not mean that running an online home business is a piece of cake. You need to invest time to do proper research, as which type of online home based business is suitable for you. The internet is an extremely go

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

od resource for research.

In an online home based business you set your own timings and your website announces to world what are your products or services. You do not need to spend as much on advertising as you woul

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

do with a traditional home based business. The internet gives you an edge. You reach a much large audience across the globe. This is not possible with a traditional home based business where you end up catering to t

t?

As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel

e immediate community. And once your online home based business is automated, it practically runs by itself.

Examples of Successful Online Businesses

eBay
eBay was one that did not go under when the dot com bu

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

ble burst. eBay transformed itself from a garage sale and flea market site into a genuine e-commerce site. Today, eBay has over 29 million registered users selling anything from antiques to jewelry. eBay is made onli

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

ne transaction safe and secure and it allows buyers and sellers to post their comments online. You can check these comments and then decide whether you want to do business with a person / company.

Amazon.com
Am

.

As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de

zon.com treats it customers like extremely. It tracks the customers’ tastes so that using Amazon.com becomes a truly rewarding experience. It has outstanding customer service with special discount services on books.

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

mazon.com excels in one-to-one marketing making each customer feel special.

In the next part of this series, I will talk to you about some good online opportunities that are there just waiting for you to encash them

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

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