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Starting a Business in Second Life

The virtual world of Second Life is a friendly place for businesses, as it offers most of the advan

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

tages of our real lives when you’re about to start one. But, just as in real life, the competition is stiff and only the strong survive. Usually, people start ou

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

Examples of combination products may in

a business in Second Life with one of the following three purposes, that we’ll discuss over the course of this article: for profit, for advertising or for creat

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

ng a real life business. Let’s talk a bit about each of these options.

Starting a Profit Business in Second Life

As you probably already know

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

Second Life uses a currency called the Linden Dollar, with 270 such Linden Dollars being equivalent to a US Dollar. Linden Dollars can be freely exchanged using

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

Combination pro

the in-world currency exchange programs, or using a third party one. The point is, you can actually make money in Second Life, then translate that money into rea

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

l life cash.

If you aim on starting a business for profit in Second Life, you will want to find a niche market that people need in-world. It doesn’t really matt

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

r if “car parts” is a good niche in real life, in Second Life it will be useless. If “cotton candy” is what everyone in the virtual world needs, then that’s your

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

niche. The point is that you shouldn’t base your profit-generating business on what could work in the physical world. If you manage to make a name for yourself a

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

d sell your stuff, you’re bound to make a profit you can cash in on.

Starting a Business in Second Life for Advertising Purposes

Don’t worry,

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

his is not something new, it’s not something I just came up with. Advertising through a virtual Second Life company is what many of the real companies do. Basica

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

Following aspects would a

lly, if you already have a business in real life, you can create a dummy of it in Second Life and promote it to the people in the game, which could be tomorrow’s

dd to the challenges in developing combination products:

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

real customers. And of course, there’s a big psychological advantage when someone that has seen your business’ name in-game will see it in real life: “Oh look, I

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

know that store from Second Life, let’s go buy from them”.

Starting a Real Business through a Virtual Second Life One Last but not least, some

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

businesses in Second Life will have an inverse development as the above advertising ones. In this case, we assume you don’t have any real company or business, bu

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

you want to create one in the future. Second Life is a good way to create a basis for it to land on when you’ll have the money or room to make it happen. Some p

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

Professional from academic institutions, pharmaceutical industries, health care indust

re-advertising will help a lot, but make sure you’re consistent in following your business’ traits in game, to the real life one.

In conclusion, I must state th

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

t you won’t need a lot of technical or law-related knowledge to start a business in Second Life, which will most likely differ if you want to start one for real.

.

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

So although Second Life businesses are a good way to practice or advertise, they don’t resemble real businesses in all aspects, especially the uncomfortable ones

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

Companies that provide selfless information through particip

Think about it, your Second Life business goes bankrupt, so what? But what if your real business goes bankrupt? You can’t simply get a new avatar and start over

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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