Advice Pool - Business

I believe it would be safe to say that the transportation industry is one of the highest revenue producers in today's modern economies.

Millions upon millions of priva

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

te passenger vehicles rule the highways and rural roads in countries around the world.

Automotive reconditioning services, for the retail car/truck dealer, provide sig

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

Examples of combination products may in

ificant income opportunities for well trained, highly motivated entrepreneurs.

There are several categories in the automotive reconditioning field. These categories in

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

lude:

1) Leather Repair and Reconditioning

2) Vinyl and Plastics Repair and Reconditioning

3) Paint Touch-up

4) Paintless Dent Removal

5) Alloy Wheel Repair

6) 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

dshield Repair

7) Gold Plating Services

8) Mobile Detailing Services

As a journeyman of auto reconditioning, in the retail car business in the US, I believe there is

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

Combination pro

more opportunity in these industries than ever before.

Why Now?

Over the past 25 years, we have witnessed many changes in the reconditioning sector of the auto indus

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

ry. The climate and environment of the "recon vendor" has experienced dramatic change.

We have seen a departure from the "craftsmanship approach" to these highly speci

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

lized services. The new trend has become franchising. In the last 10 years, the "comprehensive franchising" approach to this industry has had enormous negative effect

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

These "comprehensive franchises" promise their franchisees training, support and expertise in all aspects of auto recon. As a result, they produce large numbers of un

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

qualified technicians who can not perform any of the services well.

For the educated candidate exploring the opportunities available in this industry, it is clear that

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

franchising is a poor choice. With proper research, one can find the best products available for all of the auto recon service sectors. The manufacturers of these produ

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

Following aspects would a

ts will gladly provide ample training specific to their products. This eliminates the need for the 3rd party middle man.... the franchiser.

The capital it takes to pur

dd to the challenges in developing combination products:

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

hase a franchise agreement, is better spent tooling up as an independent vendor. Not only will you spend less money to get your new venture started, you will not have t

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

he franchiser earning a percentage of YOUR income.

Research!

Take the time, do your homework! Contact a qualified specialist in the industry for information and consu

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

tation.

Specialize!

No matter how talented you may think yourself to be, start gradually. Pick one sector in the industry that interests you and start there.

When yo

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

have mastered that particular craft, add another.

Study Sales Techniques!

Read some of the leading publications on sales techniques and practice your pitch.

Remembe

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

Professional from academic institutions, pharmaceutical industries, health care indust

:

1. Qualify (make sure the person you are selling has the authority to purchase)

2. Demonstrate (provide demonstrations of your products and services)

3. Cost Justi

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

fy (successfully performing your specific service will justify your price)

4. Close the Sale (superior performance and customer service will ensure repeat business)

N

.

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

w, more than ever, there is great opportunity in the auto reconditioning service industry. This is due to the incredible demand for qualified craftsmen.

For minimal st

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

Companies that provide selfless information through particip

rt-up costs, you can take advantage of the current environment in the auto reconditioning service industry and CASH IN!

Copyright 2004 David Ridge - All Rights Reserve

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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