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Are you an entrepreneur but don't like selling alone? A consortium is a combination of different industry-types of entrepreneurs working together to attract business as a group. Even though each member maintains their individuality and operates as the same as self-employed.

They band to create a more valuable package to fulfill bigger needs for clients an

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

d for increased visibility and credibility.

The positive side to being part of a consortium is that you can work on larger projects. Larger than any single entrepreneur can accomplish alone. Together they can enter into contracts that require multiple skills and still maintain the freedom of their entrepreneur-hood they so desire. They gain being part o

; 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 team and organization while still keeping your independence.

A consortium can provide the security of core revenue that helps them breath, not chase prospects as hard, and usually take care of regular living expenses. It is also a great way to transition from employee to self-employment. The transition allows the learning and growth at a slower steadi

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

r rate. Each member learns from other group members by sharing their success and mishaps. This way the risk factor of being self-employed is less.

The consortium can also band products to create higher priced, more valuably perceived, packages. Larger packages are easier to sell. A group package of various authors is more attractive to buyers. Everyth

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

ng that the buyer needs is then packaged and available with one purchase.

Being a part of group also removes the pressure of trying to be an expert at everything. And allows each individual to focus and be brilliant at what they specialize. There are many types of group configurations for consortiums. Let me give you a few examples of some of them. Thes

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

Combination pro

groups formed a single purpose.

An entrepreneur consortium can include: * CPA * A writer specialty in business plans and advertising copy * A financial management consultant * a human resource consultant specializing in benefit programs and employee manuals * An Internet consultant * Web master * Strategic planning consultant * A secretarial service or vi

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

tual assistant * Graphic artist * Brand specialist * Public relations firm

A training consortium can include: * Writers (copywriter, web writer, direction mail writer) * Editors (line editor, grammar editor) * Reference checker * Graphic designer * Multimedia specialists * Videographers * Presentation trainer * Voice coach

A software consortium can incl

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

de: * Programmers * Multimedia specialists * Graphic designers * Marketing consultants * Packaging consultant * Retail consultant * Product Development consultant * Accountant/Bookkeeper * Virtual Assistant * Business coach

A consortium can form that specializes in children books or educational products. The group can consist of educational specialists, g

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

aphic designers, marketing consultants, self- publishing expert, agent, and various types of writers. Artist guilds work off the same principle of consortiums. Some consortium, many guilds in fact, purchase real estate together to display and sell their art.

Let us follow the money trail of a consortium.

The client enters into a contract with the consor

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

ium. The consortium bills the client. Each consortium member discounts his or her rate and bills the consortium.

The billing difference supports the business side of the consortium. It can pay for marketing or other overhead expenses.

After the client pays the consortium, the consortium then pays the members who worked on that project.

Okay, that

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

s fairly straightforward.

After the client receives their contractual services by the member, the member then bills their time to the consortium in "units" not dollars. Units work better than dollars because they equalize the various billing rates of the members. For example: a CPA may bill four units per hour, a writer three, and a virtual assistant on

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

Following aspects would a

. The consortium keeps track of everyone’s units and pay members on a regular basis as set up in the consortium’s charter.

When the consortium is properly tax-structured, the revenue and expenses can balance themselves out. It is important to see a tax professional for details on structuring a consortium for tax efficiency.

A challenge when starting a

dd to the challenges in developing combination products:

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

consortium is to make sure that when looking for members, prospects do not mistake the first meeting as a new networking group starting up. People confuse the two and show up. This will give the organizers a misrepresentation of the "real" number of interested parties.

Joining a consortium is not a short-term project. It is important to know that joinin

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

or starting a consortium is long-term. There is the initial investment of time and money from all members. The startup phrase doesn't occur in one meeting. An agreement on many items needs addressing. Some established consortiums require a minimum of three years, however, many startups can require five, ten or twenty-five years commitment.

Oh, but when

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

they work, they are make being in business so much nicer.

Usually the founding group elects three leaders to handle the administration. One of the three may have a higher voting right. Usually the one given the higher voting right is because of their investment of time or money, but not always. These leaders have the responsibility of organizing meeting

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

and splitting up the consortium responsibilities between members in a fair manner.

Money is an important factor when entering into these types of agreements. It is the main purpose of forming the consortium. Money is also one of the main reasons they breakup -- like most marriages. Because of this, it is important to have a buy-out clause in the agreem

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

Professional from academic institutions, pharmaceutical industries, health care indust

nt that protects the members and the consortium.

Respect, appreciation, and acknowledging of each other’s contribution is mandatory -- put a cap on the M to mandatory. The boundaries and scope of each other’s services must also be clear. It is not uncommon for some members to offer similar services. Thus, the boundaries of who does what is extremely imp

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

rtant.

Being a consortium member doesn't ban them from obtaining outside clients for their particular speciality. However, working with other members to gain contracts separate from the consortium breaks their membership in the consortium. And always have consequences stipulated in the consortium charter.

Communication and cooperation are challenges fo

.

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

groups of this size. Each member needs to make big effort to work and be patience in these two areas. The need for professionalism is important so that the group does not degenerate into personality conflicts or professional battles. Having an outside arbitrator for disagreements is a good idea.

Even though there is a challenge in finding the right mem

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

Companies that provide selfless information through particip

ers and keeping the relationships working, remember the advantages outweigh any and all cons. Consortiums have been in existence for several decades now and have proved their possibilities.

For a list of additional resources, visit: http://www.abundancecenter.com/articles/consortiums.htm

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

With retailers wanting a constant flow of newness, it's more important than ever for inventors and corporations to invent with consumers in mind and give them something new to go into the stores for.

As a small business owner you need to be concerned about hazards and the risk assessment requirements, within your workplace. This is now a legal requirement.

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Business Articles - Have You Ever Thought of Joining or Forming a Consortium?

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