Advice You - Business

If you read books on investment or business, you’ll know that all the experts tell you to develop an “exit strategy” for your investments or your business, even while writing the business plan. Without using a bunch of financial jargon, basically it’s setting up a plan to make sure you get the MOST out of your assets when yo

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

u sell or close the business or investments.

So how does this relate to you? Developing an exit strategy should be an essential part of EVERYONE’S career plan. Why? YOU ARE YOUR MOST IMPORTANT ASSET! Think of yourself as Me, Inc. You are your own CEO. You want to be in control of your own career, on your own terms. I

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

Examples of combination products may in

n your current position, you’ve no doubt invested a lot of time and effort to get where you are, to know what you know.

Think about the following scenarios:

Your great boss leaves the company for a better opportunity. A terrific position opens up at her new company, and she calls YOU to send your resume and come

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

in for an interview with key management. Is your resume updated with all your recent accomplishments? Are you prepared for a job interview? Or would you scramble around trying to get your resume ready, and worry about how you’ll perform at the interview?

There have been rumblings at work about more layoffs. One

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

day, the dreaded news comes in that your department is getting downsized. Do you have an escape plan?

Your boss leaves the company, and now there’s an open management position. You’d really like the opportunity to be a manager. Have you positioned yourself to replace your manager? Does your resume reflect the a

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

Combination pro

complishments necessary to show someone that you’re the best candidate? Have you practiced interviewing for a management position?

You should be in control of your destiny at all times, just in case anything happens, good or bad. How can you turn all your useful knowledge and experience into a “what-if” plan?

Co

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

mmon sense tells us that being prepared is the best form of crisis prevention. For example, you probably have smoke detectors and fire extinguishers in your home, right? Not because you think there’s going to be a fire, but because you want to be prepared, JUST IN CASE.

Your career exit strategy works the same way. You sh

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

ould have a plan in place, just in case something happens.

Unfortunately, we’ve seen far too many companies downsize or completely go under in recent years (remember Enron, and WorldCom?). You certainly don’t want to be at the mercy of the company you work for.

Okay, you get the picture. So what can you do?

Here’s a simp

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

le plan to follow to put your exit strategy in place. Putting this into action won’t be done overnight, so it might be easier to break up into smaller chunks.

Document at least 3-5 accomplishments or challenges you overcome each week. This is probably best done on Friday, but it’s really up to you. Try to

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

be as specific as possible, and also in line with your personal, team or company goals.

TIP: To make the most of these accomplishments, send them to your immediate manager each week. This helps you at performance review time, because you have a specific list of accomplishments, and will help you get the most out of any me

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

it pay increases. Also, this is the information that you will use to update your resume. When you’re ready for a new position, you simply select the accomplishments that are in line with the requirements of your new position, and presto! You have an amazing resume!

Know what you want to learn and set goals.
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a
> Is there a particular skill or some type of software you need to learn in order to get you where you want to be? What will help you be successful here is setting specific, attainable goals (heard of SMART goals? Simple, Measurable, Attainable, Realistic and Tangible) and not trying to do too many at a time. Many companie
dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod
s have e-learning and live training courses you can attend. See if you can take advantage of some of these opportunities.

Stay Positive. AVOID the negative rumor mill at all costs. You know what I’m talking about – the people who love to instill fear in everyone by the “latest” they heard from “someone” ab

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

out “something bad” that’s going to happen in the company (impending layoffs, bankruptcy, personal gossip, etc.). IGNORE!

Keep your resume updated. Don't be the person who works somewhere for 5 years, and then tries to figure out what to put on their resume when they're desperately trying to find a new job or ge

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

t a promotion.

TIP: If you’ve been with a company for a while, and haven’t been tracking your accomplishments, refer to your past performance reviews for ideas. Keep copies of all your performance reviews!

Follow industry trends. Stay current on what’s going on in the industry or field you’re in. This wi

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

l help you to know what you need to learn, and will give you clues as to which companies are the movers and shakers. Also try to keep up with the latest technology in your industry.

Know how your company performs financially. It’s important to know if your company is doing well financially, or headed for ba

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

Professional from academic institutions, pharmaceutical industries, health care indust

nkruptcy. Many companies keep employees updated with quarterly financial reports and overall performance. Don’t be the person who deletes these emails without reading them! If your company doesn’t send you this information, all publicly traded companies have to report their financial statements. Yahoo’s Finance page is a g

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

reat tool to use: http://finance.yahoo.com/. All you need is your company’s stock symbol. If you’re not sure how to read a financial statement, there are plenty of free tools out there to help.

Stay in touch. Have a great boss or co-worker that left for a better opportunity? Make sure you get their c

.

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

ontact information and stay in touch with them. You never know when you may need to call them to see if they know of, or know someone who might know of, an available job opportunity. Or better yet, when they will call you for a great opportunity that just opened up!

Practice Interviewing. Even if you’re no

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

Companies that provide selfless information through particip

t planning to leave the company you’re with, or pursue another opportunity right now, keeping your interviewing skills up to date will help you continue to build your confidence. Rather than be afraid and nervous about a potential interview, you’ll be prepared and you’ll know yourself and your skills inside and out.

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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Advice You - Develop Your Career Exit Strategy

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