Advice You - Business

On the flight home last night from Boston, I sat beside a very nice IT salesman. He was charming, engaging, and quite polished. Though he was an Executive Platinum member with Ameri

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

can, he willingly gave up his aisle seat for a young grad student that needed to walk around occasionally due to a medical condition.

He and I had a great conversation in which I s

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

Examples of combination products may in

howed him the Bubble Planner. He was impressed and offered some great insight for marketing on the internet. In addition to this, he offered such sage advice to the new Grad student

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

beside him. It was so simple, yet, so profound that I thought that you would want to hear it as well.

What did he say? He said that when she graduated she should

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

consider a less popular industry for people with their MBA. Apparently, the majority of new MBA's choose industries such as Banking, Venture Capitalism, and Consulting. However, he

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

Combination pro

asserted that there was greater promotion potential for people with their MBA in less popular industries. He said that if she selected an industry that has fewer MBA's that she coul

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

rise very quickly in the organization.

Why Would He Say That? Since the herd is chasing the top companies for MBA's, the top companies are now taking advantage o

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

f this. Like the large public accounting firms in the 1980's, these companies are able to work these new graduates for 2-3 years 80-100 hours per week. Once this crop of graduates i

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

s burned out, they bring in the new crop. The best of the group move on to the next job as soon as a better opportunity presents itself. Eventually, the average of the group are let

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

go as the company hires upper positions from the outside.

In the less popular industries, there would be less competition. It's simply a matter of applying the Law of Supply and De

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

mand. Since there is less competition, it is easier to get hired. Additionally, promotion opportunities will come more quickly since she will have an edge over the other internal ca

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

Following aspects would a

ndidates. Furthermore, since the company values her talents, she will be treated much better, which will cause her to stay with the company. Her loyalty will pay huge dividends over

dd to the challenges in developing combination products:

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

time and propel her to the Executive Suite.

She was grateful for his advice and seemed to be genuinely interested in using his approach. This conversation made me wonder how I coul

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

d apply the Law of Supply and Demand to the Bubble Planner. It reminded me of an illustration that my Macro-Economics professor used.

The Toll Booth Example Have

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

you ever noticed that when you are approaching a toll booth that some lines are longer than others? In fact, there are times when you can simply switch lanes and have no wait at all

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

while the cars stuck in the longer lines. When a car approaches the toll booth, the driver is often attracted to the line with more cars. There are many reasons for this, i.e. they

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

Professional from academic institutions, pharmaceutical industries, health care indust

think there must be something wrong with the empty line, they were going too fast and couldn't change, or they weren't paying attention. In essence, this is the Law of the Herd. Peo

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

ple are comfortable following other people because they think they know what they are doing.

The opportunity lies in doing something different. That's how this law applies to the B

.

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

bble Planner. There are dozens of planner companies that have essentially copied Franklin Covey. Did you know that our minds think in pictures? Of course, you know it and we know it

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

Companies that provide selfless information through particip

. Why don't the planner companies know it? Bubble UP! decided to leave the herd and develop a planner that is based on the latest research. Finally, a planner that Thinks Like We Do

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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