Advice You - Business

Introduction

I was interviewed recently by someone writing a book on expatriate businessmen. One topic that came up when I was

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

sharing business experiences with her, was the topic of business thinking. What goes on through the thoughts of a business person, that

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

Examples of combination products may in

makes him different from any other run-of-the-mill employee?

My buddy Joe and I share the same belief regarding this - a successful bu

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

inessman is driven by passion. Pure passion for what he does drives him on, making him sleep 4-6 hours a day, eating and drinking and s

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

eeping his life away for the passion in his life. That is something most employees cannot achieve. In fact, if you get such entreprenue

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

Combination pro

rial employees, you have better make sure you love him and treat him well before the competition gets him!

Unlike Joe, however, I beli

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

ve a successful businessman can be driven by two types of passion.

Intrinsic Passion

The first is an intrinsic passion in the

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

usiness - an educator who runs his series of schools, a technical person marketing his inventions, or a hedge fund manager running his

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

lients' money and growing them in the financial markets. Making money (while important) is secondary to growing his business. The best

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

thing to ever happen to his company is for it to become a world leader in its field. Anything that might hint at him losing control of

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

is company is scary.

I suspect many founders of tech, biotech and education companies fall into this category. Inventors tend to belon

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

Following aspects would a

here.

Extrinsic Passion

The second has a passion for the financial rewards of business. This is truly the pure businessman -

dd to the challenges in developing combination products:

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

illing to dip his hands into anything, to try anything, if the financial rewards are well worth the capital risk. He is constantly on t

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

he the lookout for more business opportunities, and closes in on them quickly the moment he senses blood (uh...cash). To him, making mo

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

ey is the most important reason for business, and IPOs are the best thing to ever happen to his company (easier to cash out).

People l

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

ke Robert Kiyosaki, author of Rich Dad, Poor Dad, has some of such thinkings behind him in his many investments (but his educa

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

Professional from academic institutions, pharmaceutical industries, health care indust

ional company is part of his intrinsic passion).

Conclusion

I suspect I'm the first rather than the second - I know my passion

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

s are in education and in finance. I intend to focus my business thoughts of the future upon the financial markets, and upon education

.

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

s well. These twin foci will drive my business plans for the future.

So, readers - what is yours? Think through it carefully - for it

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

Companies that provide selfless information through particip

ill drive the way you run your business, and follow up on your entreprenuerial instincts! It's your life and money you are dealing with

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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The candidate that establishes the best rapport with the interviewer is usually the one that gets the job offer.

Trying to get your foot in the door of a company is often all you need to get your start. Sometimes though, this is the hardest part of all: convincing a hiring manager that you are worth bringing on board and affording this opportunity to. What can you do to help your cause?

Grow with change by focusing on a vision, choosing your outlook, seeking authenticity, committing yourself with discipline and continue to grow and develop.

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Advice You - Business Thinking and Passion

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