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Advice You - Why Build a Good Company When You Can Build a Great One?
How many times have you heard the saying, “You have to get the best people involved to build a successful business?”
There’s a lot of truth to it, but Dr. James Collins’ book “Good to Great - Why Some Compan
There’s a lot of truth to it, but Dr. James Collins’ book “Good to Great - Why Some Compan
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
ies Make the Leap and Others don’t” and his recent monograph “Good to Great and the Social Sectors” explains that there is more.
To cut quickly to a main point, Dr. Collins and his researchers explain that y
To cut quickly to a main point, Dr. Collins and his researchers explain that y
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
u first have to get the wrong people out of the business (or off the bus in his terms.) The wrong people destroy the initiative and motivation of the good people that are in place. Time and time again when a
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
poor performer is let go, the remainder of the organization makes statements like, “What took them so long?” “Now that he or she is out of the way, we can get going.”
After you get the wrong ones off then yo
After you get the wrong ones off then yo
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
can start getting the right ones on. And this is when good things start to happen. The wrong people need to be motivated. The right ones don’t need to be motivated, they come ready to do the best they can. T
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
he wrong ones are constantly looking at what’s in it for them. The right ones choose you before you choose them. If they get on board it’s because they know they will be appreciated and will be handsomely rew
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
rded for what they do.
But getting the wrong people off the bus and the right ones on the bus are only steps one and two - step three is the biggie. In order to move the organization ahead, to its fullest po
But getting the wrong people off the bus and the right ones on the bus are only steps one and two - step three is the biggie. In order to move the organization ahead, to its fullest po
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
tential, you have to get the right people on the bus IN THE RIGHT SEATS!
That’s right. A good person in the wrong job does not perform outstanding work. He or she will perform good work, but not the work tha
That’s right. A good person in the wrong job does not perform outstanding work. He or she will perform good work, but not the work tha
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
will take the organization to greatness.
That’s the story behind the story of Dr. James eleven great businesses. The CEOs all realized that if they were going to spend the time and energy to build a good or
That’s the story behind the story of Dr. James eleven great businesses. The CEOs all realized that if they were going to spend the time and energy to build a good or
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
ganization that produced good results, why not build a great organization that produced great results?
As I thought about the bus and the right person in the right seat analogy I concluded that he had given
As I thought about the bus and the right person in the right seat analogy I concluded that he had given
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
s a great symbol for the business organization.
Let me explain. I was blessed with a number of opportunities in business. First was my experience at five different Johnson and Johnson divisions and the eight
Let me explain. I was blessed with a number of opportunities in business. First was my experience at five different Johnson and Johnson divisions and the eight
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
management positions I held. Next was the twenty or so businesses I started from patents, ideas, or other peoples’ problems and last was the ten workouts I did for lenders and owners. In every case I took ove
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
r a problem or an opportunity that had not yet been developed.
I became the driver of a bus that wasn’t going anywhere.
Here’s how I think Dr James’s bus analogy worked for me. The opportunity (or problem)
I became the driver of a bus that wasn’t going anywhere.
Here’s how I think Dr James’s bus analogy worked for me. The opportunity (or problem)
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
s the bus. Sometimes it’s in parts and you have to put it together, sometimes it’s all together, but some of the parts are broken or worn out. Your job as the manager is to get the bus ready to motor on down
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
the road.
Now I know much has been written about having a business plan before you do anything, getting a vision, spotting the problem to be solved or the niche to be served, but maybe that’s not really corr
Now I know much has been written about having a business plan before you do anything, getting a vision, spotting the problem to be solved or the niche to be served, but maybe that’s not really corr
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
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
ct. Maybe you should first focus on who is on board.
Start by getting the wrong people off and then getting the right people on. Then let the right people all participate in deciding what’s wrong and what’s
Start by getting the wrong people off and then getting the right people on. Then let the right people all participate in deciding what’s wrong and what’s
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
right. This gets them in the right seats. The changes they produce might even include picking a new direction for the bus to travel (a totally different product, or a new market to sell to, or a new process,
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
or an entirely different way to sell.)
If you read Dr. James book, (and the monograph if you are interested in non-profits) and I hope you will, that’s exactly what you will see. Eleven great companies who s
If you read Dr. James book, (and the monograph if you are interested in non-profits) and I hope you will, that’s exactly what you will see. Eleven great companies who s
.
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
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
tarted with a top manager committed to making the enterprise great and who made every decision based on what the management team knew was right - regardless of cost or consequences - took the companies to pe
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
formance levels which far exceeded the best performers of the publicly traded corporations for at least fifteen straight years!.
Are the people on your bus the right ones? Are they sitting in the right seats
Are the people on your bus the right ones? Are they sitting in the right seats
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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