Advice You - Business

1) Go back to basics.
Take a couple of steps back and address the fundamental facts or principles of your business. Going back to basics can mean cleaning the slate and focusing on basic elements t

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

hat create success.

2) Come from a place of Integrity.
As the saying goes " Honesty is the best policy." Base all your decisions and actions on integrity. What do you know to be true?

3) Look for

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

Examples of combination products may in

Profit holes.
These are expenses or areas where money is often spent unnecessarily. Don't ignore the intangible profit holes. Examples may include : Unproductive staff, wrong media, wrong message,

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

rong agency. Others includepaying late or missing discount deadlines.

4) Constructive Communication.
Miscommunication cause's misunderstandings. Encourage your team to communicate clearly with eac

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

other and with clients. Ensure that all communication is constructive and supportive.

5) Apply the Pareto Principle.
The value of the Pareto Principle for a manager is that it reminds you to focu

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

Combination pro

on the 20 percent that matters. Of the things you do during your day, only 20 percent really matter. Those 20 percent produce 80 percent of your results. Identify and focus on those things. When the fi

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

e fighting of the day begins to sap your time, remind yourself of the 20 percent you need to focus on. If something in the schedule has to slip, if something isn't going to get done, make sure it's not

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

art of that 20 percent that counts. 80 percent of your clerical time is wasted of activities that produce 20% on your income. 80 percent of your sales comes from 20% of your existing client base.

6.) F

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

cus on what is working and capitalise on that.
Where is there a natural flow in your business? What works well for you? These are your strengths and if you keep doing what comes naturally, you will

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

have success. Take the path of least resistance, Don't reinvent the wheel - less can be more.

7.) Think outside the box Think differently!
If what you're doing now isn't working, change direction

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

-explore. Look at alternatives and keep asking " What opportunities have we available to us right now?" If you do something different you will resolve the problem quicker. If you keep doing what you hav

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

Following aspects would a

always done, you will keep getting the same results.

8.) Create some short term wins.
Identify areas within your current environment that need to be focused on to achieve your desired end result.

dd to the challenges in developing combination products:

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

Create three short term wins to be achieved in a specific time frame. What three short term wins can I put in place for the immediate future ? How do you feel when you win ?

9.) Look for your "Acres of

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

Diamonds".
There is a story about a farmer who lived in Africa and through meeting a visitor became tremendously excited about looking for diamonds. He was so excited about the idea of millions of

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

ollars worth of diamonds that he sold his farm to head out to the diamond line. He wandered all over the continent, constantly searching for diamonds and wealth which he never found. Eventually he went

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

ompletely broke and threw himself into a river and drowned. Meanwhile, the new owner of his farm picked up an unusual looking rock about the size of an egg and put it on his mantle piece in his lounge.

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

Professional from academic institutions, pharmaceutical industries, health care indust

visitor stopped by and in viewing the rock practically went into terminal convulsions. He told the new owner of the farm that the funny looking rock on his mantle piece was just about the biggest diamo

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

d that had ever been found. The new owner of the farm said, "Heck, the whole farm is covered with them" - and sure enough it was. The farm turned out to be the Kimberly Diamond Mine, the richest the wor

.

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

d has ever known. The original owner of the farm was literally standing on "Acres of Diamonds" and he never knew.

10.) Accelerate your growth.
Hire a coach to help you facilitate this change. If y

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

Companies that provide selfless information through particip

u keep doing what you have always done , you will keep getting the same results. A coach acts as an independent catalyst for change and is an asset to any organisation looking to accelerate their growth

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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