Advice You - Business

Imagine, you have created something that is state of the art. The envy of the industry. You spared no expense and focused on every detail. Everyone says It’s a can’t miss smash success! Everyone applauds your launch, customers wis

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

hing they could be the first to use your product, and you are ready to make money by the vault-load. What could go wrong?

Myopic Madness is what could go wrong. Your inability to see out in front of you causes you to crash into a

; 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 avoidable obstacle and your project becomes the poster child for failure, in fact they make a movie about it and everyone enjoys watching your failure unfold in real time. This is the story if the Titanic.

But it could be the s

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

tory (up to the movie part) of many business ventures that failed to look far enough into the future. Myopia is commonly known as near-sightedness or the inability to see clearly into the distance. American business has never been

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

so myopic in its vision as it is today and the madness it creates is frustrating managers across the country.

Myopic Madness is creating work atmospheres that are so short-term bottom line focused, managers are no longer properl

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

Combination pro

y training newly-hired employees, are employing bad work practices in order to boost end of the month numbers to make a report look healthier than it really is, and exploring offshore options to save money while ignoring the long

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

term effects of all of these practices.

Want to stop the Madness?

1. Look to the Future

Leaders need to be able to see the future today and drive the organization toward that destination. We would never ignore a map, get on a h

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

ighway and ride it until it stops and say this is the destination we wanted for our vacation all along! So why do we do this with our businesses? Kodak ignored the future of digital photography and finally announced film would n

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

ot be a profit center for their organization, all the while scrambling how to find a share of the new age of photography. Kodak without film profits? Invest the time, energy and resources looking where you are going, instead of fo

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

cusing how to get one more order out by the end of the month. Success takes consistency and persistency, not herky-jerky short-term moves for all the wrong reasons.

2. Take care of your foundation

We never purchase a house based

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

on the beauty and construction of the foundation. In fact, we seldom look in the crawl space under the house while making a purchase decision. What typically drives us to buy is the attractive appointments, special features and pi

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

Following aspects would a

zzazz of what sits on the foundation. Ever living in a house with a faulty foundation? All the features and pizzazz are no longer important if the house is about to fall.

Employees are the foundation of every organization and the

dd to the challenges in developing combination products:

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

y are getting the same treatment as a new home buyer treats the foundation of their home: Expected to be sturdy, taken for granted and assume it needs no maintenance or attention until it starts to crack.

It’s time for a foundati

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

on inspection in your business. Having high turnover? Quality struggles? Customer complaints? Look at shoring up your foundation. Build in some reasons for loyalty. Take a renewed interest in the future of your organization by foc

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

using on what it is resting on – the quality of how you are earning your employee commitment.

3. Avoid the Fads that Erode your Brand

I have a great idea! Music these days is filled with four letter words to spice up interest in

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

the target market of new generation, and you can hear extremely foul language at full volume blaring and thumping from open car windows as they play their audibly assaulting selections, so why not follow the fad and spice up your

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

Professional from academic institutions, pharmaceutical industries, health care indust

ads with socially inappropriate words?

Consider the fad chasers. Cadillac now makes a small car that is more affordable for the masses. (So much for the elite brand, they are now just another division of GM.) Banks approve credi

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

t card applications as long as the applicant is breathing (and the write-offs are significant.) Anybody notice how much a share of Berkshire Hathaway still is? Here is the exception. Warren Buffet defines fads, he doesn’t follow t

.

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

hem and his success is off the charts.

Your brand is something you should never sacrifice in the pursuit of short-term profits. If you make the biggest burger – then make the biggest burger and be proud. If you make an elite car,

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

Companies that provide selfless information through particip

then only make an elite car! If you want to demonstrate strength as a company then don’t sacrifice your brand identity to make a few extra dollars this quarter.

Your short-term vision may have you heading straight for an iceberg

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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We have all been involved with horrible service and seen things we nearly could not believe while out purchasing products or services. I can tell you this that so many of the most unbelievable things I have seen resulted in Calamities in customer service for the company.

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