Advice You - Business

Profit magazine ran an article that compiled management advice quotes from leaders of Canada's fastest growing companies. The quo

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

tes were just randomly posted on the pages without stating the name of the person that said the quote. This is fitting because th

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

Examples of combination products may in

ese were great quotes, motivational, without regard as to who said it; they are spoken by Canadian business leaders and managers

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

but they are universal and apply to business throughout the world, including The U.S.A.

Here are some of my favorite management

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

advice quotes from Profit Magazine and the reason that I like them:

Fail faster. Don’t take five years to find out

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

Combination pro

it's not going to work." Fitting quote for entrepreneurs because they often get "married" to their ventures, never being abl

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 to admit that it might not possibly work out. Better to realize failure early on to either make the necessary changes or quit.<

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

/li>

"Pick an untapped niche and go as deep as you can with it." I think this is what entrepreneurialism is all about

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

– providing products or services that nobody has yet to provide.

"Stay away from greed. Greed is a killer for any b

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

usiness." If you don't believe this, think back to Enron.

"Make your product the best in the world, for one thin

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

." Can anybody dispute this? I wouldn't even want to develop a new product unless it is the best in its class.

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

Following aspects would a

Ignore the naysayers. Everyone tells you how it can't be done; no one tells you how it can be done." I’m sure m

dd to the challenges in developing combination products:

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

y favorite entrepreneur, Richard Branson, has been told dozens of times that it can’t be done. Yet, he keeps on doing it.

<

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

li>"Hire the most passionate, intelligent people that you can find. It's all about people." I truly believe that – it's al

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

l about people!

"Create a culture that embraces change and entrepreneurialism." Business is constantly changing.

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

Hire dinosaurs and your business too will become extinct.

"Always question why people say you can't do something."<

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

Professional from academic institutions, pharmaceutical industries, health care indust

/b> Further, make it your goal to find a way to do it!

"If you're really passionate and excited about what you're do

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

ing, it doesn't matter what you're selling – customers pick up on it and will be more interested in dealing with you." I gues

.

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 that's why people dislike insurance salesmen. If an insurance saleperson tells you he's passionate about insurance, he's lieing

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

Companies that provide selfless information through particip

.
So there you have it – great management advice and motivational quotes from great Canadian business leaders

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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Advice You - Management Advice From Leaders Of Canada's Fastest Growing Companies

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