Advice You - Business

This article will focus on the acquisition of knowledge through learning by reading. While there are certainly numerous other ways to learn (experience, classroom instruction, digital learning, etc.) I am a huge fan of the benefits of professional development gained from good old-fashion reading. Someone once said “you are wh

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

at you read” and while I think there is far more to the equation of our individual make-up than our choice of reading material there is also an element of truth contained in the aforementioned quote.

If I told you how much time I spend reading and researching you probably wouldn’t believe me, but suffice it to say I am a vor

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

Examples of combination products may in

cious reader. I subscribe to online clipping services, use RSS feeds to scour news groups, forums and the Blogosphere, usually have at least two books going at any one time as well as reading a variety of industry publications and periodicals. That being said, I’m always amazed at the number of executives who don’t keep up wi

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

h their professional reading.

Here is a telling observation…According to surveys conducted by our leadership development practice a very large common denominator shared by executives who feel that they are not achieving the level of success they feel themselves capable of is that many of them are “too busy to keep up with th

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

ir reading”, Hmmm…Reading should not be something that is done when you’re bored or have nothing better to do, rather it needs to be incorporated into your daily regimen. I have personally worked with literally hundreds of C-suite executives and without question the most successful professionals are those that constantly seek

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

Combination pro

out learning opportunities and are voracious readers. They realize the importance of learning and make reading a priority.

Think of the business leaders that have had the biggest positive impact in your life and I’m sure you’ll find that these individuals were in constant search of new and better information that they in tur

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

used to inspire, motivate and lead those around them.

The question is not should you be reading, but rather what should you be reading? With the plethora of reading material on the market today it not a simple thing to make sure that you’re covering all the bases in a time efficient fashion. Therefore the following tips wer

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

designed to help you streamline your reading efforts:

1. Books: You should always be engaged in the reading of at least one book on professional development. Since I can’t speak to the individual needs of our readers in this forum I am simply going to recommend what I believe are the 3 best general business books authored o

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

er the past 5 years. These books can have an immediate impact on the way in which you think about, and conduct business. If you haven’t read them start here:

a. “The Attention Economy” authored by Accenture consultants Thomas Davenport and John Beck. This book delves into the critical importance of understanding both sides o

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

the attention equation: “getting and holding the attention of information-flooded employees, consumers, and stockholders, and on parceling out their own attention in the face of overwhelming options. The resolution: learn to manage this critical yet finite resource, of fail.

b. “The World Is Flat” authored by three time Pul

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

tzer Prize winner and New York Times journalist Thomas L. Friedman. This book begins with a historical view of the world which leads to riveting and perceptive conclusions based upon both the macro and micro economic effects of globalization and what it will take for a business to achieve and maintain success in the rapidly c

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

Following aspects would a

hanging global economy.

c. “Blue Ocean Strategy” authored by INSEAD professors W. Chan Kim and Renee Mauborgne. This book argues the premise (and successfully so in my opinion) that tomorrow’s leading companies will succeed not by battling competitors in overly competitive markets for thin margins (bloody “red oceans”) but b

dd to the challenges in developing combination products:

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

creating “blue oceans” of uncontested market space ripe for growth.

2. Periodicals, Trade Publications and Industry Journals: Again, not being able to address the specific needs of each reader you must make your own choices here as well. However being aware of industry trends, competitive positioning, who the thought leader

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

are, etc. are all critical to your success. Pick the top couple of publications in your industry, sector, vertical or micro-vertical and pour-over the content looking for opportunities to exploit. Most print publications now also have Internet versions or digital newsletters that can be subscribed to as well. I typically alw

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

ys have a print copy of a periodical in my brief case, one on my night stand, and several in my office. My favorite general business publications are The Economist, Chief Executive, Fast Company, Business 2.0 and Wired.

3. Digital Media: Blogs, Forums, News Groups, News Portals, Clipping Services and other aggregators: Selec

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

an appropriate cross section of all of the aforementioned options. What I particularly like about this genre is that it is often “real time” information as opposed to other mediums that have a built in latency factor. Another benefit is that much of the content produced in this medium is not from the typical industry pundit

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

Professional from academic institutions, pharmaceutical industries, health care indust

, but rather true “in the trenches” thought leaders that see things coming long before journalists report it in the news or the so-called gurus publish it in their latest book. This medium has been my preferred reading choice for a number of years now because it is extremely productive and time effective. I subscribe to a num

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

er of blogs, news groups, forums and clipping services because I’m able to be “pushed” content that I’ve asked for in a medium that I enjoy. If you are not a heavy consumer of online information you are truly missing the boat…

4. Personal Reading: Read whatever you enjoy…personal development, spiritual reading, fiction, etc.

.

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

However keep in mind that it does little good to feed your brain if you’re not feeding your soul first. I’m not going to preach and I realize that our readers have different religious preferences so you decide what reading material should fall into this category. I’m also not going to tell you how much time you should allocat

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

Companies that provide selfless information through particip

to this category, but I would suggest you ponder what is truly important in life and make your investments where they will pay the biggest dividends. I will leave you with one of my favorite quotes, Billy Graham said: “If I could go back and change one thing in my life I would read more of the Bible and less about the Bible.

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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Staffing vendors who refer candidates on the strength of a resume and a phone interview—foregoing thorough background checks–are asking for trouble. Case in point from the CEO of Palmiter Recruiting of Plymouth, Minnesota: 15 years ago, before she founded her staffing company, Elizabeth Palmiter was on assignment as a contractor herself when the nightmare of nightmares occurred at a client's worksite.

Are your company's Human Resources hiring policies systematically training individuals to tell tall tales and engage in deception?

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