Advice You - Business

“Some contend that differentiation is nuts – bad for moral” – Jack Welch

We get taught from a very young age that differentiation is bad, and that people’s feelings can get hur

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

t, and people will be upset. But this leaves us in an emotional rollercoaster.

Business is not about emotion, it’s about money and making it. It’s about being the best, beating

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

Examples of combination products may in

your competitors, and succeeding. Yes, it doesn’t mean we should be cold hearted, but we need to be driven by the goal, making money, not by emotion.

If we work on an emotional

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

level, we should join some non profit organization, that allows us to work on emotion, and caring for others.

I see two places for differentiation. The first is inside our busi

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

ess. We cannot treat all our employees the same, because they do not all perform the same. Some employees perform much better than others, and should be rewarded for that.

You

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

Combination pro

ee, as owners of a small business we have very little resources to throw around. We need to make every cent count. So employing someone who does not perform is a complete waste,

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

and we should rid our businesses of them as soon as possible.

However, when we have an employee that does perform they should be rewarded. Rewarding those that do perform and r

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

emoving those that don’t is a great way for us to build a winning team. Obviously those that do not perform, when they are not rewarded will feel hurt and upset, but that’s just

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

tough luck, they should have tried harder.

The second place where we would be wise to implement differentiation is with our customers. We are all kept busy all day long, provid

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

ng a service for our customers. We try to deliver faster, be better and offer cheaper prices. This is all good, and it’s what we should be doing.

We all have customers that end

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

up being a complete waste of time. You know what I’m talking about. That customer, who asks for 10 quotes, spends 2 hours on the phone to you discussing every little detail, and

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

Following aspects would a

then pushes you for the best price. So you end up spending an entire day on one client and make barely make enough money to buy a double cheeseburger.

We need to begin to diffe

dd to the challenges in developing combination products:

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

entiate between our clients. The best way to do the obviously is to keep a good record of our dealings with each client. Then we need to make some time to look at the results an

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

decide who is our ‘worst’ client. Which client, takes the most time and makes the least money. Then we also need to assess which client is our most profitable client, and rewar

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

d them. Buy them a bottle of wine, or a bunch of flowers, give them some discount off the next invoice, take them to dinner, but do something to show them how special they are,

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

nd that you appreciate their business.

As for the client at the bottom of the list that doesn’t make you money, inform them politely, that you are unable to provide them servic

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

Professional from academic institutions, pharmaceutical industries, health care indust

s, tell them why you have made the decision, and tell them that you simply just cannot accommodate them anymore.

Now this will leave you in a very interesting position. Your cl

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

ent will either go away, yes the will probably be a little upset, who the hell are you to tell them to get lost! Or your client will come back to you and be prepared to pay more

.

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

for the service you deliver. If they go away they have created a new gap in your business for you to accommodate a new customer, who from the beginning will pay a better price,

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

Companies that provide selfless information through particip

nd you can lay down the rules.

Buy working on this theory, you will eventually over time create a business filled with good customers, that pay well, and don’t waster your time

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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