Advice You - Business

Every restaurant owner should constantly be taking an objective look at how well your restaurant is doing. Staying ahead of the competition will keep yo

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

u on your toes. Here are some ways you can get a good report card.

1. Know who your competition is!

I have encountered situations where a rest

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

Examples of combination products may in

urant owner has identified the competition. Or at least what they think is their competition, but they’re not. If I am selling Gourmet Burgers with the

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

finest of ingredients, including trimmed premium Scotch Fillet Steak for the beef patties, (like I do), in a licensed restaurant with full service and e

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

tras, I am not really in Competition with the greasy burger joint down the road, or a group like Burger King am I?

So make sure your competition is tru

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

Combination pro

y your competition in the first place.

2. Get Employees to Sample the Competition.

You should always know what your competition is doing, it i

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

s essential to your success. It may be difficult to go yourself though as you would no doubt be known. So send one of your employees instead. Brief them

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

what to look for. It will also give you the opportunity to treat a staff member to something different. How about showing up for work to be told you hav

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

to go out to dinner or lunch…all expenses paid!!!

3. Employ the services of a mystery shopper.

This is the reverse of what we have just spoke

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

n about. Here you get someone to come to your restaurant and report back to you. So none of you staff know what’s going on. I organise this by going to

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

ur local business or community college and speaking to someone from the food and beverage school. They always suggest a student that would excel at the

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

Following aspects would a

roject. They earn some money, have some fun, and get a free meal. I often donate something to the college or I might even go and speak to there for them

dd to the challenges in developing combination products:

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

. Everybody wins.

4. Do a survey or introduce a suggestion box.

This is common, but effective. If you can get their phone number, you can cal

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

them back and probably get a few more pointers at the same time. It will also give your customers the impression that you take their feedback seriously

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

and value their opinions.

5. Provide Hospitality, Not Just Service.

This is one of the best ways to make sure you stay ahead of the competiti

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

on. So what is the difference between hospitality and service? Hospitality is when you make a personal connection with your guests. It includes things l

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

Professional from academic institutions, pharmaceutical industries, health care indust

ke remembering their preferences, recognizing them when you see them and even anticipating their needs. Service on the other hand, is a matter of just d

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

ing what you have to do …. Taking the order give the food and take the money.

I have some friends that every time they go to their favorite restaurant,

.

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

there is always their usual drink at their table waiting for them. They love it. They feel extra special.

Hospitality keeps guests coming back, wherea

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

Companies that provide selfless information through particip

service keeps them going anywhere else!

We will look at more ways to stay ahead of the competition in part 2 of this article which you can access here

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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Take yourself out of the “selling” mode, you need to think like you are a consumer who is looking for an item. Remember you have to already know your niche market, otherwise you will be doing all this work for nothing!

Poor managerial performance is viewed more as structural rather than market factors. The mantra of the managements for increasing efficiencies and profitability is more often than not structural adjustments within the organization.

Are your projects consistently missing estimated completion dates? Do project management stakeholders always seem to ask for and get more, more, more, while project sponsors won't change the project completion date?

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Advice You - 10 Ways to Stay Ahead of Your Restaurant Competition - Part 1

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