Advice You - Business

“Try not to become a man of success but rather to become a man of value.” Albert Einstein

Recently I heard a statistic that the majority of businesses operate at 60% of their potential. While I was unable to obtain the source of that statistic it seemed rather

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

accurate or maybe even high. The Small Business Association reports that “2/3 of new employer firms survive at least 2 years, and about 1/2 survive at least 4 years.” The language they use is almost as scary as the statistics themselves. This article provides

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

Examples of combination products may in

ips to help you develop and grow a strong, solid business foundation.

1- Solid Plan with a Clear Simple Vision- Think of the impact you would like your business to have in the world. Think big! You may never reach your vision but the vision itself is so grand

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

hat your team gets excited about it. Then back up and look at what would have to happen to get there. Create a solid plan with realistic short and long term goals.

2- Focus on Profitability vs. Revenue- While revenue is important, high revenue doesn’t add valu

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

if your expenses are just as high. What can you do to create more profit? Possibly develop various streams of income. What expenses could be reduced or eliminated? How can you operate more efficiently? Think profit.

3- Work “in” and “on” your business- Someti

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

Combination pro

mes we get so caught up in daily tasks “in” our business we forget to step back to take a wider look from the outside. Seeing it through a customer’s eyes. Noticing how it fits into the community. Preparing the future of the company. On the other hand, we can g

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

t so comfortable working “on” our business we forget to step in to talk with customers and experience what the employees face on a daily basis.

4- Automate and Create Systems- What do you need to automate? What system can you put in place that would free up yo

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

r time or make you more money? What tasks need to be eliminated, systematized, or delegated. What system would help your employees be more effective and provide the best service? Finally, is there a system that needs to be upgraded? Automation and systems help

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

our business be consistent and efficient.

5- Consistent Marketing Plan- Marketing expert Jay Conrad Levinson of Guerilla Marketing has said that “I hate to admit this, but mediocre marketing with commitment works better than brilliant marketing without commitm

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

ent.” It is important to have a marketing plan in place that is consistently and persistently being carried out on a daily basis....not just when you need more customers.

6- Increase Value to Your Customers- Give more than your customers ask for...more than th

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

y expect. There are 3 convenience stores by my neighborhood. The first one built I visited regularly and was satisfied. Nothing unique. The second I visited less than a handful of times and had to wait every time to get checked out so haven’t been back in years

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

Following aspects would a

Every time I get gas at the third store I am greeted over the intercom with a friendly “Hi, how are you today?”. When we go inside they are friendly and always provide my kids with a free lollipop. They even added a Post Office inside. Who do you think gets my

dd to the challenges in developing combination products:

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

money on a regular basis and with very little effort or money on their part? The one that gives more than I expect. What added value can you provide that will increase your “Wow” factor?

7- Innovate- React to the customer’s needs before they know they need it.

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

Instead of selling what you want, sell what the customer needs. How do you know what they need? Take time to talk to them. At a minimum talk to your best customers and learn from each one you’ve lost. Find out what they would like and what their challenges are

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

Stay current on market trends in your industry.

8- Leadership vs. Management- Empower your staff to manage themselves. Do you really want to spend your time problem solving? Train them well. Make sure they know the vision of the company and they are on board

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

ecause there is a personal win in place for them. The personal win gives the employee motivation to cooperate as part of the team.

9- Well Oiled Machine vs. Chaos- Is each section of your business operating efficiently while working together towards the common

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

Professional from academic institutions, pharmaceutical industries, health care indust

goal? Or are the members of your team expending time and energy daily putting out fires. What change can you make to shift your business out of crisis/ problem-solving to operating with ease?

10- Develop YOU! - Take a minute to hold your breathe. As you hold y

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

our breathe think about what you really want. See what happens. Unless you are uniquely talented you probably had trouble thinking about what you want....because your needs were not being met. When you take care of yourself... feel strong, healthy, happy, and h

.

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

ve time and space in your life...you can focus on what you want and attract more to your business.

Take one step at a time and build a strong, solid business. Along the way build lots of reserves...time, money, space, revenue sources, future products, etc. and

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

Companies that provide selfless information through particip

begin filling the gap to your potential.

Today’s Dare to Take Action Challenge: Focus on one tip above for one week. What changes can you make? Take action on one, build momentum, and move on. Starting Now!

Copyright 2003 © Beth A. Tabak, All rights reserved

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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What does a franchise consultant do? In general terms they can take your franchise concept from idea stage to full blown market penetration.

California needs more energy and more power plants and now here we are in another hot summer and rolling brown outs? What is a brown out? Is that a Jerry Brown out? Because last time I checked he is still in government, but pretty much out of California State Leadership. California Seriously Under Powered and they need more power plants now.

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