Advice You - Business

Many times, people begin a project or a task without considering the purpose or desired outcome. From time to time, I will go to a fast-food restaurant. I realize that the food is generally not 100% organic. The menu does not have steak and l

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

obster or fine wine. When I go to a fast food restaurant, I am not there for the excellent cuisine. I have one desired outcome – a full belly. More often than not, that is exactly what I get.

What happens when you work with someone who desir

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

Examples of combination products may in

es an outcome that opposes your own? At the very least, it can lead to frustration. If you go to a fast- food restaurant and you encounter an employee who desires only a paycheck, it is quite likely that the service you receive will be substan

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

ard. I am not suggesting for even a moment that employees should not seek a paycheck. In fact, my first job in high school was in the fast-food industry and I learned many valuable lessons. However, if an employee is focused only on a paychec

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

k, then the only time he or she feels “successful” is payday. In the 1980’s when the minimum wage was only $3.50, the happiness of a restaurant paycheck was fleeting at best. Even though the wages have increased, the measure of happiness from

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

Combination pro

fast-food paycheck is just as temporary.

My experience working in a fast-food restaurant was mostly pleasant. As a high school student, I had three goals that kept me engaged. The paycheck was only one goal. This goal directly benefited two

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

entities – first FICA and then me. Secondly, I wanted to help the business. My diligence helped the company to be more productive and profitable. They liked me so much that I quickly became the only one allowed to take out the trash – at lea

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

st it seemed that way. Finally, I had a goal to serve the customers. I truly believed in the golden rule. If my friends stopped by to eat, I would gladly give them more food than they purchased. After all, that’s what I would want them to do

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

for me.

Even though I was slightly misguided, I was truly involved in mutually beneficial transactions. I have learned since the days of high school to grow beyond mutually beneficial deals. It was mutually beneficial to my friends and me to

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

give away free food. I got the recognition I was seeking and they often returned the favor when I visited the restaurant on their shift. From the employer’s perspective, however, it was just plain stealing. I have adopted the philosophy taugh

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

by Napoleon Hill in his famous book, "Think and Grow Rich." It says, “I will engage in no transaction that does not benefit all whom it affects.”

I call this Guilt Insurance. As long as I live by this philosophy, I sleep well at night. I ne

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

Following aspects would a

ver worry about remembering who heard my comments because I make an extra effort to exchange words that will benefit all whom they affect. In any business endeavor, there are three ways to weigh the benefits.

1. All for you and none for others

dd to the challenges in developing combination products:

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

. If you are short sighted, you may consider this to be the makings of a good deal. While I am highly in favor of getting a good deal, this scenario does not fit my description of one. In fact, this is the essence of what I call a genuine sca

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

. One reason Ponzi schemes and pyramid schemes are harmful is that some of the unsuspecting “investors” are guaranteed a loss by definition. The money people receive comes from “investors” who are being cheated instead of from real profits. T

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

he hidden hook is greed that induces someone to throw away money in one of these scams. People who live this way are con artists.

2. All for others and none for you. Some people are in the habit of contributing without expecting a benefit. G

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

ving is an important part of life. The reality is, often times the donor does realize some benefit, even if it is not immediate or tangible. One example is a tax deduction for any monetary gifts. Other benefits may be emotional, such as a fee

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

Professional from academic institutions, pharmaceutical industries, health care indust

ling of fulfillment or altruism. When you realize none of these benefits and the “benefits” go to others, you are commonly known as a victim. Some are victims by circumstance; others are victims by choice.

3. Benefits for all involved. This

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

is what Mr. Hill refers to in "Think and Grow Rich." In this book, I refer to this as rule number one in networking.

If you are truly a Networker (not a con artist looking for victims) you will live by this creed; I will engage in no transacti

.

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

n that does not benefit all whom it affects. Seeking to benefit all parties involved allows you to network with confidence. You never think twice about asking for anything. You never hesitate to offer assistance. Deep down, you realize that

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

Companies that provide selfless information through particip

if the person says yes to your proposed business connection, they will benefit as much as you do, if not more. I highly recommend this “Guilt Protection” to insure your network before you build it. This policy virtually guarantees your success

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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If you do one thing during your job search this has to be it. This one secret alone can put hundreds if not thousands of dollars more into your job offers. Written by executive recruiter/headhunter with 20 years experience placing people in jobs.

If you believe you have the talent, skills and experience to be an IT consultant, you should go for it. But if your experience is limited it might be worth working for someone else for a while so that you equip yourself to better compete in the freelance market.

When networking comes to mind, most people think of business networking in an environment with other professionals who generally talk about business. However, another atmosphere that's a great place to build meaningful relationships is the non-profit world. During your career, it's important to get involved with a non-profit organization or attend some non-profit events. Many business professionals are involved in this world and you will get the chance to meet some high-caliber people.

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Advice You - Networking With People: Rule # 1

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