Advice You - Business

‘Globalism’ Sweeps The World

Increasingly the world of business is coming together to tackles people/business & political issues. This increased focus on collaborative synergies is reshaping corporate strategies an

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

d even transforming competition…as even competitors at times come together to collectively grow the markets/lobby for concessions from governments or form business interest groups. All this is the new face of globalisation

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

Examples of combination products may in

– called ‘globalism’. Just like fusion releases limitless energy, business fusion through the spread of globalism is releasing unlimited opportunities for growth today and tomorrow.

Outsourcing is one of the trends of thi

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

s globalism as business come together on a shared expertise basis for jointly adding lasting value to their mutual bottom-lines. Outsourcing has also given rise to many new ways of collaborating - like the rise of collaborat

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

ve marketplaces/portals on the web where outsourcing people eonverge/meet viz. service providers, service seekers, corporate, thought leaders, CEOs, CFOs, Project Managers, Transition Experts, freelancers, consultants, ser

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

Combination pro

vice seekers, BPO analysts/experts/advisors.

BPO & Global Fusion

Today’s consultative BPOs are a unique example of ‘global fusion’ where different cultures and processes ‘fuse’ to release an enormous energy viz.

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

orker enthusiasm and significantly higher revenues too. Many BPO employ expatriate multicultural staff from different countries to deliver integrated BPO i.e. both the contact center as well the IT needs of its global client

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

s.

This leads to immense gains to both service providers as well their workforce as people from different cultures enjoy working together towards the same business goal and there are immense cross learnings for everyone in

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

erms of process innovations and cultural bonding.

The other fusion is at the outsourced business process level as it seamlessly integrates with client process & global operations. This is a process of continuous improveme

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

nt as the outsourcing vendor is continuously re-inventing its operational procedures by introducing innovative processes that significantly enhance revenues of its clients while saving millions too. Being domain focused en

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

bles outsourcing project managers to offer consulting to its clients (as it is able to view the clients’ customer needs more objectively/closely) that help them align their competitive strategies more effectively.

BPO ven

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

Following aspects would a

ors are then able to charge their its clients on the value they delivers rather than the usual model of effort based costing. This way the clients do not have to pay for any service/personnel in-efficiencies (as is the cas

dd to the challenges in developing combination products:

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

e with the usual effort based pricing practiced by other BPOs, where the costing depends on the number of seats/people allocated to a process).Thus client engagements at BPOs consistently grow up the value chain and this b

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

siness fusion is a great win for clients, great for employees, great for outsourcing service providers and even greater for India as a trailblazing destination for BPO innovations!

Global Transformations

Companies w

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

ho outsource are those who experience higher pressure to provide global integration. According to a recent report, rising majority of companies currently use outsourcing as a transformational vehicle. A key feature of adopti

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

g business process transformation through a BPO model is that the process improvement stages can often be funded by the savings released in the initial outsource , particularly if this involves labour cost savings via a low-

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

Professional from academic institutions, pharmaceutical industries, health care indust

cost off shoring location.

The outsourcing initiative is now seen to be more strategic. The business reasons for outsourcing appear persuasive, and the experience to date revolutionary to say the least. Apart from technol

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

gy optimization, the other outsourcing -improvement levers are: outsourcing economies of scale, labour arbitrage, people-skills optimization and continuous process improvement.

BPO providers with core skills in technology a

.

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

nd systems integration take the risk out of implementing automation, and their investment in IT infrastructure is an inherent benefit of BPO. Both CEOs and CFOs are looking for ways to drive benefits beyond cost issues to

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

Companies that provide selfless information through particip

ransform overall corporate performance, competitiveness and shareholder value. For them, BPO is a fact of good business life. It continues to grow and make its mark as a prime mover in cutting costs and generating efficiency

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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