Advice You - Business

Strategic planning is an awesome and powerful process that sometimes gets a bad rap because of some bad experiences people have had when eng

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

aging in some form of strategic planning meetings. Many times the combination of personal agendas, absence of open minds, and preconceived

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

Examples of combination products may in

judgments about the strategic planning process can turn strategic planning meetings into real disasters. And frankly, there are many reason

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 why so many strategic planning meetings are unsuccessful. Your Strategic Thinking Business Coach has developed a list of the top 10 reaso

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

ns why strategic planning meetings fail. And the Top Ten Reasons are:

# 1. Restricting strategic planning to once a year at some annual e

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

Combination pro

vent. Strategic planning must become a habit to enhance the performance of your company or organization.

#2. Failing to conduct research

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

or “to do your homework” prior to strategic planning meetings. For strategic planning meetings to be effective, the attendees must have inf

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

ormation to make sound strategic decisions.

#3. Developing such an overly ambitious agenda with insufficient time to complete. This will

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

cause frustration among the attendees and may also cause mental fatigue and loss of interest.

#4. Inviting too many people to your strateg

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

ic planning meeting. If there are too many people, there is a possibility of confusion.

# 5. Assuming that everyone at your strategic pla

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

ning meeting thinks like the leader of the meeting. A good leader will know that this is not true and will not structure the meeting to the

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

Following aspects would a

ir preferences.

#6. Failing to use an effective professional facilitator. The absence of an effective facilitator is an invitation to a d

dd to the challenges in developing combination products:

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

ysfunctional or failed meeting.

#7. Having too tight a structure for the strategic planning meeting. It is essential to build in some fun

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

, games and breaks.

#8. Failing to identify and address issues before moving on and/or before the meeting itself. A good leader will make

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

sure issues are cleaned up so they do not negatively impact the strategic planning meeting.

# 9. Ending your meeting without a commitment

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

from the attendees about the new strategic direction. And also failing to end the meeting on a very positive note.

#10. Totally ignoring

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

Professional from academic institutions, pharmaceutical industries, health care indust

needed follow-up after the meeting. A fatal mistake is underestimating the amount of effort it takes to execute the developed strategic pl

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

an.

I trust that I have provided some insightful information about the reasons strategic planning meetings fail. If you would like to lear

.

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 how to ensure that your strategic planning meetings and related efforts will not fail, and how strategic planning can benefit you and your

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

Companies that provide selfless information through particip

business or organization, please contact Glenn Ebersole today through his website at www.businesscoach4u.com or by email at jgecoach@aol.co

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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