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Advice You - Cost-cutting Essential to Maintaining Profits
Why cut costs now?
Efforts are multiplying to cut costs wherever possible in order to achieve or preserve high profits. The resulting benefits for all of a company's employees should be obvious.
It should be obvious, but sometimes
Efforts are multiplying to cut costs wherever possible in order to achieve or preserve high profits. The resulting benefits for all of a company's employees should be obvious.
It should be obvious, but sometimes
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
it is not. One of the lessons of the Dot-Com debacle is that many of the companies went belly up due to profligate spending by the executives.
Of course, you would like to achieve high profits by having a record-breaking sales year, but that
Of course, you would like to achieve high profits by having a record-breaking sales year, but that
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
may not be likely to happen this year given all of the uncertainties of the economy and the political situation. Levels of sales success are certainly unpredictable.
The level of sales, however, is only one ingredient in the recipe for succes
The level of sales, however, is only one ingredient in the recipe for succes
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
. You must also be interested in keeping your costs as low as you can, because the real number to watch is your profit, the difference between your income and your spending. Remember that this year can be more successful than last year even wi
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
h lower sales if you can reduce your spending enough.
To increase profits, you can either increase your income, reduce your spending, or both. As your salespeople are aggressively searching for additional customers as well as seeking opportun
To increase profits, you can either increase your income, reduce your spending, or both. As your salespeople are aggressively searching for additional customers as well as seeking opportun
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ties for more sales to existing customers, the rest of the employees can work on the other end: reducing costs. If sales are lackluster or even dismal, your cost-reduction efforts can ensure your survival. On the other hand, if sales are great
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
you can use them to achieve a banner year.
Get everyone involved
Everyone can participate in cost-cutting efforts. Here are a few examples:
Reduced travel – Many meetings formerly held in person are now managed by video-c
Get everyone involved
Everyone can participate in cost-cutting efforts. Here are a few examples:
Reduced travel – Many meetings formerly held in person are now managed by video-c
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
nference or simply by teleconference. Perhaps even senior managers can reduce their in-person meetings from one a month to one per year.
Increased use of e-mail – Communications that once took place in person or by phone are now routin
Increased use of e-mail – Communications that once took place in person or by phone are now routin
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
ly done by e-mail. Even faxes are beginning to use network connections rather than more costly telephone lines.
Economy of scale – By combining the purchasing power of multiple sites, you can reduce the cost of routine purchases, such
Economy of scale – By combining the purchasing power of multiple sites, you can reduce the cost of routine purchases, such
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
s uniforms, computers, and office furniture by obtaining volume discounts from your suppliers. Negotiating new leases for photocopiers and other equipment might save you thousands of dollars per month.
Increased utilization – If you ca
Increased utilization – If you ca
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
increase the percentage of time each employee is doing productive work, you can save a lot of money. Encourage employees to use their down time either for gaining additional training or for seeking ways to improve the efficiency of their proc
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
sses.
Seek suggestions from employees - Ask your people, "How can we accomplish the same thing for less money?" You will be surprised at the creativity they have. At my company, for example, in response to an employee suggestion, water
Seek suggestions from employees - Ask your people, "How can we accomplish the same thing for less money?" You will be surprised at the creativity they have. At my company, for example, in response to an employee suggestion, water
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
coolers placed at strategic locations throughout the plant have replaced providing individual bottles of water to employees. This has already resulted in a significant savings per week.
Better use of copiers - Employees can save consid
Better use of copiers - Employees can save consid
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
rable copying expense by using color copiers only for final drafts and increase the incidence of two-sided copying.
How can we cut costs even more?
Everyone in your workplace can get involved in this process by finding opportuniti
How can we cut costs even more?
Everyone in your workplace can get involved in this process by finding opportuniti
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
s to...
- Improve your processes so that you can accomplish the same excellent results in less time, with less effort, and for less expense;
- Eliminate waste;
- Employ teamwork; and
- Find ways to add value to what
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
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
you are doing without adding cost.
Ideas needed
You need each employee and every department to bring forward any suggestion or idea on cutting costs. Create multiple ways of passing along each idea, such as:
Ideas needed
You need each employee and every department to bring forward any suggestion or idea on cutting costs. Create multiple ways of passing along each idea, such as:
- Present it to your department manager;
- Share it with any member of your Quality Circle;
- Write it down and drop it in a suggestion box at your site; and
- Call it in to a suggestion hotline (voice-mail).
Investment
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
must continue
All of this emphasis on cost-cutting creates the danger of cutting too much. The purpose of all of these measures is to ensure your ongoing profitability.
Some things you should not cut. For instance, you must not cut
All of this emphasis on cost-cutting creates the danger of cutting too much. The purpose of all of these measures is to ensure your ongoing profitability.
Some things you should not cut. For instance, you must not cut
.
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
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
xpenditures your need for facility upkeep or upgrades or to keep pace with technological advances. Neither can you afford to cut back the service you offer to your customers. They must continue to receive the best service you can deliver, comb
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
ned with the speed and accuracy they have come to expect.
In reality, these are all investments rather than costs. You cannot afford to neglect your investments in facilities, technology, and your people. The long-term costs would be too high
In reality, these are all investments rather than costs. You cannot afford to neglect your investments in facilities, technology, and your people. The long-term costs would be too high
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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