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Advice You - Ten Steps To A Great Strategic Plan
Ask a small business owner about their strategic plan and they’ll either laugh or get that stricken look in their eyes. Yet it’s well documented that businesses with a strategic plan are more successful. No matter what size busine
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
ss, from solo practitioner to hundreds of employees, a thoughtful strategic plan will help you achieve your dreams.
Many business owners don’t go down the strategic planning road because they are a little intimidated by the idea.
Many business owners don’t go down the strategic planning road because they are a little intimidated by the idea.
; 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
They don’t know how, they are not familiar with the terminology and simply don’t know where to begin.
We can remedy that. A couple of preliminary principles to understand: a strategic plan is not a long to do list – it’s about th
We can remedy that. A couple of preliminary principles to understand: a strategic plan is not a long to do list – it’s about th
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
e big picture, your approach to the market, and the metrics you’ll use to measure your progress. Strategic planning is a bit of an oxymoron. Strategizing is a creative process; planning is a rather linear process. So be creative
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
first, then organize into a plan. To keep the creativity in the strategic planning process, remember that it’s not etched in stone. You create it and you can change, modify and tweak it as needed.
Here are ten steps to creating an
Here are ten steps to creating an
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
effective strategic plan:
1) Start by listing five or six values by which you want your company to operate. Be honest and be real. If intensity is part of your culture, say so. If fun is part of your culture, say so. There are
1) Start by listing five or six values by which you want your company to operate. Be honest and be real. If intensity is part of your culture, say so. If fun is part of your culture, say so. There are
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
no right and wrong values.
2) Write out your company’s brand promise. This is the one unbreakable promise you make to your customers. For example, our brand promise for EWF International is “Real-life, real-time business help in
2) Write out your company’s brand promise. This is the one unbreakable promise you make to your customers. For example, our brand promise for EWF International is “Real-life, real-time business help in
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
a confidential community of peers.”
3) Articulate your vision. Get clear on what you want your company to look like long term. Though you are thinking about some point in the future, describe in present tense terms what your comp
3) Articulate your vision. Get clear on what you want your company to look like long term. Though you are thinking about some point in the future, describe in present tense terms what your comp
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
any looks like in five to ten years.
4) Set big goals. Goals are desired outcomes, not a description of actions or activities, but the final picture. For example, “Achieve 95% customer satisfaction” as opposed to “Improve our cus
4) Set big goals. Goals are desired outcomes, not a description of actions or activities, but the final picture. For example, “Achieve 95% customer satisfaction” as opposed to “Improve our cus
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
tomer service process.” Your goals should be ambitious and achievable, not bravado. Choose three to five big goals that you want to accomplish in the next five years.
5) Now it’s time for numbers. Choose three to five key metric
5) Now it’s time for numbers. Choose three to five key metric
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
s that drive your business. Of course everyone tracks income and expense, but what key numbers, ratios and percentages, specific to your industry and your business, do you need to faithfully track weekly and monthly? Don’t overcom
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
plicate this, simply ask yourself, “What numbers need to go up or down for this business to be successful?” For example, if you’re in retail, you might want to track profit per square foot. A professional services firm might track
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
billable hours. You might track client retention or profit per client. There is no one set of numbers relevant for all businesses, but you know best how your business works and what needs to be measured. Then choose one critical
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
number that needs to be watched carefully and immediately. Often this is a measure of some activity, one aspect of the business or someone’s job. For example, how many sales calls do you need to make each week to get new clients?
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
How many new strategic alliances do you need to expand your market?
6) Next it’s time to think about what actions need to be taken in the next 90 days to move you toward your goals. For example, technology improvements, marketing
6) Next it’s time to think about what actions need to be taken in the next 90 days to move you toward your goals. For example, technology improvements, marketing
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
connections, staff training, new equipment, better financing, certifications, strategic alliances. Review these actions every quarter and determine new actions for the next 90 days.
7) Determine accountability – you must determin
7) Determine accountability – you must determin
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
e who is responsible for what by when. Use a simple three column chart to track the initiatives.
8) The most often overlooked part of a strategic plan is celebration. You and your team will work hard to implement the plan. Decid
8) The most often overlooked part of a strategic plan is celebration. You and your team will work hard to implement the plan. Decid
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
e in advance how you will celebrate. What’s the reward? It could be bonuses or some new piece of technology you’ve wanted, a company party, whatever sounds fun to you.
9) The next step is to have each person set weekly priorities
9) The next step is to have each person set weekly priorities
.
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
, and from those priorities each person chooses the #1 priority for their week. This simple process, when written and tracked faithfully will create the biggest difference in your organization.
10) Above all, don’t worry about per
10) Above all, don’t worry about per
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
fection and keep it simple. Your plan is not going to be published and critiqued. It only has to make sense to you and your team. The purpose is to be focused and intentional, yet flexible.
Have fun with it!
© 2004 Darcie Harri
Have fun with it!
© 2004 Darcie Harri
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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