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OPPORTUNISTIC VS. STRATEGIC THINKING

There are two different diametrically opposing ways of thinking. One is opportunistic thinking and the other is strategic

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

thinking. Opportunistic owners struggle with the day to day of their business and take action on what's appealing for that day.

The strategic successful entr

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

Examples of combination products may in

epreneurs have an end in mind, a vision. They develop different alternatives for its accomplishment and then choose the most probably approach. They continual

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

y review what the best opportunities are and adjust their approach accordingly.

The opportunity seeker is always looking for their big opportunity to make lots

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

of money from the hot opportunity. They quickly drop that past opportunity for the latest new one with " What is the easiest way to make money today?" An op

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

Combination pro

ortunity seeker has no criteria, so if he can be convinced money can be made, he will buy. An entrepreneur will compare the new offering with their current pla

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

n, will it make their vision easier to achieve, does it fit into their current approach, is it superior to what they are currently doing?

The opportunity seeke

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

r has a vague income goal, but they have no goal of the business they would need to achieve it. They especially like the business in a box, where there are pro

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

ises of huge rewards with little effort.

IF "YOU" ARE YOUR BUSINESS LISTEN UP

Most people are focused on doing the same thing as everyone else, only trying 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

do it longer, faster and smarter than everyone else.

You have to continually increase the worth of your time. You need to know what your time is worth today,

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

and what your time needs to be worth to achieve your income goals. This will change the way you think and influence your decisions inside and outside your busi

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

Following aspects would a

ness. You will decide what activities you should be spending your time on and what activities you should have others do for you.

HOW MUCH IS YOUR TIME WORTH?

dd to the challenges in developing combination products:

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

This is how you determine what your time should be worth as you take your immediate next step toward your ultimate goal. You take your current income over the

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

past three months and convert it into an annual income. Then subtract it from your long term financial goal annual goal. You then calculate 10% of that shortfa

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

ll and add it to your present income to determine your new hourly worth. This is your new short term goal.

Productive time is time you spend building a busine

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

s, increasing your income. Non productive time is considered maintenance, such as learning, talking to friends, surfing the internet, checking email, answering

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

Professional from academic institutions, pharmaceutical industries, health care indust

your phone, organizing, etc. You must increase your productive time. You may need 4 hours a day of productive time at $ 250 an hour 5 days a week for 50 week

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

s a year to make $ 260,000 a year.

Productive time is creating products, marketing products, improving your marketing process, managing money making projects,

.

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

etting up joint venture deals, and creating leverage (scalability).

Super-productive time would be spent creating systems that automatically create products an

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

Companies that provide selfless information through particip

d product marketing systems without you.

Now you can build your business to equal and then surpass your productive hourly rate.

Copyright (c) 2007 Scott Mager

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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As a result of the dot com meltdown and the decline of the NASDAQ in 2001, many organizations had no alternatives but to lay off many talented IT professionals. Currently, the pool of available talent in the labour market is large. Over the long haul, the impact of shifting population demographics on the labour pool will be staggering. As the baby boom generation continues to age, we can expect acute labour shortages similar to the ones we experienced in the high technology sector during the dot com boom. While there is still a surplus of talent in the market, it is important for organizations to take proactive steps to attract and select the brightest and the best to fuel long term growth.

A carefully chosen Customer Value Proposition is essential to create customer value. Both value creation from the customer, as well as the corporate viewpoint gain from consistent and deliberate focus on key market segments and core competences. The result is a mutual exchange of value, thus stabilizing and strengthening the competitive position in the market. Reversely, failure to maintain a consistent focus puts value creation at risk, and potentially causes ones competitive position to break down. System Theory offers a useful framework to integrate value creation from both the customer and the corporate perspective.

Thanks to technology! Now I can get everybody all over the world read my writings. It's been a while since I've stopped writing stories and articles like this. And now, I can go back to my world and express myself again.

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