Advice You - Business

The battle for the future of business is over and most people don’t know who won. Here’s a hint, if you’re linear, logical and rational, I’d like to be the first to offer my condolences.

Linear thinking has falle

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

n victim to three distinct and sobering factors. Daniel H. Pink, author of A Whole New Mind, describes them as Abundance, Automation and Asia.

Abundance is the most interesting of the three because it is e

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

Examples of combination products may in

otional in nature. Decade after decade, our standard of living has increased in the U.S. Yet during the same period, our life satisfaction levels have remained just that – level.

The need-for-satisfaction void ha

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

n’t been filled, although our garages, attics and storage facilities have. The growth of mini or self-storage industry demonstrates the prosperity today’s consumers face. The country possesses some 1.875 billion s

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

uare feet of personal storage. One in 11 American households own self-storage space—an increase of some 75 percent from 1995. And notice the popularity of reality shows like Clean Sweep and magazines like <

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

Combination pro

>Real Simple. We have so many products we’re buying products to deal with our products.

Led by our great linear thinkers, we have created a prosperity that could not be imagined by Americans a generation ago.

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

And yet, we’re not satisfied.

The effects of automation have been well documented when it comes to blue-collar jobs, but the white-collar left, linear thinker will be the next segment to fall victim. The routine

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

functions of computer programming will soon be performed by, what else, another computer. Appligenics has developed a software program that writes software – and the next demographic to join the unemployment line

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

s born.

The final blow to the linear thinker is also the most documented: Asia. One out of 10 U.S. computer software and IT jobs will move overseas in the next two years. One in four IT jobs will be off-shored by

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

2010. Where does that leave American business? In a whole new business environment. No matter what product or service you deliver, successful businesses must be in the meaning business.

Let me explain.

Our wor

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

d is searching for meaning. We’re so desperate for meaning we look for it in even the most mundane things. Consider the success of Michael Graves, an architect-turned-product designer. Graves created a beautiful,

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

Following aspects would a

himsical $135 teapot. Let me repeat that. It is a teapot. It is $135. Now if that doesn’t cause the jaw to drop, he sold 1.3 million of them. This is a shining example of where we are as a society. Our society att

dd to the challenges in developing combination products:

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

mpts to buy meaning, one $135 teapot at a time. It isn’t working. Despite the beauty of our $135 teapots and $65 toilet brushes, the meaning – the joy – is fleeting.

The material goods bubble will burst, a

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

d it will burst very soon. Imagine all the Baby Boomers sitting at home with their attics and basements full of stuff they don’t need and a self-storage bill in their hands. They’ll soon discover that the accumula

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

ion of stuff has brought nothing in return. This discovery will cause an epiphany on a generational scale. The need for meaning will finally be voiced – and loudly. When that declaration is made, it will mark th

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

dawn of the new economy.

The evolution of our economy has been rapid and mind numbing. We’ve moved from an Industrial Economy to an Information Economy to a Service Economy in less than a generation. And we aren

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

Professional from academic institutions, pharmaceutical industries, health care indust

t finished yet. Today we are on the cusp of the Meaning Economy. Those who seize the opportunities first will be the leaders of the future.

Successful businesses will excel in the one thing that can’t be outsourc

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

d to another country or duplicated by a microprocessor. The ability to evoke feeling, the skill of uncovering and conveying context, the creation of beauty – in short bringing meaning to the consumer. While a comp

.

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

ter can translate Spanish, it takes a human being to truly interpret the deeper meaning, to move beyond what is said and communicate how it is said.

These functions, and many like them, will usher in the n

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

Companies that provide selfless information through particip

w Meaning Economy.

Learn the new rules quickly, knock the cobwebs off your imagination and take it to the office. If you do, you’ll be on top as the Meaning Economy moves from business secret to global phenomenon

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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