Useful Advices - Business

True differentiation continues to elude many service businesses today. The competition, given enough motivation, can duplicate or worse, beat the price, terms or features you offer. The bottom line is that your products and services sel

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

dom create lasting distinction in the marketplace.

The one factor your competition can’t easily duplicate is your employees. Referred to as “Cultural Capital” by leading management experts, a service firm’s employees represent vast unta

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

Examples of combination products may in

ped potential and the strongest variable to achieving impressive financial performance long term. Here are three key trends:

Trend #1: Focus On Employee Fulfillment – Corporate performance and financial success is strongly correlated to

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

employee fulfillment. Research conducted by The Wilson Learning Corporation involving 25,000 employees, documented that up to 39% of the variability in corporate performance is attributable to the personal fulfillment of employees. Ther

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

are many aspects to employee fulfillment. A few include how your employees feel about the competitiveness of their compensation and benefits, their work environment, and the degree to which their work environment is one of cooperation,

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

Combination pro

eam work, open communication and appreciation.

Trend #2: Developing The Leadership Skills and Emotional Intelligence of Managers – Employee fulfillment is strongly correlated with the leadership skills and emotional intelligence of mana

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

gers. Up to 69% of the variability in employee fulfillment is attributable to the leadership qualities and interpersonal skills of every manager and supervisor. Recent research by Dr. Dan Goleman has shown that emotional intelligence is

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

twice as important for outstanding performance as technical skills or intelligence. Some of the more important emotional intelligence skills include: effective interpersonal communication, giving and receiving feedback, handling conflict

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

and conflict resolution, facilitating responsibility and accountability and empowering and coaching employees. In banking, it is common to find people who have been promoted into positions of leadership due to their technical expertise

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

nd years of experience, yet who lack the leadership and emotional intelligence skills needed to maximize employee performance. John P. Kotter, in his book What Leaders Really Do, states “that most organizations lack the leadership they

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

eed often by as much as 200% to 400%.

Trend #3: Development of an Adaptive Culture That Fosters and Supports Creativity and Innovation – History shows us that the most successful species on the planet have been those groups that have bee

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

Following aspects would a

n able to continuously adapt to their changing environment. Since corporate cultures closely reflect the personalities of the Chief Executive, Senior Management Team and /or the Company Founder, a shift in culture necessitates a shift in

dd to the challenges in developing combination products:

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

the personality of the leader and the leadership team. Simply said, organizations don’t change, people change. As leaders, we must be on high alert to quickly spot and eliminate the behaviors and conditions that contribute to excessive

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

mployee turnover and that kill team-work, morale, productivity, creativity and innovation. Those include territorial behavior, excessive control, excessive bureaucracy, micro-management, power struggles, grandiose egos, intimidation, and

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

employees feeling unappreciated and unacknowledged. Research shows that employees respond well to a corporate culture void of these situations and are up to 127% more productive and creative when they work in a healthy, supportive enviro

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

ment.

The Undeniable Linkage Between People and Profits

In their book Corporate Culture and Performance, authors Kotter and Heskett document that companies with strong adaptive cultures that emphasize leadership development and employee

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

Professional from academic institutions, pharmaceutical industries, health care indust

fulfillment, outperform other companies by a significant margin. On average, these companies grew 4 times faster, had stock prices that grew 12 times faster and profit performance that was 750 times higher than companies focused on othe

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

more traditional corporate objectives. In the words of famed AlliedSignal CEO, Larry Bossidy “at the end of the day, you bet on people, not on strategies.”

******************************************************************
© 2007

.

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

ay Adler, All rights reserved. You are free to use this material in whole or in part in print, on a web site or in an email newsletter, as long as you include complete attribution, including live web site link. Please also notify me at ra

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

Companies that provide selfless information through particip

@btitraining.com where the material will appear.

The attribution should read: "By Ray Adler of Bank Training International, Inc.. Please visit Ray's Web site at http://www.btitraining.com/tips.html for additional articles and resources.

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.usefuladvices.org.ua/article/1001/usefuladvices-Three-Ways-To-Differentiate-Your-Service-Business.html">Three Ways To Differentiate Your Service Business</a>

BB link (for phorums):
[url=http://www.usefuladvices.org.ua/article/1001/usefuladvices-Three-Ways-To-Differentiate-Your-Service-Business.html]Three Ways To Differentiate Your Service Business[/url]

In a work environment, each person contributes unique experiences, values, personalities and perspectives. When managed properly, this mix can result in innovative ideas and a more flexible team environment. If not managed properly, however, the conflict can result in lowered morale and poor performance. Here are some tips to help you manage the inevitable conflicts that arise when people are just being themselves.

Global consumers too have become more aware today. They wish to know the origin of the product and in certain cases, the process of production and the material that was used. The consumers wish to be informed. The number of consumers who prefer eco-friendly products has increased

Conducting great meetings depends on several activities that occur before, during, and after each event. To help you establish the conditions for success and attain the very best results, this article offers essential tips on using meeting notices, agendas, and summaries.

Tags

Links

Useful Advices - Three Ways To Differentiate Your Service Business

Related Articles: