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Useful Advices - The Ultimate Business Wealth-Creating Secret: The Power of 1+1 = 3
The most successful business leaders in history - Carnegie, Ford and Rockefeller - have used this principle. Thomas Edison used this principle. Mahatma Gandhi used this principle. And many more.
What is this principle that has contributed to history’s greatest success stories? This principl
What is this principle that has contributed to history’s greatest success stories? This principl
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
e is:
*** The Power of 1+1=3 ***
No, it is not a new math formula. This principle represents a “Higher Force” ... a collective force greater than any individual ... created through the power of Master Mind Alliances.
WHAT IS A MASTERMIND ALLIANCE?
A Master Mind Alliance is a group of like
*** The Power of 1+1=3 ***
No, it is not a new math formula. This principle represents a “Higher Force” ... a collective force greater than any individual ... created through the power of Master Mind Alliances.
WHAT IS A MASTERMIND ALLIANCE?
A Master Mind Alliance is a group of like
; 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
minded individuals with the common purpose to contribute to each others’
success, in a spirit of harmony, partnership and reciprocity.
HOW DO MASTERMIND ALLIANCES ACCELERATE YOUR SUCCESS?
Such Alliances work on two levels:
THE ECONOMIC LEVEL:
A Master Mind Alliance becomes your own personal
HOW DO MASTERMIND ALLIANCES ACCELERATE YOUR SUCCESS?
Such Alliances work on two levels:
THE ECONOMIC LEVEL:
A Master Mind Alliance becomes your own personal
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
Board of Directors who wholeheartedly give advice, expertise and knowledge to further your success.
THE PSYCHIC/SPIRITUAL LEVEL:
When Master Mind Alliances form for the sole purpose of mutual success, a “Higher Creative Force” results, allowing each participant to achieve more than is possib
THE PSYCHIC/SPIRITUAL LEVEL:
When Master Mind Alliances form for the sole purpose of mutual success, a “Higher Creative Force” results, allowing each participant to achieve more than is possib
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
e on their own.
In practical terms, MasterMind Alliances ...
• Raise your income, and productivity.
• Give you an opportunity to leverage the wisdom and real-world experience of other business owners.
• Provide creative ideas for improving your business.
• Give you support an
In practical terms, MasterMind Alliances ...
• Raise your income, and productivity.
• Give you an opportunity to leverage the wisdom and real-world experience of other business owners.
• Provide creative ideas for improving your business.
• Give you support 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
d encouragement from within a group of your peers.
• Inspire you to reach new heights as a result of others' success.
• Provide a networking source of great contacts, referrals, and connections.
• Give you an opportunity to share your experience and contribute to other's success.
• Inspire you to reach new heights as a result of others' success.
• Provide a networking source of great contacts, referrals, and connections.
• Give you an opportunity to share your experience and contribute to other's success.
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
>
• Gives you a great way to monitor your progress and accountability.
• Provide a forum to reflect on your business results and strategies.
• Are a great place to air your ideas and plans and get feedback.
• Achieve more than you could on your own.
HOW DO YOU PARTICIPATE OR FORM
• Gives you a great way to monitor your progress and accountability.
• Provide a forum to reflect on your business results and strategies.
• Are a great place to air your ideas and plans and get feedback.
• Achieve more than you could on your own.
HOW DO YOU PARTICIPATE OR FORM
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 MASTERMIND ALLIANCE?
For 25 years, I have both participated and facilitated MasterMind Alliances and have gained much wisdom in what works and doesn't work. As simple as the concept of a MasterMind Alliance sounds, the logistics of such groups can make or break their impact. Below are the t
For 25 years, I have both participated and facilitated MasterMind Alliances and have gained much wisdom in what works and doesn't work. As simple as the concept of a MasterMind Alliance sounds, the logistics of such groups can make or break their impact. Below are the t
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
p 7 critical success factors when forming or participating in a mastermind alliance.
1. Clear Common Group Purpose
Does each member have the same needs and wants from the group? Eg., some members may be primarily interested in brainstorming; another may have joined the group for emotional
1. Clear Common Group Purpose
Does each member have the same needs and wants from the group? Eg., some members may be primarily interested in brainstorming; another may have joined the group for emotional
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
support and connection. If members do have different needs, is there a way of addressing all of them without diluting the cohesiveness of the group? What will be the key focus of the group?
2. Group Chemistry and Trust
What is the level of trust in a MasterMind Alliance? Trust in a mas
2. Group Chemistry and Trust
What is the level of trust in a MasterMind Alliance? Trust in a mas
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
ermind alliance comes from respect and supporting each other, from communicating cleanly and from a spirit of collaboration rather than competition. Without trust and chemistry, a true mastermind alliance does not exist.
3. Serious Commitment
The biggest reason, in my experience, why mas
3. Serious Commitment
The biggest reason, in my experience, why mas
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
ermind alliances fail is because one or more members did not make a serious commitment and make participating in the group a top priority. Lack of serious commitment destroys the cohesiveness and momentum of the group.
4. Group Decisions and Responsibilities
While one person may start th
4. Group Decisions and Responsibilities
While one person may start th
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
e alliance, within the first meeting, it is important that the success of the group becomes every member's responsibility. It is critical that the leadership of the group and other responsibilities be rotated amongst members. All decisions should be done by group consensus.
5. Consistent Meet
5. Consistent Meet
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
ng Format
Having a set structure and agenda for each meeting is essential. Possible agenda items may include: brainstorming, a quick check-in, an accountability segment, sharing of resources, etc.
6. Equal Give and Take
The purpose of a MasterMind Alliance is both to give and receive
Having a set structure and agenda for each meeting is essential. Possible agenda items may include: brainstorming, a quick check-in, an accountability segment, sharing of resources, etc.
6. Equal Give and Take
The purpose of a MasterMind Alliance is both to give and receive
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
support. Reciprocity is critical. If a group becomes imbalanced where some members only give support or some only receive support. it destroys the very foundation of the group. Active giving and active receiving maximizes the flow of ideas, energy and outcomes of the group.
7. Closed Members
7. Closed Members
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
ip
In my experience both as a facilitator and participant, it is important to allow the first 1-3 meetings for members to explore whether the group is a good fit for them. Once a decision is made by each individual, closing the group to new members allows the group to bond, know each other
In my experience both as a facilitator and participant, it is important to allow the first 1-3 meetings for members to explore whether the group is a good fit for them. Once a decision is made by each individual, closing the group to new members allows the group to bond, know each other
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
in depth and allow the trust to form. That is when the magic begins. Group dynamics are very volatile to changes, especially with changes in membership. If, after a certain period of time, the group wants to add new members, how many and who should be a group decision.
While there are many ot
While there are many ot
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
er logistical details beyond the scope of this article, the key is staying focused on that common purpose to contribute to each others’ success, in a spirit of harmony, partnership and reciprocity. I can say, from my own personal experience, that mastermind alliances have been and continue to be
.
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
the #1 driver of accelerated momentum, success and breakthroughs in my business. As a facilitator of MasterMind Alliances for CEOs and business owners, I have also watched how that "Higher Force" ignites the potential and greatness in each member, beyond what anyone could imagine.
For an addit
For an addit
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
onal resource regarding Master Mind Alliances, I recommend reading Napoleon Hill’s classic best-seller, “Think and Grow Rich”, Chapter 9. According to Hill, such Alliances have been the basis of every great fortune in history.
What are you waiting for? Find or form your own MasterMind Alliance
What are you waiting for? Find or form your own MasterMind Alliance
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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