Tags |
|
|
Links |
|
|
Useful Advices - The Great Business Myths That Dominate Our Lives
Myths—these unconscious or semi-conscious beliefs have a strong influence on how we orient our behavior and actions.
The ones that seem to influence us the most are directed towards our personal lives. But, there are business myths that have a profound impact on our decisi
The ones that seem to influence us the most are directed towards our personal lives. But, there are business myths that have a profound impact on our decisi
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
ons. The problem arises when some of these myths are believed to be true when in actuality they maybe false or only partly true. The goal of this article is to explore some of these business myths and their accuracy.
Let’s start with a business myth that is the outgrowth o
Let’s start with a business myth that is the outgrowth o
; 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
the information society. That is--- INFORMATION IS POWER. If this is true, then the more information you acquire the more powerful you will be. While it maybe popular to subscribe to this myth, the fact is the myth is not true. Information, especially as you acquire more i
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
s not power but can easily lead to confusion. The power comes from knowledge and understanding how the acquired information can benefit you both on a personal and professional level. Knowledge and understanding can be obtained from seminars, reading, etc. I would venture to
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
guess, though, that seventy-five percent of your practical business knowledge comes from personal experience—the old fashioned trial-and-error method. Knowledge is the filter that sifts the information into its useful parts.
Let’s examine a few other business myths that ma
Let’s examine a few other business myths that ma
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
y significantly influence how we perceive our economic climate.
With the last economic expansion lasting for over nine years some people now have the feeling that the business cycle can be eliminated and recessions are things of the past.
This myth is true--- if you can r
With the last economic expansion lasting for over nine years some people now have the feeling that the business cycle can be eliminated and recessions are things of the past.
This myth is true--- if you can r
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
move humans from the face of the planet. Outside of this, the business cycle is part of human behavior.
Why is there a business cycle? Someone once noted that people can tolerate any condition except the possibility of one. This condition is prolong periods of prosperity.
Why is there a business cycle? Someone once noted that people can tolerate any condition except the possibility of one. This condition is prolong periods of prosperity.
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
Incredulous as it sounds; this observation contains more than just a kernel of truth.
When the economy starts to recover from a stiff downturn, people are understandably doubtful about the young expansion. They hold back on their discretionary spending and their use of de
When the economy starts to recover from a stiff downturn, people are understandably doubtful about the young expansion. They hold back on their discretionary spending and their use of de
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
t. As the upswing continues, people tend to become less risk averse or slightly more greedy.
As the upturn ages, people become more confident and think the expansion will last indefinitely. Business people take-on more debt to leverage their profit margins. The consumer wi
As the upturn ages, people become more confident and think the expansion will last indefinitely. Business people take-on more debt to leverage their profit margins. The consumer wi
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
ll also be increasing their debt burdens to finance their growing consumption habit. Soon a point is reached where the cost of the debt is growing far faster than the incomes to pay both the principal and interest expenses.
Now the expansion starts to stall because busines
Now the expansion starts to stall because busines
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
es and consumers can not sustain this credit expansion. A period of credit liquidation ensues and a new downturn begins. The severity of the new downturn depends on several factors. These include the oversupply of goods and services, the level of debt buildup, and govern
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
ent economic policies (namely tax and trade policies).
The business cycle will always be with us. Each cycle has a life of its own and varies in both amplitude and duration.
In our present economic environment the one important factor that will govern your ability to gro
The business cycle will always be with us. Each cycle has a life of its own and varies in both amplitude and duration.
In our present economic environment the one important factor that will govern your ability to gro
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
w and prosper is your liquidity. Are you loaded up to the hilt in debt? If you are not liquid, how can you take advantage of business opportunities? Liquidity is King!
One of the popular and often repeated business themes is that we live and work in an economy that is c
One of the popular and often repeated business themes is that we live and work in an economy that is c
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
anging quickly. But, what is changing rapidly—is it trends or events?
As Aesop illustrated in one of his old and respected fables, The Shepard and The Sea, the sea has many moods. What you see on television, hear on the radio, and read in the papers are events. These ev
As Aesop illustrated in one of his old and respected fables, The Shepard and The Sea, the sea has many moods. What you see on television, hear on the radio, and read in the papers are events. These ev
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
ents change quickly and abruptly. Economic trends on the other hand are smoother. They change very slowly but take on a life of their own and then go to an extreme and reverse.
It will be your ability to adapt to the changing trends that will insure your success both per
It will be your ability to adapt to the changing trends that will insure your success both per
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
onally and professionally. Why? Because if you do not base your planning on long-term economic trends then it will be difficult to adopt a framework in which to base your financial decisions. You will be rushing about putting out current fires instead of devoting your en
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
ergies to long-term planning. Then, what is the pivotal long-term economic/business trend that will significantly impact your business planning?
The dominant long-term business trend will be deflating price structure. This results principally from the increase in competi
The dominant long-term business trend will be deflating price structure. This results principally from the increase in competi
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ion due to the rapid spread of technology. This state-of-the-art business technology now allows the small entrepreneur to compete successfully with the large mega corporations. This technology isn’t just limited to the United States. Companies abroad can now be players a
.
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
nd compete with ours. When competition increases prices must go down.
As a business person, coping in this type of environment will require that you devote more of your energies and capital in building the market value of your business by increasing its free cash flow.
T
As a business person, coping in this type of environment will require that you devote more of your energies and capital in building the market value of your business by increasing its free cash flow.
T
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
is can be accomplished by #1 continuously cutting costs and #2 adding value customers that can or will have the potential to meet your threshold return-on-assets. Do not add customers just for the sake of building market share. Build market share by adding value customers
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/3617/usefuladvices-The-Great-Business-Myths-That-Dominate-Our-Lives.html">The Great Business Myths That Dominate Our Lives</a>
BB link (for phorums):
[url=http://www.usefuladvices.org.ua/article/3617/usefuladvices-The-Great-Business-Myths-That-Dominate-Our-Lives.html]The Great Business Myths That Dominate Our Lives[/url]
Related Articles:
Good Contracts Make Good Clients
Bookmark it:
|