Useful Advices - Business

During my years in the corporate world and as a coach I’ve found seven practices that can adversely affect any business. It’s my Top Seven Business Sins list. These sins are not the mortal sins spoken of in religious doc

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

trine. They won’t condemn you to an eternity of torment. They can, however, be fatal. Fatal to your business, that is. Many business owners believe that they won’t get punished unless they get caught. But, if you commit

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

Examples of combination products may in

these sins, by the time you realize you’re being punished it’s much too late to claim ignorance.

You may recognize some of these sins in others. If they make you feel uncomfortable, good. Take action now to correct the

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

problems standing in the way of your success. In ascending order of importance they are:

7. Not using your professional team

You’ve got an accountant, a lawyer, a banker, an insurance agent, and probably a financial pl

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

anner. They are a resource that you can choose to use or ignore. These are knowledgeable professionals whose expertise is invaluable, if you use it wisely. When I hired my lawyer, I told him I expected him to keep me out

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

Combination pro

of trouble, not defend me after I got into trouble. Make them members of your team. Keep them informed and get feedback before you make any major decision or commitment.

6. Lack of Systems and Procedures

If you were i

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 an accident and unconscious for three days could your business run without you? Do you have an operations manual? Even if you can be at your business every day, would you hire a fox to guard the henhouse? Of course you

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

wouldn’t. You’d even keep an eye on your trusted dog. So why would you let a single employee control all your deposits, write all your checks, or provide pricing to customers without a second pair of eyes checking 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

ransactions? As President Reagan said, “Trust, but verify.” Put procedures in place to protect your business.

5. Failing to plan

Some businesses succeed by accident and some people win the lottery but most who consiste

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

ntly succeed in business do so because they develop a good plan and then follow that plan. Sure things change, but if you don’t know where you want to go it really doesn’t matter which road you take. Failing to plan is p

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

lanning to fail! So, plan the work and then work the plan.

4. Ignoring your customers

Have you told your customers lately that you love them? Unless you are the only business in town, your competition is trying to conv

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

Following aspects would a

ince your customers to become theirs. Research has shown that for the majority of consumers the intangibles like customer service, quality and convenience are more important than price. If your business is like many serv

dd to the challenges in developing combination products:

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

ice businesses, you probably get 80% of your revenue from 20% of your customers. Invest 80% of your attention in your best customers.

3. Doing, not leading

Many people spend too much time working “in” their business in

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

stead of working “on” their business. Leaders determine the goals and the direction of the company. Managers implement that plan and employees do the work. You are responsible for setting the tone, not doing the work. Ge

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

t the train moving and then control the speed. Don’t shovel the coal. Ask yourself, “What is the highest and best use of my time?” Focus on the important things in business and life.

2. Not collecting receivables

I had

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

a client once who said, “Billing is one procedure, Payment is another.” He believed in one but not the other. The majority of businesses that fail do so for lack of cash flow, not debt burden. Make sure your customers u

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

Professional from academic institutions, pharmaceutical industries, health care indust

nderstand and agree to the price and terms and then follow up with them before payment is due to prevent problems. Recognize and reward prompt payment.

1. Making your business the most important thing in your life

Okay

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

, I admit that this will probably not result in the failure of your business. As a coach I have to ask you to think about it, though. Why are you in business? What’s the purpose? What’s your goal? If I asked your friends

.

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

and family what’s important in your life, what would they say?

Committing these sins won’t guarantee your failure, and renouncing them won’t guarantee your success. But, as a business owner, wouldn’t you prefer to inve

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

Companies that provide selfless information through particip

st your time and money in something that is more likely to pay off? Business owners who embrace good practices are much more likely to achieve their goals, experience less stress, and enjoy a more rewarding personal life

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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