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Useful Advices - Set the Rules to Win the Game of Business
To win any game, you must know the rules. Then, you must play by those rules all while improving your skill-set and performance within those boundaries. This is true for every game – sports
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
or otherwise -- we play. In fact, rules are in effect even if we don’t know them – and the consequences can be swift and harsh if we break them.
Not so true in the “game” of business.
Bu
Not so true in the “game” of business.
Bu
; 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
iness is the only game in life where YOU can set the rules. You can structure your business to fulfill your guidelines, goals and outcomes. As a matter of fact, if you structure your busine
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 based on other people’s rules, you’re guaranteed to fall short of your potential (on the low end) and fail (worst case scenario). Why? Because other people have set the rules to based on
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
heir strengths, not yours.
Success in business begins with deciding the game you want to play, and how you want to play it. Personal fulfillment starts with consciously deciding things lik
Success in business begins with deciding the game you want to play, and how you want to play it. Personal fulfillment starts with consciously deciding things lik
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
what positions you’ll personally fill on the business team, and what you’ll outsource.
Try “I’ll do it my way.”
Too many business folks mistakenly believe “its always been done this way”
Try “I’ll do it my way.”
Too many business folks mistakenly believe “its always been done this way”
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
is the best way to run their businesses. That type of approach will only get you the same results the other guy is getting (and how’s he doing anyway? Average? Below average?)
I see this
I see this
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
indset in every industry. Look at what the majority of other business owners are doing in your industry, and listen to how much they complain or blame things on outside influences (like “th
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
economy”). The solution is would be to put a new set of rules in place and re-engineer how they run their business – starting with what would work best for them, in that moment, based on t
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
eir vision!
How different are your competitors from each other? My bet is there is no more than a 10% to 20% difference across the board.
How different are you from your competitors? Are
How different are your competitors from each other? My bet is there is no more than a 10% to 20% difference across the board.
How different are you from your competitors? Are
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
ou offering essentially the same services/products to the same market and experiencing the same financial rewards and constraints?
If you don’t like your answers to these questions, then n
If you don’t like your answers to these questions, then n
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
ow’s time to make a change. The first shift you need to make is in your mind.
Winning in the game of business and playing by your own rules takes a comprehensive strategy.
Start setting y
Winning in the game of business and playing by your own rules takes a comprehensive strategy.
Start setting y
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
ur own rules by answering three simple questions:
1. What could you and your company provide (products/services/benefits) that your competitors do not, cannot do, or would not to do – even
1. What could you and your company provide (products/services/benefits) that your competitors do not, cannot do, or would not to do – even
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
if they thought of it first?
2. What’s considered “impossible” by the majority of people in your industry? How could you provide that service/product/solution IF it were really not impossi
2. What’s considered “impossible” by the majority of people in your industry? How could you provide that service/product/solution IF it were really not impossi
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
le?
3. What are clients and consumers regularly complaining about in your industry? How can you provide solutions to their complaints?
Have you considered that perhaps your competitors ar
3. What are clients and consumers regularly complaining about in your industry? How can you provide solutions to their complaints?
Have you considered that perhaps your competitors ar
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
talking about how “impossible” something is to implement because they don’t want you to create the solution, and therefore take away their market share?
Take your answers to these three s
Take your answers to these three s
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
tarter questions and begin to mold your operational systems, marketing, and pricing structure around the answers you come up with. You can boost your profits and your personal fulfillment a
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
the same time – starting by setting the rules of your own game.
When you set your own rules in this manner, you will take a commanding lead in your industry, niche, or profession. You’ll
When you set your own rules in this manner, you will take a commanding lead in your industry, niche, or profession. You’ll
.
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
e setting the rules around what consumers want instead of what company in your industry find to be “the norm.” And when you help enough other people get what they want, you’ll get more of
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
hat you want!
If you want to win big in business and in life -- stop playing your game by other people’s rules. Set your own rules to generate the profits and create the lifestyle you want
If you want to win big in business and in life -- stop playing your game by other people’s rules. Set your own rules to generate the profits and create the lifestyle you want
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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