Useful Advices - Business

CPR is defined as an emergency procedure that is performed when breathing or heartbeat has stopped. When problems occur in the functions that are the lifeblood of t

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

heir organizations, emergency procedures have to be performed.

Cash generation, Productivity and Retention™ are as vital to the health of organizations as breathin

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

Examples of combination products may in

g and heartbeat is to the human body. Maximizing the function of each of these components will result in robust organizational health.

In subsequent issues of this

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

newsletter, we will explore ways to maximize the performance of each of these components in your organization. First, let’s look at how each of these components ne

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

ed to work together to produce maximum health of your organization.

Cash generation

Increased cash generation results when the organization identifies, gets in fr

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

Combination pro

nt of and closes the sale with their perfect customer. In major corporations, marketing and sales departments are hired and staffed with individuals who are experts

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

in maximizing these functions. In smaller companies, many times what is said is that “we are too small to have marketing and sales functions!” This statement is fa

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

r from the truth. The secret is that every organization needs to maximize their marketing and sales efforts if cash is going to be generated. The truth of the matte

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

r is that no matter how good your product or service, if the perfect client does not know about it and/or it is difficult to obtain, sales will not be realized and

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

cash generation will suffer.

Productivity

Whether an organization is staffed by thousands or by 10 people, productivity needs to be maximized for the organization

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

to exceed its goals. People need to be engaged in the attainment of the strategic objectives, they need to know what is expected of them and they need to be given r

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

Following aspects would a

egular feedback on their performance. Maximum productivity is a function of both process and leadership skills intersecting and resulting in maximum performance.

R

dd to the challenges in developing combination products:

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

etention

Let’s take a scenario to illustrate the importance of retention. One of your star performers becomes disillusioned and dissatisfied and leaves to go to a

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

competitor. The cost to fill this position is approximately 2 x salary. A simple calculation will show you what turnover cost you this year. This is not to mention

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

that another company now has the benefit of all of the training that you have already paid for. In addition, your competition now has a lot of information that can

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

e used against you in the marketplace. The salary multiple does not discriminate between a hire leaving that is a superstar or a hire that is leaving because they w

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

Professional from academic institutions, pharmaceutical industries, health care indust

ere terminated due to poor performance. The cost is still the same. The leaving of the superstar could have been avoided by better performance management systems an

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

d skills. The termination of a bad hire could have been avoided by validated hiring processes. The bottom line is that both could have been avoided by better practi

.

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

ces.

The key to the continued health of your organization lies in:
• Increasing cash generation.
• Increasing the productivity of your staff.
• Incr

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

Companies that provide selfless information through particip

easing the retention of your superstars.
Next Month: How to Increase Cash Generation!

Organizational CPR increases Cash generation, Productvity and Retention™

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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The good news about business software is that it is easier and in some case more affordable than ever. With much more powerful computers and many different software producing companies competing against one another, the consumer ultimately wins.

This article gives 6 key points to great customer service, and allows you to rate yourself and your staff.

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Useful Advices - Organizational CPR Increases Cash Generation, Productivity and Retention

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