E-Folder - Business

Business Management Styles -- There is a big difference in the results we get, depending on what we are managing to get, and the management styles we use. One spirals down, a dea

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

th spiral. The other spirals up, up, and up.

Most businesses are managing to

Remove the pain,
"Live within the budget" (and the budget was determined either by

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

Examples of combination products may in

"the economy", "the market", or "who walks through the door."

Pay this month's bills

This is the "scarcity" side of management. We assume that t

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

ere isn't enough to go around, so we are constantly trying to make do.

For the most part most of us have always believed that the harder we work the better things will be. Howev

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

r, let's look at what happens when we accomplish those three things we were managing above.

Remove the pain - would result in "painless." Certainly desirable, we would be OK if we remove

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

Combination pro

the pain, right?

Live within the budget - Let's see in this case the budget was determined by someone else, or something else, the economy, the market, or who walked through the door. We

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

aren't exactly in control here are we? What would happen, however, if we hit "this budget"? We'd be, sort of OK, but not sure.

Pay this month's bill-that certainly would be OK, but it do

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

sn't generate anything more than the budget. We're still, just OK.Are you getting the point here? When we manage this way, at best we will be OK, so-so, average...maybe, when we achieve

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

our goals. Nothing spectacular happening here.

What happens when we manage to find the opportunities, the multipliers, or from a place of abundance? Instead of managing to avoi

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

the pain, or to live within what is dealt to us, we start looking for the opportunities that will multiply the number of customers walking through the door, the number of them we sell, multiply

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

he dollars spent by our average customer, finding customers that can and will spend more, finding ways that will encourage customers to spend more. I've seen companies jump 10 times in a week whe

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

Following aspects would a

changing to this perspective....no kidding!

Let's step back a little from this and review.

We can manage on the scarcity side, and the results will always be OK, average, acceptable.
dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod
i>
Or we can manage from abundance, always looking for ways to leap forward, grow a business and finding the multipliers in everything we manage.

Most busines

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

owners manage their business from the scarcity side.. How do I pay this month's bills? Cutting something to have cash, or to hit the budget, but the bottom line result is that you cut s

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

mething that would have generated more cash than it cost you. That almost always puts you into a downward spiral.

But if we are going to manage for incredible results and huge growth, we

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

have to manage from both sides. We'll remove the pain alright, but we always have to look to find the opportunities...where we should be investing that will create the greatest opportuni

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

Professional from academic institutions, pharmaceutical industries, health care indust

y.

The business that operates from scarcity, cuts a cost without regard for what multiplier it impacted usually put the company into a downward spiral. Where if we manage to find the multiplier

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

e'll find where a $1 spent would generate $100 or $1,000. We'll probably also find $1 generating only $5 somewhere. That's an opportunity too...we'll move the money from the 5 times multiplier to

.

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 100 to 1,000 multiplier and watch our business leap forward.

Sounds simple doesn't it. Then tell me why every time I run a seminar with 100's of people that EVERYONE in the room will tell me

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

Companies that provide selfless information through particip

they just cut out something, like marketing and when we look at it in detail, what they cut had actually been making them 10 to 100 times its cost?

So, are you managing that way?

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

Tags

Links

E-Folder - Business Management Styles - Manage to Remove the Pain - Or Manage to Find the Multiplier

Related Articles: