Tags |
|
|
Links |
|
|
E-Folder - Facing the Fear Factor
As small business owners, the most daunting obstacles to reaching our Biggest Vision for our business are our unique personal fears. Often, we don’t realize that we’re deciding not to pursue a great o
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
pportunity or try something new in our business because of fear. We get locked into an idea of how we should market, sell, manage, or structure our day. We hesitate to change, and when we get mediocre
; 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
or poor results, we still refuse to abandon our approach.
I was always a very determined person (okay, stubborn!). I’d stick with an idea, strategy or plan, even if it felt like I was batting my head
I was always a very determined person (okay, stubborn!). I’d stick with an idea, strategy or plan, even if it felt like I was batting my head
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
against a brick wall. This way of doing things is like continuing to head the wrong way on a one-way street, despite the signs that are telling you you’re headed in the wrong direction. It was actual
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
y deep reflection on, of all things, the Serenity Prayer (see below) that turned me around. Now, whenever I get that “running into a brick wall” feeling, I recognize this as a signal that I need to ch
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
nge direction.
Fear of change is a big vision buster. Recently I’ve run into several small business owners who truly fear technology. Even though adding certain technology solutions to their business
Fear of change is a big vision buster. Recently I’ve run into several small business owners who truly fear technology. Even though adding certain technology solutions to their business
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
es could increase profit and put some functions on auto pilot, they are afraid that the change might temporarily disrupt business or that the implementation might prove too difficult. They’ve come up
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
ith lots of unsubstantiated excuses why they shouldn’t change the way they’re doing things. Yet, they work hard and really would like to grow their businesses and have more free time. They don’t recog
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
ize their hesitancy as fear, and try to camouflage it as a legitimate business decision. While clinging to outmoded or inefficient systems simply because you’re afraid of change might maintain the sta
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
tus quo, it will ultimately block you from achieving your biggest goals.
Don’t we all do this sometimes? I love the saying, “if you always do what you always did, you’ll always get what you always go
Don’t we all do this sometimes? I love the saying, “if you always do what you always did, you’ll always get what you always go
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
”. Every time I start getting a headache from the brick wall, I repeat it like a mantra.
Getting honest with yourself might hurt a little. After all, you might have to admit you made some decisions t
Getting honest with yourself might hurt a little. After all, you might have to admit you made some decisions t
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
at didn’t work out like you’d hoped they would. So what! It’s a right of passage for seasoned entrepreneurs. Cut your losses and make some changes.
How do you know where fear is bogging you down? Sit
How do you know where fear is bogging you down? Sit
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
comfortably in a quiet place for fifteen minutes, close your eyes and breathe deeply. Let the stress and worry of the day leave you. Now ask yourself:
What is not working well in my business?
W
What is not working well in my business?
W
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
at could work better that I’m not addressing?
What am I tolerating that needs to change?
What is creating stress or draining my energy?
What needs to get done that I keep putting off?
What am I tolerating that needs to change?
What is creating stress or draining my energy?
What needs to get done that I keep putting off?
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
>
How would my business look if it were just where I wanted it to be?
Where am I afraid to try something new?
Are all of my strengths being used well?
Where do my weaknesses negatively
Where am I afraid to try something new?
Are all of my strengths being used well?
Where do my weaknesses negatively
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
affect my business?
Answer these questions honestly and you’ll begin to understand where you may be holding yourself back from the most wonderful, fun, profitable business you have the potential to
Answer these questions honestly and you’ll begin to understand where you may be holding yourself back from the most wonderful, fun, profitable business you have the potential to
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
reate.
The Serenity Prayer helped me understand that when I pushed to change people or situations over which I had no control, I couldn’t, but sometimes fear was stopping me from changing the things
The Serenity Prayer helped me understand that when I pushed to change people or situations over which I had no control, I couldn’t, but sometimes fear was stopping me from changing the things
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
could. It’s worth contemplating. For example, I never thought I’d include a prayer in a business article, but I’m doing it!
You’ve probably heard this before: the letters in FEAR stand for “false ev
You’ve probably heard this before: the letters in FEAR stand for “false ev
.
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
idence appearing real”.
The Serenity Prayer: “God, grant me the serenity to accept the things I cannot change, the courage to change the things I can, and the wisdom to know the difference.”
Take a
The Serenity Prayer: “God, grant me the serenity to accept the things I cannot change, the courage to change the things I can, and the wisdom to know the difference.”
Take a
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
alculated risk, try a different approach, reach outside your comfort zone; think outside the box. That’s the true test of a successful small business owner or entrepreneur.
Copyright 2006 Janis Petti
Copyright 2006 Janis Petti
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.e-folder.org.ua/article/44021/e-folder-Facing-the-Fear-Factor.html">Facing the Fear Factor</a>
BB link (for phorums):
[url=http://www.e-folder.org.ua/article/44021/e-folder-Facing-the-Fear-Factor.html]Facing the Fear Factor[/url]
Related Articles:
How to Get the Best from Outsourcing
Easy Template to Write Your Own Cover Letter
Bookmark it:
|