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E-Folder - Benchmarking as a Way of Strategic Planning Approach to Business Success
This article is to share some of the experience gained during one of the Strategic Planning Review session. Unlike the regular Strategic Planning where several analytical tools such as PEST, 5-forces of competitions, SWOT
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
etc. are used. But this case study is about using Benchmarking as a Strategic Planning approach. Does it worked?
In regular Strategic Planning, it is fair to mention that is time consuming for team member use various to
In regular Strategic Planning, it is fair to mention that is time consuming for team member use various to
; 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
ls to analyze the business and competitive environment. The choice of PEST, 5-forces or SWOT very much depends on the complexity and competitive position of the business. These tools assist us to understand the business s
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
cenarios and competitive environment as well as internal capabilities.
I was in the Budget Roll-Out session conducted by one of the companies I worked with. It is a regular event at the end of the financial year. The CEO
I was in the Budget Roll-Out session conducted by one of the companies I worked with. It is a regular event at the end of the financial year. The CEO
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
of the company communicates what has transpired between his management and the shareholder of the company during the budget review session.
During the session, the CEO of the company reinstated the company direction and
During the session, the CEO of the company reinstated the company direction and
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ive a presentation of the business outlook and without failed, he presented the company performance expectations and a total picture of the business scenario.
In between his talk, he quoted several examples of Best-Of
In between his talk, he quoted several examples of Best-Of
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
-The-Best: case studies by several successful companies such as Honda USA, Porter-Gamble, Nike in the OEM and Li-Fong in Asia also in OEM; and changes in landscape in the Banking Industries in Malaysia.
In his strate
In his strate
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
ic development process, he selected a few best practices by these companies and balanced them with his business environment. He then developed a hybrid strategy called the orchestra model. He advised the participan
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
s that during his dialog with some of the CEO of these successful companies, they are neither Marketer not Engineer by profession. Most of them came from a background of military.
He also quoted Wall-Mart, how the power
He also quoted Wall-Mart, how the power
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
of Critical-Mass can breakthrough a market like Japan. How Wall-Mart strategize to market a pair of suit that is so affordable for daily change for the Japanese working class.
He quoted that when a new candidate j
He quoted that when a new candidate j
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
in the military, one main thing that he will not be send to train in handling a gun or some sort of weapon. However, the first day of reporting to duty is to shave off his hair on the head. Once it is done, he has to take
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
a shower and changed on to a new set of military uniform. The next morning, they will be wake up at five in the morning for a morning exercise.
He further explained how he interpreted these events in the business sense.
He further explained how he interpreted these events in the business sense.
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
He quoted why these success stories exists? He quoted for example that in military, while discipline is key to operation, the next important factor is the alignment where all solders follow one direction. To reinforce the
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
e factors, all solders have to wake up 5 in the morning to break down your normal self. The objective is to force the solders to get out of their comfortable box.
In business strategies, there is no sure win strategy. He
In business strategies, there is no sure win strategy. He
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
quoted that the first person who conquer the Mount Everest was indeed failed in his first attempt but he challenged himself again until he succeeded. In summary, in this complex business environment and ever changing land
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
scape, leaders need to adopt to various resources for consideration in developing a business strategy. A generic strategies such as capture more market, reduce operation cost is no longer adequate. Leaders need to have an
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
open mind to capture key advantage of various options and to develop a hybrid strategy to ensure its business successes.
Disclaimer: This article is written by the author based on his practical
Disclaimer: This article is written by the author based on his practical
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
pplication experience. All definitions and interpretation of terminology are his point of view and has it has no intention to conflict with experts in similar topic. The author holds no responsibility for the use of this
.
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
article in any way.
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Free to reprint or re-publish: All rights reserved. You are free to reprint or re-publish this article as long as yo
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Free to reprint or re-publish: All rights reserved. You are free to reprint or re-publish this article as long as yo
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
include my resource box at the end of this article. Please ensure that the URL in the resource box remain intact and it is linked to the author's website.
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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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