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Maturing world markets have created tremendous pressure on Corporate America to stay competitive. After downsizing and outsourcing, we're down to the wire. Most compani

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

es are reduced to looking for cheaper ways to offer their products or services, thus compromising their quality standards just to stay alive. When that happens, everybod

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

Examples of combination products may in

is dissatisfied:

The customer who bought a crappy product.
The employee who has to answer complaints about the crappy product.
The stock

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

older or partner whose investment is melting in shrinking profit margins.

And yet, entrepreneurs want to succeed. They want to make good products. They w

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

nt proud and happy employees. They want to do business while upholding their principals. The true meaning of sustainable success is to achieve your financial goals whil

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

Combination pro

e maintaining good relationships with your collaborators.

This is where strategic Business Intuition comes into place. Intuition is a form of intelligence that u

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 a right brain approach to generate ideas and solutions from a divergent thinking perspective (the famous "think outside the box"). It is based on Emotional Intelligen

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

e (the ability to perceive and manage emotions in self and others), a critical skill of successful decision makers.

Business Intuition is rapidly gaining momentum

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

in the business world: 62% of CEOs use their gut feelings when making decisions (2006, PRWeek/Burson-Marsteller CEO Survey). Billionaires such as Trump and Oprah both pu

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

blicly attribute their success to intuition.

Certain areas are more likely to achieve quick and obvious results from using Business Intuition.

Marketing ef

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

orts
Does your sales team know how to use their Emotional Intelligence to establish an emotional connection with prospectives clients? Using intuition before an

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

Following aspects would a

during a call provides you with leverage in cold call situation where you have no other source of information.

Employee satisfaction
By using intuitio

dd to the challenges in developing combination products:

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

, you can identify the top problems affecting your employees as a group. And you might be surprised by the creative solutions that would solve these core problems!

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

Business relationships
When research doesn't give you a clear green light on a business deal, intuition can provide much better results than a lucky guess (or

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

worst, a blind guess!). When you see someone who is able to take the right decision in seconds, like Trump, you know they're not relying just on facts.

Unfor

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

unately, the potential of Business Intuition is still hindered by a poorly structured approach to it. Sporadic "gut feelings" can hardly become a transferable skill with

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

Professional from academic institutions, pharmaceutical industries, health care indust

n a company. It's difficult to develop your ability at something you don't understand.

But more and more entrepreneurs are realizing the unlimited potential of intuitio

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

n in keeping up with a fast-pace business world. This realization opens the door to a deeper understanding of intuition and its application in business. There's always

.

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

solution. It just doesn't always come from your left brain!

The challenges of Corporate America can be successfully addressed by relying on the ingenuity provided by a

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

Companies that provide selfless information through particip

structured approach to Business Intuition.
To some, it's the only rational way to go:
"The only real valuable thing is intuition"
- Albert Einstein

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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E-Folder - Business Intuition - The Future of Corporate America

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