E-Folder - Business

Dealing with and handling change and uncertainty is one of the major challenges each of us faces in today’s world. And we face it in our

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

business and personal lives. It can be said that change and uncertainty arrive together and that most people find it much more difficult

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

Examples of combination products may in

to manage and endure ambiguity and waiting than to deal with changes as they happen. And, in my opinion, on thing is certain – each of us

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

will face some type of change and uncertainty at multiple times during our life. So, what are some strategic actions we can take to deal

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

with this change and uncertainty? Your Strategic Thinking Business Coach researched this question and developed seven (7) strategic actio

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

Combination pro

ns to recommend dealing with change and uncertainty in business and life.

The seven (7) strategic actions are:

Strategic Action #1: Ado

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

pt an attitude that accepts and welcomes change and uncertainty as the catalysts for endless opportunities in your business life and perso

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

al life.

Strategic Action #2: Develop an understanding that “our thoughts” create “our reality” and that “our thoughts” will actually dr

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

ive our response to situations. Negative thinking really weakens our creativity, problem-solving abilities, and our immune systems. Ther

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

efore, it is critical to think of all the possibilities of positive outcomes, rather than dwelling on the negative and problems.

Strategi

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

Action #3: Develop a clear focused vision of the outcome(s) you are striving to reach, then proceed with passionate pursuit and delibera

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

Following aspects would a

te intention to reach your vision and goals.

Strategic Action #4: Build an unbreakable spirit and use the awesome power of your spirit a

dd to the challenges in developing combination products:

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

nd its mysterious blend of emotional strength, energy, character, passion and “will” to defy all odds against reaching your vision and goa

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

ls.

Strategic Action #5: Use the power of strategic thinking and keep the image of your vision in front of you at all times, instead of

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

aving your attention and efforts diverted toward the negative.

Strategic Action #6: Free yourself for your future by “letting go” of the

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

negative and the past. Each of us on each of the days of our lives decides how we respond to life’s challenges. We have a choice to pla

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

Professional from academic institutions, pharmaceutical industries, health care indust

y the role of a victim and feel sorry for ourselves and seek pity, blame others and become very angry. Or we can choose to “let go” and l

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

ok ahead for what positive things are yet to come.

Strategic Action # 7: Postpone your judgment about your today and your tomorrow until

.

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

they become your yesterdays. Judge the present by taking advantage of viewing it through the clearer and more powerful lens of it being t

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

Companies that provide selfless information through particip

he past. I believe there is great truth and wisdom in saying that our tomorrows often look very different when they become our yesterdays

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/44417/e-folder-Seven-Strategic-Actions-To-Deal-With-Change-And-Uncertainty-In-Business-And-Life.html">Seven Strategic Actions To Deal With Change And Uncertainty In Business And Life</a>

BB link (for phorums):
[url=http://www.e-folder.org.ua/article/44417/e-folder-Seven-Strategic-Actions-To-Deal-With-Change-And-Uncertainty-In-Business-And-Life.html]Seven Strategic Actions To Deal With Change And Uncertainty In Business And Life[/url]

Why is the issue of change management so serious and why is the buzzword raceing through MBA business schools and business universities across the country? The reason is that a disruption or change in the management of the Corporation or company interrupts the normal flow of business decisions in the firm. Why does this happen?

Regardless of whether you are just venturing out into the business world or already have a successful company, budgeting your expenses will help to improve profits and the overall health of the business.

In fact, I know exactly how you feel. I failed so miserably my first time in business that I swore I would never think about working for myself again. All I wanted to do was to find a nice, secure 9-to-5 job that provided me with a nice steady paycheck. I yearned for the opportunity to grow fat and happy on someone else's payroll for a change.

Tags

Links

E-Folder - Seven Strategic Actions To Deal With Change And Uncertainty In Business And Life

Related Articles: