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E-Folder - Spray and Pray: The Substitute for Strategic Planning
Business today is driven by acronyms such as ERP, QA, TM, SAP and the list goes on. One of the less frequent is SP or Strategic
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
Planning. However, I am now convinced that that SP should mean Spray Pray. Let me explain.
During the last almost 10 years,
During the last almost 10 years,
; 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
as a business coach and executive coach, I can now predict with almost 100% accuracy that 90% of the business owners at any even
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
drive their businesses through 2 actions. First, they SPRAY all their activity from marketing and sales to customer ser
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
vice and employee training around them and then they PRAY that these actions will stick.
Just this week when speaking to
Just this week when speaking to
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
another salesperson of another very new business who was having some difficulty in reaching potential buyers, I heard some confu
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
sion. I asked: "Is there a strategic plan including a market plan, sales plan and a strategic action plan?" The salesperson qui
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
kly replied "No." Given that this business had just invested in over $100,000 in equipment, space, etc., I quietly shook my hea
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
d.
How much easier would it have been had the plan been created to clearly identify the target market through the creation of a
How much easier would it have been had the plan been created to clearly identify the target market through the creation of a
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
executable strategic plan instead of using the spray and pray tactic? Strategic planning is the basic key to working smarter no
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
t harder.
For many small business owners, strategic planning is not on their radar screen. The belief is that planning takes
For many small business owners, strategic planning is not on their radar screen. The belief is that planning takes
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
far too much time and these very busy, time obsessed, business owners do not have time to invest on strategic planning for futu
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
e change. And heavens forbid for them to consider any providers for business plans services and advice such as consultants or b
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
usiness coaches because they are fine doing what they always have been doing. The only problem here (beyond denial not just bei
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
g a river in Egypt) is that they will continue to get the results that they are currently receiving.
Strategic planning is esse
Strategic planning is esse
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
ntial in today’s highly global competitive market place. New businesses are finding competitors copying their ideas or new franc
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
ises with similar business models hanging their shingles just down the road. If you want to take your business to that next lev
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
el, then take the time to create an executable strategic plan with a market plan, sales plan and financial plan supported by a <
.
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
target="_new"href="http://EzineArticles.com/?id=375544">strategic action plan.
Of course, you could continue with spray an
Of course, you could continue with spray an
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
d pray and hope for the desired results to be realized. But, then, most of us know that hope is truly not an effective strategy
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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