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E-Folder - What Should Your Executable Strategic Plan Cost in Terms of Money, Time and Results?
Sustainable business success originates from an executable strategic plan. However, creating a strategic plan does have a price tag. The underlying business strategy is to realize a positive return on investment (ROI) b
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
y quickly achieving specific and aligned organizational goals.
Business owners to executives have a plethora of resources from which to select the type of strategic plan along with the numerous business coaches, business
Business owners to executives have a plethora of resources from which to select the type of strategic plan along with the numerous business coaches, business
; 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
consultants or national training organizations who can help them to create strategic plans. Yet, most of the outside resources fail to deliver a quick positive return on investment.
The creation of a strategic plan has
The creation of a strategic plan has
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
3 costs: money, time and results. When analyzing the cost of a strategic plan, each of these costs should be reviewed and compared.
- Money
A recent review of a national seminar offering strategic p
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
anning 3 day to 2-day workshops indicated a cost ranging between $2,000 and $1,500. These dollar costs do not include travel, lodging along with salaries.
When compared to business coaches or consultants offering strate
When compared to business coaches or consultants offering strate
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
gic planning on site or off site with fees ranging from $3,000 to $10,000 and up, the national seminars appear to be the best deal, but are they?
Research suggests that a one time exposure to a learning event. If there
Research suggests that a one time exposure to a learning event. If there
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
are not additional opportunities for performance that being the application of learning, then the money spent whether $1,500 to $12,000 is moot. This is why most traditional training offered through a 2 or 3 day event fai
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
s to deliver a positive return on investment.
Time
How much time does it take to create an executable strategic plan? From my experience has a business coach, this ranges from 20 to 30 hours to create t
How much time does it take to create an executable strategic plan? From my experience has a business coach, this ranges from 20 to 30 hours to create t
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
he plan and then another 10 to 20 hours to monitor the plan so that the business goals are achieved. Two day to three day traditional training seminars or retreats fall short of the basic time necessary to develop a solid
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
strategic plan. Also, these off site locations do not allow the participants time to do complete the necessary research or answer specific questions necessary to operationalize the strategic plan.
Results
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
>
What results are you getting from the traditional approach to strategic planning? First, the origins of the word strategy mean as a general to deceive the enemy. In today’s world, that means to out think and simultan
What results are you getting from the traditional approach to strategic planning? First, the origins of the word strategy mean as a general to deceive the enemy. In today’s world, that means to out think and simultan
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
eously out perform the competition.
From the initial meeting, a good strategic planning process will begin to deliver immediate results. Additionally every strategic plan should contain a dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
From the initial meeting, a good strategic planning process will begin to deliver immediate results. Additionally every strategic plan should contain a dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
neArticles.com/?id=375544">strategic action plan that is everyone works from on a daily basis. In this way the results are almost continuous.
When a strategic plan is created off site in a few days, the likelihood
When a strategic plan is created off site in a few days, the likelihood
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
of immediate results has been greatly diminished because of this learning structure. By crunching some numbers, we can immediately see the advantage for a longer planning cycle
A 3 days event probably means 6 hours per
A 3 days event probably means 6 hours per
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
ay planning or a total of 18 hours at an investment of $2,000. Adding in 3 nights of lodging, meals and miscellaneous experiences results in at least another $600. The hourly rate for this seminar per participant is at l
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
east $145.00. And what results or deliverables do you have from such an investment?
Comparing a 10-week (3 hours per week) on site with 6 monthly follow-ups suggests at least 39 hours. Since there are no travel costs,
Comparing a 10-week (3 hours per week) on site with 6 monthly follow-ups suggests at least 39 hours. Since there are no travel costs,
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
the hourly rate based upon a $5,000 fee is $128.45. And the results are a tangible, active, dynamic and interactive strategic plan that is being executed every week ensuring measurable outcomes.
Given that most n
Given that most n
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
tional seminars require payment up front and do not offer a money back guarantee, this becomes a win win for them and a potential lose lose for your firm. If you charge the costs, then your hourly rate has just increased
.
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
not to mention the charges for any other costs. However, if you can locate a strategic business coach who provides a money back guarantee in some format and will work with you by offering non-traditional forms of payment
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
, then what makes more sense?
If you are deciding to seek some help in the creation of you strategic plan, congratulations. Just make sure that you have analyzed ALL the costs and have a better idea of your potential ROI
If you are deciding to seek some help in the creation of you strategic plan, congratulations. Just make sure that you have analyzed ALL the costs and have a better idea of your potential ROI
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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