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E-Folder - Setting Corporate Goals – Dancing Your Way to Quarterly Gains and Long-term Success
Even the most successful businesses suffer from third-quarter blues. At times, results are easy to justify – capital expenditures, seasonal market fluctuations or even act-of-nature catastrophes. Some compa
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
nies may even spoil third quarter results to spare the triumphant fourth. Or, perhaps the dismal quarter is part of a wider business strategy that shareholders and analysts understand and support. At other
; 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
imes, the alarming red ink is a real wake-up call that leads to financial housekeeping, an executive sweep or a fiscal crisis plan.
But often, it’s not the results that are at fault, but the planning metho
But often, it’s not the results that are at fault, but the planning metho
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
that generates them. A business is not entirely unlike an individual – when it makes short-term decisions that are not in alignment with the core values of the company the end result is nearly always disa
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
pointing.
Let’s face it. Business leaders are under pressure to produce results now. They can easily bend to the will of investors and boards, who want quick returns and payoffs—quick indicators of success
Let’s face it. Business leaders are under pressure to produce results now. They can easily bend to the will of investors and boards, who want quick returns and payoffs—quick indicators of success
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
All too often, a leader’s long-term vision for company growth and achievement is sacrificed to the demands of quarterly reports or the profit and loss statement. And that sacrifice leads to bad decisions t
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
at compromise the underpinning values of the organization and unsurprisingly, can shipwreck quarterly earnings and maroon long-term gains.
So how does a business leader set the right goals?
According to v
So how does a business leader set the right goals?
According to v
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
eteran entrepreneur Peter H. Thomas, you—and your company—should dance your way to success through mutual goals that are adopted step by step and always in alignment with your values. In Thomas’ blueprint f
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
r success, he suggests the RUMBA, a goal-setting process that determines worthwhile objectives in terms of:
--> Realistic
--> Understandable
--> Meaningful & Measurable
--> Believable; and,
--> Agreed
--> Realistic
--> Understandable
--> Meaningful & Measurable
--> Believable; and,
--> Agreed
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
pon.
To stage the process, and bring it into focus and vision, business leaders focus on the following questions:
Are our goals realistic? Are they grounded in clear ideas of what we want and what’s r
To stage the process, and bring it into focus and vision, business leaders focus on the following questions:
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
quired to achieve them?
Are we willing to take risks, and if so, what’s our risk quotient?
Are the goals understandable? Are the objectives clearly defined?
Are the goals personally meaningfu
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
to our company and its stakeholders? Are they measurable with objective indicators?
Do we believe wholeheartedly in the short-term objectives and the long-term goal we expect to achieve?
Are the
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
oals and objectives agreed upon by the people who have stake in our company?
Even then, while the focus and balance needed to be a leader may give a company stability and trajectory, company goals tha
Even then, while the focus and balance needed to be a leader may give a company stability and trajectory, company goals tha
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
don’t align with company values will always be a threat to future growth.
As Plato said in the text Alcibiades, “Know Thyself.” As a business leader, you’re charged with the task of holding a vision for t
As Plato said in the text Alcibiades, “Know Thyself.” As a business leader, you’re charged with the task of holding a vision for t
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
he company, and maintaining the appropriate perspective to achieve it. Don’t let unaligned interests cloud your sight. A well-focused leader who sets goals using criteria consistent with personal and corpor
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
te values will achieve over the long haul.
Quarterly results don’t have to be dreaded, or be a catalyst for financial housekeeping … or maybe the executive sweep. When goals are in step with stakeholder ex
Quarterly results don’t have to be dreaded, or be a catalyst for financial housekeeping … or maybe the executive sweep. When goals are in step with stakeholder ex
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
ectations and aligned with core values, it’s all “easy…a piece of cake,” says Thomas.
Moreover, dancing with a goal-setting strategy—and aligning it on a values-driven course—offer benefits beyond the achi
Moreover, dancing with a goal-setting strategy—and aligning it on a values-driven course—offer benefits beyond the achi
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
vement of the goals themselves. These methods combined are a surefire way to motivate and inspire others, develop clarity and will boost the energy and confidence needed among colleagues and customers to re
.
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
ch even the tallest company peak.
Additional Resource
--> The LeaderShape program at the McCombs Business School at the University of Texas is an academic leadership conference dedicated to promoti
Additional Resource
--> The LeaderShape program at the McCombs Business School at the University of Texas is an academic leadership conference dedicated to promoti
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
g a “healthy disregard for the impossible” and leaders who act consistently with their core values. Click Here
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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