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E-Folder - Top Ten Traits of Strategic Thinkers
Want to become more strategic? Add these traits to your collection of skills and watch your success soar!
1.
1.
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
Maintain a self-responsible attitude.
Strategic thinkers live by the saying, “if it is to be, it’s up to me
Strategic thinkers live by the saying, “if it is to be, it’s up to me
; 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
.
2. Capitalize on strengths and minimize weakness.
Understand your core competencies and use them to your
2. Capitalize on strengths and minimize weakness.
Understand your core competencies and use them to your
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
best advantage. Partner with others who excel in the areas where you are less proficient.
3. Effectively use
3. Effectively use
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
intuition.
Rather then a flighty notion, strategic thinkers consider intuition to be the product of past exp
Rather then a flighty notion, strategic thinkers consider intuition to be the product of past exp
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
rience, observations and projections. From this vantage point they are able to develop sensitivity to probabl
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
e solutions.
4. Have a clear sense of purpose.
Strategic thinkers start at the end. They know exactly what
4. Have a clear sense of purpose.
Strategic thinkers start at the end. They know exactly what
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
hey want to accomplish before they begin and determine appropriate actions based on how well it will help the
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
m achieve the desired results.
5. Ability to identify or create better alternatives or solutions.
By thinki
5. Ability to identify or create better alternatives or solutions.
By thinki
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
g strategically, limitations are removed and possibilities are considered.
6. Consistent "what's right" posi
6. Consistent "what's right" posi
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
ive perspective.
Strategic thinkers manage from a position of strength by focusing on what’s working. This m
Strategic thinkers manage from a position of strength by focusing on what’s working. This m
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
indset allows new solutions or improvements to be created without jeopardizing an existing competitive advant
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
ge.
7. Lead the way, take initiative.
Strategic thinking promotes ideas that are new and often unproven. As
7. Lead the way, take initiative.
Strategic thinking promotes ideas that are new and often unproven. As
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
an innovator, a strategic thinker creates greater resources and market advantage.
8. Welcome risks -- comfo
8. Welcome risks -- comfo
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
table with the unknown.
To a strategic thinker, risk is nothing more then information that is not yet fully
To a strategic thinker, risk is nothing more then information that is not yet fully
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
nderstood. Risk is managed based on intuition, a “what’s right” perspective, and the ability to adapt and cre
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
ate improved solutions.
9. Encourage and promote innovation and change.
Strategic thinkers look for constan
9. Encourage and promote innovation and change.
Strategic thinkers look for constan
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
improvement. If something is good, they want to know how to make it even better.
10. Able to deliver result
10. Able to deliver result
.
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
s.
Equipped with the other nine traits, strategic thinkers can adapt to changing technology trends, market c
Equipped with the other nine traits, strategic thinkers can adapt to changing technology trends, market c
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
nditions, industry concerns, budget restrictions and basic challenges of life to persevere until they succeed
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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