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Other Articles - The Single Most Important Ingredient For Boosting Your Business
I've spent the past fortnight constructing a shed in my back garden. Not just a flat-pack - a slightly mad build-it-from-scratch-from-bits-of-wood version. I can hear you asking already what that has to do with busines
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
s. Quite simply, in the process of building the shed, I realized how similar it was to building a business. Wait, and I'll explain more.
Metaphorically speaking, building a shed is very similar to building a business.
Metaphorically speaking, building a shed is very similar to building a 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
There are many ingredients that you need, and missing any one of them out will mean the results will range from achieving nothing to the disastrous. But one ingredient stands head and shoulders above the rest.
It's a
It's a
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
simple four letter word...
... P-L-A-N.
With the benefit of a clear plan that's focused on reaching your goal, and the right amount of experience and knowledge, you'll know exactly what tools and materials you'll nee
... P-L-A-N.
With the benefit of a clear plan that's focused on reaching your goal, and the right amount of experience and knowledge, you'll know exactly what tools and materials you'll nee
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 the right amount of focus, along with persistence and sheer hard work, you simply follow the plan - and you're far more likely to achieve the end result you are looking for.
Let's go back to the example of buil
Let's go back to the example of buil
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ding a shed, and examine what might happen if you had no plan, or just say a quick sketch on a scrap of paper to rely on:
- You would struggle to know what materials you needed, and have to make repeated trips to the
- You would struggle to know what materials you needed, and have to make repeated trips to the
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
ardware store, greatly reducing the efficient use of your time and needlessly wasting your energy.
- When you start to build, the various parts will likely not fit together properly. As a result, you will either have
- When you start to build, the various parts will likely not fit together properly. As a result, you will either have
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
to start again, or carry on, trying to patch it up as you go along. Naturally, it can be demoralizing - you may even lose confidence completely, and just give up.
- If you manage to continue, the end result is likely
- If you manage to continue, the end result is likely
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
o look shoddy, unprofessional, and cheap - and it will be a lasting, and embarrassing reminder of your approach.
But such a result is so easy - really, it is *so* easy - to avoid.
If you spend your time more efficien
But such a result is so easy - really, it is *so* easy - to avoid.
If you spend your time more efficien
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
tly before you even start, and develop a clear plan that you feel confident in, let us see what happens:
- You can work out exactly what materials you need, and make a trip or two to the hardware store to get them.
-
- You can work out exactly what materials you need, and make a trip or two to the hardware store to get them.
-
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
You can follow the plan to build the shed, and fit the various parts together to achieve a solid construction that is both fit for purpose and aesthetically-appealing.
- The end result will look professional, and one
- The end result will look professional, and one
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
you can feel proud of.
And you know what, it will also do wonders for your confidence and self-esteem - you will be planning bigger and better sheds in your sleep that before you wouldn't have even dreamed of attempti
And you know what, it will also do wonders for your confidence and self-esteem - you will be planning bigger and better sheds in your sleep that before you wouldn't have even dreamed of attempti
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
g. Yes, I am metaphorically referring back to business, so let's get straight, and see exactly how this applies to your business.
Without a plan, your results will be unintended by definition. You are instead holding
Without a plan, your results will be unintended by definition. You are instead holding
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
out for a lucky break, for good fortune to come your way - you're relying on a simple throw of the dice.
If you plan, you are planning to achieve a specific result - and your results are much more likely to be as inte
If you plan, you are planning to achieve a specific result - and your results are much more likely to be as inte
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
ded, or at least, some way towards them. Of course, you can never predict exactly what will happen, but reach for the stars and you may at least hit the moon! And the experience you gain along the way is one of the mos
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
t important assets for your business.
The first time I developed a plan for my business, and followed it through, my business doubled in a few short months. Developing a plan meant I had to define a target, and then d
The first time I developed a plan for my business, and followed it through, my business doubled in a few short months. Developing a plan meant I had to define a target, and then d
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
fine a plan to achieve it.
A plan gave me both focus and clarity - I knew what I wanted to achieve and how to achieve it. It encouraged me to ignore distractions, and remain focused on the plan - if I stayed on track
A plan gave me both focus and clarity - I knew what I wanted to achieve and how to achieve it. It encouraged me to ignore distractions, and remain focused on the plan - if I stayed on track
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
with the plan, I could achieve the result I wanted.
In fact, I believe it is the single most important ingredient of all. With a plan, you know what else you need, like the following:
1. The correct tools and materia
In fact, I believe it is the single most important ingredient of all. With a plan, you know what else you need, like the following:
1. The correct tools and materia
.
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 - what will you need to use to reach your goal?
2. The right experience and know-how - even if you don't have it, it's not difficult to find someone else who does, and learn! For example, there are countless success
2. The right experience and know-how - even if you don't have it, it's not difficult to find someone else who does, and learn! For example, there are countless success
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
ful Internet marketers for example who can barely construct a web page.
So what should you do now? Quite simply, define a target you want to reach, formulate a plan to reach it, and follow it until you reach your goal
So what should you do now? Quite simply, define a target you want to reach, formulate a plan to reach it, and follow it until you reach your goal
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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