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Digg It - Rethinking Corporate Responsibility - A Conversation With Author Christine Arena
Former managing director of Boston-based integrated marketing firm Polese Clancy, Christine Arena now calls the West Coast home. She is author of Cause for Success (New World Library, 2004) and The High-Purpose Company (Collins, 2006). In this inte
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
rview, she describes the “litmus test” she developed to identify high-purpose companies, and provides advice on what organizations can do to meet their corporate responsibility goals.
The term “corporate social responsibility” is used quite liberally these
The term “corporate social responsibility” is used quite liberally these
; 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
days. How do you define it?
There are a lot of people in the business world that regard it as a form of marketing or philanthropy. When they speak about it, they think about it in terms of a company effort to do good, to give back to society or to appear as 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.
Good Samaritan.
I disagree with that totally. In my view, and according to my research, corporate responsibility is really about being responsive and taking responsibility for companies’ past, present and future behavior. I don’t view corporate responsibility as an out
I disagree with that totally. In my view, and according to my research, corporate responsibility is really about being responsive and taking responsibility for companies’ past, present and future behavior. I don’t view corporate responsibility as an out
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
ome or as an end goal, but rather as an ongoing process. Companies don’t press “pause,” they don’t press “stop” – [corporate responsibility] is something that is forever in action just as a company’s behaviors are.
What exactly is a “high-purpose company”?
What exactly is a “high-purpose company”?
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ng>
I always say that high-purpose companies are some of the most valuable companies in the world. They produce more social, environmental and financial value – triple bottom line returns – than any other breed of business. That’s because they stand for something great
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
er than the products they sell or the wealth they generate for shareholders. Interestingly, that something, whatever it is, is usually vital to humankind, and it affects most everything these companies do. It’s reflected in the products they sell and, obviously, leads t
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
the wealth they generate for shareholders.
These companies venture to answer fundamental questions like, “What in the world are we here to do as a business?” and “What makes us invaluable to people and worthy of succeeding?” In harnessing their greatest strengths to p
These companies venture to answer fundamental questions like, “What in the world are we here to do as a business?” and “What makes us invaluable to people and worthy of succeeding?” In harnessing their greatest strengths to p
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
rsue the answers [to these questions], these companies have become far more successful, and they make a big, big difference.
What is your litmus test for high-purpose companies that you developed with the help of some MBA students at McGill University? And can
What is your litmus test for high-purpose companies that you developed with the help of some MBA students at McGill University? And can
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
you give me an example of a company that passed the test?
The litmus is a very simple question that can be applied to any business no matter what size and regardless of industry: Is purpose invaluable to the company? In high-purpose companies, purpose and perf
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
rmance are fundamentally intertwined, meaning that the company’s growth, stature, revenues and culture are driven by this purpose. It’s not just something that exists on paper but in reality, and it is something that manifests every single day.
Here’s a controversial e
Here’s a controversial e
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
ample of a company that passed my litmus that was just in the news: JetBlue passed the test because when we were conducting our research, and still today, the company’s purpose is to bring humanity back to air travel. When JetBlue was being designed, Dave Neeleman, 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
founder and CEO, made certain that everything within JetBlue – from the policies it set for its employees to the actual experience that customers have when they’re flying on the airline – reflects that humanity purpose.
One example that I think is relevant to Winning W
One example that I think is relevant to Winning W
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
rkplaces is that, at one point, one of JetBlue’s employee surveys revealed that employees would rather work from home. That survey led to the company’s policy to have about 90 percent of its call center employees working from home. So the big joke in the press is that w
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
en you call 800-JETBLUE, you’re talking to a housewife in bunny slippers. That’s the working joke, but that’s just one out of dozens and dozens of examples of how the company has reverse engineered its services and policies around the needs of its stakeholders.
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
>What can small and midsized businesses do to move toward their corporate responsibility goals, and how can they monitor their progress?
My advice to companies both large and small is to start small and stay focused. One of the most interesting findings from m
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
research is that depth works better than breadth. In other words, companies that concentrated on one or two key areas that were very relevant to shareholder interests, and that attached business metrics to social environmental outcomes, were far more successful than th
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
companies that either tried to take on everything at once, or that perceived corporate responsibility as a superficial form of marketing or philanthropy. Businesses can’t afford to keep investing in “a little bit here, a little bit there, a little bit there” and expect
.
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
to get great returns. They make a bigger difference by going deep where they know they can really make a difference.
What this means for both small and large companies is that they should ask themselves two key questions: "What ideal results in the world does your com
What this means for both small and large companies is that they should ask themselves two key questions: "What ideal results in the world does your com
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
any wish to create?" and "Using your company’s greatest strengths, how can you feasibly achieve these results?"
When a company commits to achieving ideal results and then focuses everyone in the company on reaching those results, their goals are very likely to manifest
When a company commits to achieving ideal results and then focuses everyone in the company on reaching those results, their goals are very likely to manifest
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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