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Digg It - Career Choices for Consulting Super Stars
The consulting world has changed dramatically over the last 20 years and with it have the career options open to the best consultants.
In the 1980s and early 1990s, the brightes
In the 1980s and early 1990s, the brightes
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
t consultants joined one of a handful of elite strategy firms. They stayed loyal to the firm, were sponsored to do an MBA at an Ivy league business school, and if they stuck at i
; 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
and made the grade, they would be rewarded handsomely by being promoted to Partner.
Then in the late 1990s, dotcom mania struck. Many of the best consultants failed to return a
Then in the late 1990s, dotcom mania struck. Many of the best consultants failed to return 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.
ter their MBA or left the firm to join hi-tech start-ups, hoping to build and float companies with new paradigm business models. The most memorable example in the UK was the foun
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
ding of the travel company, Lastminute.com. Famously, Brent Hoberman was a Senior Associate at Spectrum Strategy when he met Martha Lane Fox and jointly founded Lastminute.com in
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
1998.
With the crashing of the internet bubble from 2000 and with the consulting downturn in mainstream corporate consulting lasting until 2004, consultants faced difficult care
With the crashing of the internet bubble from 2000 and with the consulting downturn in mainstream corporate consulting lasting until 2004, consultants faced difficult care
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
r choices. Many consultants decided that with so little real job security in consulting they were better off eschewing the traditional consulting career ladder and working as fre
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
elance associates. This gave them life-work flexibility as well as the ability to focus on areas of consulting that they were genuinely interested in. It also enabled them to gai
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
valuable line-management experience to complement their consulting skills.
Many of the top consulting firms de-risked their business by increasing the proportion of associate s
Many of the top consulting firms de-risked their business by increasing the proportion of associate s
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
aff to permanent staff. They found that with so many good consultants on the bench , it was possible to supplement their permanent consulting resources as required to meet demand
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
surges. With a large pool of freelance associates it has also been possible for these firms to pin-point their staffing so that they get a sector or skills expert on their team a
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
s required.
Outside of consulting, the business area to be most favourable to the brightest consultants was private-equity. Many of the largest private equity firms which had be
Outside of consulting, the business area to be most favourable to the brightest consultants was private-equity. Many of the largest private equity firms which had be
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
un life as funding business startups, switched to performing major management buy-outs where they could achieve much more predictable revenue streams. With such low interest rate
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
, and so many European business crying out for restructuring, money poured into buy-out funds. One of the key reasons why businesses were taken private was to undertake the compl
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
icated corporate surgery by industry experts, which might not be understood or welcomed by a broad shareholder base.
To make post-acquisition improvements private equity firms n
To make post-acquisition improvements private equity firms n
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
ed strategy consultants' analytical rigour combined with operational and sector experience. As well as relying on trusted consulting firms to assess deals and create strategies,
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
hey have looked for key individuals who they can work with over a long period to deliver tangible business performance improvements. Consulting companies with their linear struct
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ure, low level of operational experience, and requirement to sell big-teams, often are not suited to the implementation needs of the private equity world. Hence the need for skil
.
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
ed associate staff who have the management consultant s training and the business executives experience.
With the consulting market picking up from 2004, many consulting firms h
With the consulting market picking up from 2004, many consulting firms h
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
ve been re-hiring aggressively. However for many of the brightest consultants today, the choice is not which firm to join but whether to join a firm or to work an associate basis
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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