Digg It - Business

Knowledge is a philosophical concept defined by Plato as a belief supported by an account or an explanation (Blair, 2002). Under the context of knowledge-view of an organization, the definition suggests that kno

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

wledge comes from firm’s increased ability to make use and sense of available information to create value for the shareholders (Leiponen, 2006). There has been a significant growth in the knowledge-based school

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

f thought, which suggests that generating and retention of knowledge can have positive effects on the firm’s performance (Di Mattia & Scott, 1999). To manage this intangible asset to leverage firms for benefits

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

is considered to be its core capability. Knowledge management (KM) has been aimed at capturing, integrating and using existing organizational knowledge and consequently creating a knowledge asset that can be a s

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

urce of sustained competitive advantage in the long run (Brooking, 1999; Havens & Knapp, 1999). The revolution in the KM came with the rise of technology and there has been a misconception of linking IT with KM

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

although it just facilitates the process (Papers4you.com, 2006).

The literature has divided knowledge into two major categories depending upon its nature to be codified for the use in a KM system. The structure

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

and systematic knowledge that can be described in formal language and easily communicated and shared through formal means qualify for the explicit knowledge type (Elizabeth, 2001). It has been established that

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

such knowledge is easy to codify in the form of databases and is seen as a base resource because of its inherent nature of easy imitation by other organizations. The other form of knowledge which has gained trem

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

ndous importance is the automatic collective behavior and is called tacit knowledge (Richard et al, 2001). Tacit knowledge, according to Sajjad et al (2005), comprises of mental models, values, beliefs, assumpti

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

ons and perceptions which are deeply entranced into the intellectual capital of an organization. It has been suggested that tacit knowledge is faced with an apparent dichotomy i.e. the feature of inimitability t

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

at make it a source of sustained competitive advantage also makes it hard to capture and share within the organization to gain the potential benefits.

Therefore it can be concluded that the elusive asset of kno

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

wledge, where provides an organization with capability to undermine competition also proves to be a challenge to leverage itself (Papers4you.com, 2006). Any organization should not only look at the ‘best practic

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

s’ in the field but should customize each approach to its own unique culture and requirements to be able to successfully use KM.

References:

Blair, D.C. (2002), “Knowledge management: hype, hope, or help?”, Jo

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

urnal of the American Society for Information Science and Technology 53(12), 1019–1028

BROOKING, Annie (1999), “Corporate Memory: Strategies for Knowledge Management”, Intellectual Capital Series London: Intern

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

tional Thomson Business

Di Mattia, S. & Scott, I. A. (1999), “KM: hope, hype or harbinger?”, Library Journal, 15 September, 122(15), p. 33

Elizabeth A. Smith, (2001), “The role of tacit and explicit knowledge

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

in the workplace”, Journal of Knowledge Management; Volume: 5 Issue: 4; 2001 Research Paper

Havens, C. & Knapp, E. (1999), “Easing into Knowledge Management, Strategy and Leadership”, 27(2), p. 4

Leiponen, A

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

ja (2006), “Managing Knowledge for Innovation: The Case of Business-to-Business Services”, Journal of Product Innovation Management, May2006, Vol. 23 Issue 3, p238-258

Papers For You (2006) "P/M/440. Tools of k

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

nowledge management", Available from http://www.coursework4you.co.uk/sprtmgt8.htm [22/06/2006]

Papers For You (2006) "P/M/325. Knowledge management: definition of the concept", Available from Papers4you.com [21

.

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

06/2006]

Richard T. Herschel, Hamid Nemati, David Steiger (2001), “Tacit to explicit knowledge conversion: knowledge exchange protocols”, Journal of Knowledge Management; Volume: 5 Issue: 1; 2001 Research pap

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

er

Sajjad M. Jasimuddin, Jonathan H. Klein, Con Connell (2005), “The paradox of using tacit and explicit knowledge: Strategies to face dilemmas”, Management Decision; Volume: 43 Issue: 1; 2005 Conceptual pape

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.diggit.org.ua/article/22521/diggit-How-Important-is-Knowledge-Management-for-Businesses.html">How Important is Knowledge Management for Businesses?</a>

BB link (for phorums):
[url=http://www.diggit.org.ua/article/22521/diggit-How-Important-is-Knowledge-Management-for-Businesses.html]How Important is Knowledge Management for Businesses?[/url]

Because of the colorful designs to choose from, you can catch the attention of other people. People will be aware of what you are trying to promote. Whether it is a little girl who is sick, or you are trying to promote your product, I believe that these rubber silicone wristbands are a good promotional tool.

I often am asked this question by bookkeepers and business owners alike. The Internal Revenue Service defines a fixed asset as property used in a trade or business or in an income producing activity that wears out or becomes obsolete and it must have a determinable useful life substantially beyond the tax year. This might include tangible real estate property and personal property and what is referred to as intangible property.

Tags

Links

Digg It - How Important is Knowledge Management for Businesses?

Related Articles: