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Business Essentials – Vision & Mission

For any business to succeed, it must know what it is about. It must be able to clearly describe why it is there, and what it i

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 there to achieve. Developing a vision and mission statement is a way of articulating these ideas to yourself, your customers, your employees, and to the world at large.

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

Examples of combination products may in

>A Business Vision that Inspires!
If you don’t know where you are heading, then you can make any choice and go in any direction (including backwards). The value in knowi

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

ng your final destination (your vision) is that you can choose to take the specific paths that lead you there. Your action is intentional and keeps you pointed in the right direc

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

tion.

Vision statements can take many forms. They answer the question: “What will success look like?” Their main purpose is to articulate the “dream” state of the business.

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

Combination pro

If your business could be everything you dreamed, how would it be? To help you to craft your vision statement, try writing your answers to the following questions:

• Why did I

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

start this business?
• When I move on from this business, what do I want to leave behind?
• What am I really providing for my customers beyond products and services?

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

> • If my business could be everything I dreamed, how would it be?

Here are a few examples of powerful vision statements from the real world:

eHam.net - “To build the lar

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

gest and most complete Amateur Radio community site on the Internet”

Coachville - Everyone is a coach

Bill Gates - There will be a personal computer on every desk running Micro

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

soft software

Once you have created the long-term vision for your business, it creates the context in which all other decisions are made. Your statement should stretch expec

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

tations, aspirations, and performance. Without that powerful, attractive, valuable vision, why bother?

A Clear Mission that describes what you do
For any busines

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

Following aspects would a

s to succeed, even a business consisting of one individual, it (he/she) needs to know what they're about - what, precisely, it is that they do. The mission statement describes t

dd to the challenges in developing combination products:

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

he "what" of your business. It states why your organization is in business and what you are hoping to achieve.

A typical mission statement contains three components:

1. The ove

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

rall purpose of your business – what are you trying to achieve, why are you in business
2. What your business does – products and services it provides
3. What’s importa

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

nt to your business – the values your business lives by

Some examples: Pfizer Pharmaceutical’s mission statement: “We dedicate ourselves to humanity’s quest for longer, he

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

althier, happier lives through innovation in pharmaceutical, consumer and animal health products”.

Purpose: quest for longer, healthier, happier lives Business: pharmaceutical

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

Professional from academic institutions, pharmaceutical industries, health care indust

, consumer and animal health products Values: Innovation

Dell Computers statement – “With the power of direct and Dell's team of talented people, we are able to provide custom

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

ers with superb value; high-quality, relevant technology; customized systems; superior service and support; and products and services that are easy to buy and use”. Purpose: pro

.

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

vide customers with superb value technology Business: high quality, relevant technology, customized systems Values: superior service and support, easy to buy, easy to use

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

Companies that provide selfless information through particip

>A well-crafted mission statement becomes the glue that binds the various parts of the business together and drives behavior in your employees. Is it time you had a look at yours

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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Be An Idea Generating Machine

If you believe you will come up with ideas you will. If you don't you won't.

Identity - Can It Really Be Packaged?

Individuality… Uniqueness… Identification. “This above all: to thine own self be true”. What do all of the above have in common? They all translate into the meaning of ‘identity’. Without it, we have no representation of our own characteristics or behaviour. Without it we remain nameless. Without it, we are in fact - lost.

A Career as a Jeweler

A career as a Jeweler requires a special person with lots of patience and ability to do tedious work for long periods of time. The jeweler must have educational courses in the trade and love for jewelry and the work he does. The jeweler is free to explore other facets of the business such as sales, design, and jewelry store ownership.

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