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Digg It - Passion for Profits
Business owners and managers are busier than ever. As their businesses grow and become more complex, they find that they don’t have the time to be all things to all people. In the early stages of a business, the owner or
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
manager waits on customers, does the buying, collects past due accounts, supervises just about everyone on staff and may even stay late to stuff the monthly statements.
At each stage of business growth, managers must mus
At each stage of business growth, managers must mus
; 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
ter the discipline to delegate more and personally perform fewer and fewer job functions to give them time to think and plan. This is not easy. After all, the business is their baby. They oftentimes gave birth to it and
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
have nurtured it to this point, so trusting someone else to assume accountability for key jobs can often feel somewhat like separation anxiety.
The problem in life is that it’s too short to be good at a lot of different
The problem in life is that it’s too short to be good at a lot of different
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
things. How many things can you be really good at? If you’re great at sales, odds are you are not terrific at collecting. If you’re entrepreneurial, odds are that you’re not attentive enough to detail to be really good
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
t administrative tasks. And so on.
An observation I have made from performing over a hundred consulting assignments is that most owners, managers and salespeople are quite good at the things that they’re the most passion
An observation I have made from performing over a hundred consulting assignments is that most owners, managers and salespeople are quite good at the things that they’re the most passion
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
ate about.
If managers are passionate about profitability, I’ve noticed that they almost always generate a top-notch bottom line.
If salespeople are passionate about new business, they bring a lot of new accounts. Or if
If managers are passionate about profitability, I’ve noticed that they almost always generate a top-notch bottom line.
If salespeople are passionate about new business, they bring a lot of new accounts. Or if
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
they are passionate about producing above average gross margins, they find a way to effectively deal with pricing issues.
When executives and salespeople are passionate about golf, skiing, tennis, travel, community or ch
When executives and salespeople are passionate about golf, skiing, tennis, travel, community or ch
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
urch-related activities, then they tend to excel in those areas, and sometimes to the detriment of their accountabilities on the job.
If you are serious about excelling at something — at anything -- the main question you
If you are serious about excelling at something — at anything -- the main question you
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
need to ask yourself is: “Where does my passion lie?”
I have one client whom I especially admire. He is extremely passionate about two things: his business and his family. He spends the great majority of his waking ho
I have one client whom I especially admire. He is extremely passionate about two things: his business and his family. He spends the great majority of his waking ho
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
rs dedicated to these two passions.
Like many owners and general managers, he often puts in ten-to-twelve-hour days. But he rarely misses any of his kid’s activities. Whenever possible, he manages his business appointme
Like many owners and general managers, he often puts in ten-to-twelve-hour days. But he rarely misses any of his kid’s activities. Whenever possible, he manages his business appointme
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
nts around his family and their needs. On several occasions, I’ve heard him make appointments around hockey games, school plays, Little League baseball games, etc.
But when it comes to business, he is incredibly passiona
But when it comes to business, he is incredibly passiona
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
te about earning a satisfactory return on his investment. To show you just how profitable he has been, over the past five years he has funded the assets required to support a substantial sales increase -- well in excess o
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
f 20% compounded annual growth -- out of internally generated profits. WOW! Quite an accomplishment, wouldn’t you say? Let me give you a couple of other examples of how this owner’s passion for success has resulted in s
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
o many achievements.
1. Each of the years I have worked with this entrepreneur, he has asked me to recommend several businesses in his industry that I believe do an overall better job than he does. He runs such a good o
1. Each of the years I have worked with this entrepreneur, he has asked me to recommend several businesses in his industry that I believe do an overall better job than he does. He runs such a good o
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
eration that this was always a tough assignment, but he always budgeted the travel time to gain exposure to highly profitable businesses. “I want to visit operations that can teach me a better and more profitable way to s
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
ervice our customers,” he will always say.
2. One year, he told me that he thought he could benefit from gaining more exposure to businesses outside our industry. I recommended that he join a local TEC (The Executive Co
2. One year, he told me that he thought he could benefit from gaining more exposure to businesses outside our industry. I recommended that he join a local TEC (The Executive Co
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
mmittee) chapter. He allocates one day each month to meet with his TEC group. Then last year, he joined Young Presidents Organization (YPO) to even further expand his exposure.
3. A couple of years ago, he invested in
3. A couple of years ago, he invested in
.
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
a right hand man to take over the operations end of his business so he could concentrate on another of his passions — sales. While he would admit that he found it difficult to relinquish control over operations, he knew t
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
hat his business could not continue to grow if he resisted delegating authority.
The moral of this story is to concentrate on doing primarily what you love to do — which is usually what you do best — and delegate the rest
The moral of this story is to concentrate on doing primarily what you love to do — which is usually what you do best — and delegate the rest
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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