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Digg It - Management: Can Your Business Run Without You?
If you are a business owner or a business owner to be, let's examine this scenario.
Like other people, you are so excited when you first s
Like other people, you are so excited when you first s
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
tarted your own business. But after a few months, you come to realize that you work longer hours than what you expected...and you even have
; 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
to work on weekends!
You feel more exhausted than you used to be and you start to have doubts whether you should start your own business
You feel more exhausted than you used to be and you start to have doubts whether you should start your own business
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
in the first place.
You are suffering from, what Michael Gerber says, entrepreneur seizure. Michael says that most small business owners w
You are suffering from, what Michael Gerber says, entrepreneur seizure. Michael says that most small business owners w
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
re used to be "technicians" before starting their own business. For example, if you are good at baking, naturally you'll open a bakery shop
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
.
When you, the technician, become business owner, you bring in the details of a technician to your business. Technicians look at things i
When you, the technician, become business owner, you bring in the details of a technician to your business. Technicians look at things 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
n a very detail manner. That explains why you end up doing everything yourself.
You want to make sure that you give the best service to yo
You want to make sure that you give the best service to yo
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
r customers. You can't or you don't want to depend on other people to deliver the work for you. You probably don't even trust your own staf
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
f.
That's why, until one fine day, you ask yourself why you are so tired.
Under these circumstances, more often than not, your business c
That's why, until one fine day, you ask yourself why you are so tired.
Under these circumstances, more often than not, your business c
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
annot run without you. You must be there in order for your business to run. You don't have a single chance to walk away from your business,
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
let say to go for a vacation.
Do you want to create a business that ties you up and there is no freedom for you at all? The answer is defi
Do you want to create a business that ties you up and there is no freedom for you at all? The answer is defi
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
nitely a big no.
To overcome this problem, learn from the highly successful McDonald's. When you go to McDonald's, you don't meet the owne
To overcome this problem, learn from the highly successful McDonald's. When you go to McDonald's, you don't meet the owne
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
r there. You only see a bunch of part time workers who mostly are high school students.
McDonald's is in every corner of the world. But th
McDonald's is in every corner of the world. But th
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
e owner is not there!
Amazing.
Did it come to your mind that why McDonald's is so much successful than your neighborhood burger stand eve
Amazing.
Did it come to your mind that why McDonald's is so much successful than your neighborhood burger stand eve
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
though it's run by high school students and without the owner around?
Because McDonald's has designed an effective and efficient burger m
Because McDonald's has designed an effective and efficient burger m
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
arketing and distribution system. A system that is so simple that even a high school student can follow.
Back to your business, you can em
Back to your business, you can em
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
ulate the success of McDonald's to run your business without your presence as a business owner...with the mind that you want to franchise y
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ur business.
That is how you should look at your business and that is how you should run your business.
Think about it, do you want your
That is how you should look at your business and that is how you should run your business.
Think about it, do you want your
.
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
business to be the next McDonald's or just a burger stand along the roadside?
If you want your business to be the next McDonald's, you mus
If you want your business to be the next McDonald's, you mus
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
t learn how to run the business without you. Only by doing this, you can make a big fortune from your business with the power of leveraging
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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