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A series of articles exploring the seven critical areas that can indicate a partnership is in trouble.

The 4th C: CUMULATIVE MONEY PROBLEMS

Conflicts over money are very high on th

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

e list of reasons that 70% of business partnerships fail. I'm not referring necessarily to lack of money. The damage to business partnerships stem from the fact that each of us 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

different attitudes about money and therefore handle it in different ways.

The most hopeful scenario is that differences have been discussed openly at the outset of the partnership

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

and are continually a topic reviewed with level heads.

Most often that is not the case. Here is a sample list of the types of problems businesses run into around money where partner

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

s can have very opposing views:

financial risk taking
collections
investment of profits
family involvement on acquisitions
under-capitalization/ involv

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

Combination pro

ing outside investors

perceived inequality in remuneration of each partner based on each one's view of each other's work and responsibility

hiring and salaries of employees

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

investments in outside experts to train, coach, market, etc.

The money issues in business that accumulate over the course of time are based on many factors, some person

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

al, some internal to the business and some on outside forces beyond anyone's control.

Bill and Vincent were investing in a new business. Vincent was unemployed with limited funds, s

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

o at the outset Bill did the financing. There was growing tension between them because of this. Bill felt he had more right to make decisions. He also had a subtle way of belittling

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

Vincent because of it. How could such interaction be a good basis for a new business?

They were wise enough to seek coaching, during which I helped Vincent spell out the behavior th

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

at was not obvious to Bill. Vincent on his own was too uncomfortable to communicate clearly how he was feeling. When it was out in the open in our coaching sessions they were able to

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

Following aspects would a

make some changes so Vincent was able to contribute more in ways that made him feel respected. They also set some goals and deadlines for adjustments in the financial contributions.

dd to the challenges in developing combination products:

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

Open communication in this scenario prevented problems from escalating into major conflict which could have ultimately ended the partnership.

Partnership agreements can go a long

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

way to spell out how money decisions will be made. However, partnership agreements are not very efficient in predicting how personalities will react in various unforeseen situations

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

and crises.

Protect your partnership as much as possible. Choose your partner wisely. Choose your business wisely. Engage a coach early in the process. Here are some of the ways it

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

will pay a high return on your investment:

make sure partners are on the same page and well suited
discuss important issues unique to you for the partnership agreemen

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

Professional from academic institutions, pharmaceutical industries, health care indust

improve communication and as a result focus on the smooth functioning of the business instead of on personality issues

better and more efficient decision making and probl

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

em solving

greater commitment to the end result and less time wasted in disagreements and problems

more pleasant atmosphere carried over to employees, clients and vendors

.

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

devoted employees

better service resulting in increased bottom line

Do you have a challenge around your business partnership or any other type of partnership? Give m

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

Companies that provide selfless information through particip

e a call or send an email. I offer a complimentary coaching session so you can find out if it's the right vehicle for you to move to the next level in your business and relationships

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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The Balance Sheet is one of the three essential financial reports, when doing business accounting. Come to understand its content and use.

The battle for the future of business is over and most people don't know who won. Here's a hint, if you're linear, logical and rational, I'd like to be the first to offer my condolences.

A variety of organisations affect our daily lives. Manufacturers, retailers, service firms, agribusiness companies, non-profit organisations and governmental agencies provide us with a vast array of goods and services.

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