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Digg It - Delegate or Die!
You Can't Do It All - Learning To Delegate
There is not a single management skill more critical to your personal and professional success as an entrepreneur than learning to delegate. But delegating successfully is much more than simply handing
There is not a single management skill more critical to your personal and professional success as an entrepreneur than learning to delegate. But delegating successfully is much more than simply handing
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
out assignments. It is more an exercise in understanding and accepting our own strengths and limitations.
In this fast paced world, we must choose what activities it makes sense for us to do ourselves, and what it makes sense to let go of. None of us can be an
In this fast paced world, we must choose what activities it makes sense for us to do ourselves, and what it makes sense to let go of. None of us can be an
; 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
expert in everything - not because of any lack of intellectual ability, but more because we lack specific exposure or experience. We must learn to accept this fact and be OK with it.
How do you fill the gaps in your expertise?
Let's consider a
How do you fill the gaps in your expertise?
Let's consider a
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
real life example. My own areas of expertise lie in business and operational management, understanding people and coaching. This is my business. When I wanted to create a single web-page to market a workshop I was developing I had to make a decision. I have (ve
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
y) rudimentary skills in web page creation. While all of the software I need is at my fingertips, the question is "Do I really have time to learn it?"
I ask myself: "Should I spend several hours - probably a whole day if I'm being honest - learning to grasp the
I ask myself: "Should I spend several hours - probably a whole day if I'm being honest - learning to grasp the
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
software and design my own web-page" Or should I spend some money and hire somebody who already knows the software?" Then all I need to do is supply the content.
I am tempted to go it alone - after all, I love technology and knowing how to use it (that's my eg
I am tempted to go it alone - after all, I love technology and knowing how to use it (that's my eg
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
talking!). But at the end of the day, my time is better spent working on other aspects of the business. So I outsourced the job.
In making your own decisions, the key is in determining what you need to know, want to know, must know, and already know. And how y
In making your own decisions, the key is in determining what you need to know, want to know, must know, and already know. And how y
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
our time would best be spent.
Find Experts and Build Partnerships
Jack of all trades, master of none. The old adage holds a lot of weight in today's entrepreneurial environment. No one can possibly run a small business alone.
Anyone who has t
Find Experts and Build Partnerships
Jack of all trades, master of none. The old adage holds a lot of weight in today's entrepreneurial environment. No one can possibly run a small business alone.
Anyone who has t
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
eir own business will know that they could never have gotten it off the ground without the help of at least an accountant and a lawyer. Perhaps you also needed a graphic designer or administrative assistance.
It is important to surround yourself with competent
It is important to surround yourself with competent
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
experts who have complimentary areas of expertise. Choose carefully and wisely and be ready to compensate these individuals for a job well done. These people are your business partners - people who will give you the advice and information you need to make decisi
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
ns. When you build excellent relationships with your partners, you may be able to arrange better terms. Payment need not always come in the form of dollars. With strong partner relationships you may be able to trade your expertise for theirs.
The Power
The Power
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
of Delegating
It is quite liberating once you really do let go and put your trust in other people. So don't ruin it by being a control freak! Remember - before delegating the job, you decided that this was not your area of expertise. You know what I me
It is quite liberating once you really do let go and put your trust in other people. So don't ruin it by being a control freak! Remember - before delegating the job, you decided that this was not your area of expertise. You know what I me
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
n - the feeling that nobody else could do it as well as you - even though you don't know how to. If you know that you have controlling tendencies , you must learn to be a good client and give your partner all the information they need to do the job in line with
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
your expectations.
For example, your accountant needs certain facts to achieve the task of budgeting and forecasting cash flow for your business. You need to supply him/her with the necessary information to get the job done. You must understand the process and
For example, your accountant needs certain facts to achieve the task of budgeting and forecasting cash flow for your business. You need to supply him/her with the necessary information to get the job done. You must understand the process and
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
now what you need the outcome to be. You must also communicate these objectives clearly and monitor their progress (but not so often that they wish they never met you). Set meeting times for updates and a time line for completion.
The key is to identify good pe
The key is to identify good pe
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
ople, enlist them in your cause or business, give them the ball, and then allow them to run with it.
How Much is too much?
Excessive delegating can lead to disaster. A complete hands-off approach is abdicating your business responsibility. Let
How Much is too much?
Excessive delegating can lead to disaster. A complete hands-off approach is abdicating your business responsibility. Let
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
s take the example of your relationship with your accountant. Not being a CPA is no excuse for not understanding the budget of your company. You must understand how the budget works and be accountable for it. You must also be able to communicate this information
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
to the relevant people in your business.
Most important, you must understand how the critical pieces of your business fit together to form the whole so you can make sound and effective business decisions. Should you not understand these processes, you run the
Most important, you must understand how the critical pieces of your business fit together to form the whole so you can make sound and effective business decisions. Should you not understand these processes, you run the
.
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
isk of losing control.
One last note:
It is nice to want to do all the work yourself. For one thing, on the surface, it appears that it will save you money. However, time is also money and your time has a value. In today's world, being a "Jack of all Trades" i
One last note:
It is nice to want to do all the work yourself. For one thing, on the surface, it appears that it will save you money. However, time is also money and your time has a value. In today's world, being a "Jack of all Trades" i
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
s more likely to mean that you do a lot of things averagely.
If you understand your individual strengths and establish strong trusting partnerships to complement these, then your business has experts working for it in all areas. And that knowledge is comforting
If you understand your individual strengths and establish strong trusting partnerships to complement these, then your business has experts working for it in all areas. And that knowledge is comforting
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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