Digg It - Business

"If God wanted to create a perfect punishment for a high achiever, then He would have that person manage a professional service firm," says Professor John Gabarro of the Harvard Business School.

Gabarro is on the faculty of the Leading Professional Servi

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

ce Firms program, an intensive, one-week executive education program taught twice a year at the Harvard Business School. Designed for leaders of professional service firms, the program focuses on management and marketing issues unique to these firms. Name

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

Examples of combination products may in

ly, the delicate balancing act of ensuring client satisfaction while also leading the firm's talent.

The program provides a forum for participants from around the world to apply the concepts and real case studies presented in the classroom to their own p

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

rofessional lives. Leading Professional Service Firms is intended for leaders of large and midsize organizations who are engaged in a wide range of professional services. These include: consulting, legal, accounting, architecture and engineering, marketin

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

g and advertising, venture capital, investment banking, IT services, computer software development, and technology systems integration.

"What separates professional service firms from other businesses is that the employees are their most important assets

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

Combination pro

," says professor Jay Lorsch, faculty chair of the program. "Yet professionals in any field -- independent-minded, creative individuals -- can be difficult to manage."

Lorsch uses an old analogy that likens managing professionals to herding cats. He says

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

while it's a funny image, it also touches the underlying anxiety some firm leaders express about managing and maximizing human resources.

"When their people get on the elevator at night, there's no guarantee they'll be back the next day," says Lorsch. "

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

More than in any other industry, professional service firms must create an environment in which employees are constantly motivated and can effectively balance their commitment to the firm and to the client, as well as to themselves."

The Leading Professi

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

onal Service Firm program is appropriate for all individuals who manage significant numbers of professionals and are responsible for delivering professional services. While specific titles vary depending on a firm's business and size, typical participants

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

include:

CEOs;
Executive vice presidents;
Partners and principals;
Managing directors;
Office managers; and
Practice leaders.

"All of these people have very different backgrounds and skills -- clearly lawyers are not like

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

software developers -- but they have a lot in common too," says Lorsch. "Fundamentally, professional service firm leaders grapple with the same kinds of management issues. It's reassuring for managers to know that their peers face similar sets of challeng

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

Following aspects would a

es."

The work of professional service firms depends exclusively on the talent and intelligence of the people delivering it. Good firms hire the absolute best people and develop them, motivate them, and build careers in which they'll stay committed to the

dd to the challenges in developing combination products:

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

profession and the firm for a long period of time. They develop organizational practices that motivate these outstanding people to serve clients well. Getting this right is what we mean by alignment.

Leading Professional Service Firms concentrates on th

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

is concept of alignment -- the issues firm leaders need to resolve in order to create strong links between employees and the kinds of things that motivate them, the firm's strategy and the way the firm is organized to deliver the strategy.

The faculty ar

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

e drawn from Harvard Business School's Organizational Behavior and Service Management groups and have expertise researching professional service industries, providing consulting services to major firms, and in some cases, heading firms themselves. The tea

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

m includes Lorsch; Gabarro, an expert on human resources management; Tom DeLong, who studies strategy, organizational change, and globalization in professional service firms, and served as chief development officer of Morgan Stanley Group Inc.; and Ashish

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

Professional from academic institutions, pharmaceutical industries, health care indust

Nanda, who researches management issues and strategic alliances among professional service organizations, and formerly served as an executive with the Tata group of companies in India.

Candidates can submit an application online (www.exed.hbs.edu/progra

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

ms/lpsf) or download an application online and mail or fax the form in. Applications are requested at least six weeks before the program start date. The admissions committee begins reviewing applications approximately three to four months prior, and quali

.

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

fied candidates are admitted on a rolling, space-available basis. Programs often fill to capacity, so early application is recommended.

Enrollment is limited to a select, qualified group of individuals in large and midsize firms who are in leadership pos

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

Companies that provide selfless information through particip

itions, but sometimes professionals from small firms are accepted. Admission is selective and based on professional achievement and organizational responsibility. The $8,200 program fee covers tuition, books, case materials, accommodations and most meals.

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.diggit.org.ua/article/29241/diggit-Lessons-Learned-at-the-Harvard-Business-School.html">Lessons Learned at the Harvard Business School</a>

BB link (for phorums):
[url=http://www.diggit.org.ua/article/29241/diggit-Lessons-Learned-at-the-Harvard-Business-School.html]Lessons Learned at the Harvard Business School[/url]

Asian nations like China, Singapore, and South Korea should be given a bigger right of speech and participation in the upcoming International Monetary Fund or IMF conference. Goh Chok Tong, Singapore Senior Minister said that his country as well as other nations in Asia must have a larger participation in the decisions of IMF since the Asian region is earning worth as far as the global trade and international economy are concerned.

Entrepreneurs who learn to use the SMART goal-setting strategy will earn more money and grow their businesses faster than their competition. Before you can ever hope to accomplish your business goals, you must know in detail what those goals are in the first place.

Is the responsibility for caring for our planet only in the hands of environmentalists? What if we all had more awareness of the issues? What if all the businesses in the world took stewardship of Earth seriously?

Tags

Links

Digg It - Lessons Learned at the Harvard Business School

Related Articles: