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A mastermind group is a support team that meets on a regular basis to provide and receive advice, feedback and ideas. As Napolean Hill discovered, the resu

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

lts that are produced can be far greater than the sum of the parts. Explore involvement in a mastermind group as a way to network, share resources, and ach

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

Examples of combination products may in

ieve greater success!

Are you looking for creative and critical input regarding business projects? Why not form (or join) a mastermind group?

The phrase

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

mastermind group” was first coined by Napolean Hill in his classic book, Think and Grow Rich. In researching his book, Hill spent 20 years studying hundred

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 of success Americans, including Henry Ford, John D. Rockefeller and Thomas Edison.

Hill defines the “master mind” as “coordination of knowledge and effo

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

Combination pro

t, in a spirit of harmony, between two or more people, for the attainment of a definite purpose.” To state it simply, a mastermind group is a support team

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

that meets on a regular basis to provide and receive advice, feedback and ideas.

The specific benefits of a mastermind group include:

1. A safe, non-judg

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

mental environment in which to express your ideas, thoughts, dreams and goals.
2. A network of successful, like-minded people to serve as your persona

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

Board of Directors.
3. Increased accountability regarding your goals and objectives.
4. Helpful advice and feedback regarding ideas presented to

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

the group.
5. Powerful synergy that is created from the collective input of the group.
6. Development of strong relationships between the member

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

.
7. Enhanced leadership and communication skills that develop through the presentation of ideas, and offering feedback.
8. Great solutions to th

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

Following aspects would a

e questions and issues that are brought to the group.

You can create a successful mastermind group by taking the following steps:

1. Form the grou

dd to the challenges in developing combination products:

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

p. Contact a number of prospective members. They should work in non-competing fields, and be people that will contribute to the synergy of the group. A

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

ideal group size is 4-6.

2. Create a regular schedule. Monthly seems to work well, and a regular day and time is best. All members should be commi

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

tted to this schedule.

3. Formulate a plan. A set format causes the meetings to run more efficiently. For example, the first 30 minutes could be op

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

n for general discussion. Then, each member could receive an allotted amount of time (15-30 minutes, depending on the size of the group) to discuss his or

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

Professional from academic institutions, pharmaceutical industries, health care indust

her “issue of the month.”

4. Include an occasional guest (optional). Some mastermind groups include guests as part of their format. These guests co

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

uld be invited to speak on a particular topic (e.g., an attorney who specializes in estate planning), or could participate in the planned format.

5. Ta

.

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

e action. One of the benefits of a mastermind group is built-in accountability. Be sure to take action on the ideas that were generated at the meeting.

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

Companies that provide selfless information through particip

Furthermore, develop a support structure that includes follow-up reporting at the next meeting. Be sure to report both your successes, and your challenges

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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