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A Mastermind Group is a group of people who meet together to help each other with a boost of brain power. It’s got the good elements of a committee, without any of the red tape, conflict, or hurdles. You all put your minds tog

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

ether for brainstorming on each other’s goals and challenges. It’s a cooperative effort, everyone there to help, to give, and to grow. The people in your mastermind group may come up with ideas to help you succeed in your plan

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

Examples of combination products may in

s.

Here are some tips to help you get the most from your masterminding experience:

• Choose a good group. It should go without saying that the most helpful people will be determined to achieve the same essential goals that y

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

ou hold dear. Someone who embraces a philosophy that’s really different from yours isn’t a good match. You’re growing in your awareness of the abundant nature of the universe, of the power of the mind, of the unlimited opportu

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

ity that stands before you – they’re still shackled to a scarcity mindset, pessimistic about life, and disinterested in personal growth. Not a good match. You want people you respect, who treat others well, who live in integri

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

Combination pro

ty. You also want people who will commit themselves to the group. It won’t work if people are sporadic in their attendance. It requires some level of commitment, and the members need to know that in advance and agree together

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

to hold the group as a high priority. Start forming a list, then start talking to these people to gauge their interest.

• Set and hold your first meeting. While some in the group may be familiar with the mastermind concept, o

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

hers will not be. Explain what you see as the group’s goal, how you envision the group functioning, the commitment the group will require.

• BNI (Business Networking International) is famous for its saying, “Givers gain.” You

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

r mastermind group works the same way. It’s not for everyone; and it’s not for people who are out there only for themselves. You will spend lots of valuable time and energy helping the other members of the group, and you’ll al

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

so be the beneficiary of the other members’ creative thinking. It simply won’t work with people who keep tabs, who want an immediate return on the time they’ve invested. This group will function more like a team than a swap me

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

t, and each member needs to be able to consider the others to be teammates.

• Set some sort of attendance policy. Obviously, things come up – vacations, sick kids, business trips – but without an attendance policy in place, t

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

Following aspects would a

he smallest things will prevent members from attending. Agree on how many meetings members may miss. If someone’s unable to keep their attendance commitment, then the group is just not a fit for them at this time.

• Organize

dd to the challenges in developing combination products:

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

some form of structure for the meetings. Without structure, the meetings have a tendency to be hijacked by more talkative members. Everyone will soon lose interest if only a few members have a chance to speak. Devise a meeting

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

format and follow it each week. Have a definite ending time, too. These are movers and shakers, busy people – value their time. A lack of organization is the surest way to see your group dissolve.

• Be action-minded. Yes, th

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

mastermind group is supportive of each member. But you’re not there just to talk. You’re there to strategize, to develop tactics and plans. You’re there to take the plans you’ve brainstormed and put them into action. Just lik

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

e it’s easier to pilot a boat that’s moving through the water than to turn one around that’s anchored, you’ll see that getting into massive action beats the heck out of just talking about it. Also, think of it this way – when

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

Professional from academic institutions, pharmaceutical industries, health care indust

you take the time to share advice or counsel with someone and they don’t do anything about it, how likely are you to want to do it again?

• Network for your group. You’ll find yourself in a position to help each other with bu

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

iness contacts. You’ll know these people really well in a short time, and will be a great advertisement for them. Be generous with your match-making – open your contact list to the group whenever you can.

• Keep your lips zip

.

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

ped. This should be obvious, but as part of a mastermind group, you’ve been given a position of trust and should honor it completely. Loose lips are a horrible way to destroy your credibility and reputation.

Many of the great

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

Companies that provide selfless information through particip

achievers in history used mastermind groups. Innovators in business, sports, literature, spirituality – all have a history of proving that the sum is greater than its parts. Mastermind groups are worth every minute you invest

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 profit and loss account is used to show the results of an enterprise over a given period. The statement forms a central part of monitoring your business and you need to have a good grasp of the basic principles used in its construction.

Market leaders were generally on a deliberate track to build category. In many ways, this is not as true today as it was in the past. Today, only a few market leaders can afford the luxury of simply building categories.

So often Entrepreneurs are condemned as scoundrels in the midst of society and human civilization. As an Online Think Tank operator and a retired entrepreneur I find it fascinating how scientists, thinkers and innovators lambaste entrepreneurship. Apparently they have no concept that it is the entrepreneur who indeed brings things to life.

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