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Digg It - Great Entrepreneurs Build Strong International Brand Names; Their Successors Greatly Damage Them
If you are of a certain age you will vividly remember the following names: Helena Rubenstein, Faberge, Germain Monteil, Trigere, Revlon, Elizabeth Arden, Max Factor, Schwinn, W. T. Grant, Montgomery Ward and Chuck Taylor. Each name represented a hugely suc
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
cessful consumer product brand.
Each of these brands was grown from the entrepreneurial seed of a visionary. Unfortunately, each was subsequently abused, in several cases terminally, by non-visionary corporate bean counters. A classic example is Revlon.
Each of these brands was grown from the entrepreneurial seed of a visionary. Unfortunately, each was subsequently abused, in several cases terminally, by non-visionary corporate bean counters. A classic example is Revlon.
; 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
Revlon is instructional because it remains in the news, mostly for being a tortured shell of it’s former glorious self. Founded by Charles Revson in the 1930’s, Revlon was the largest cosmetic company in the world until the 1980’s. Ultima, Norell, Charlie,
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
Bill Blass and Eterna 27 were subsidiary divisions under the Revlon corporate umbrella. The finest department and specialty stores in the world fought to carry these upscale, elegant products. Revlon was widely respected as the arbiter of taste for fashio
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
n conscious women. Fire and Ice, Lips and Tips and That Man are only a few examples of product marketing campaigns that were ubiquitous in consumer culture of the time.
Charles Revson was one of the most famous businessmen of his time. Books were written
Charles Revson was one of the most famous businessmen of his time. Books were written
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
about his life, business strategy and the legendary brutal bullying of his management personnel. He paid his people exceedingly well and expected total commitment to his company. The drive to stay ahead of the competition by constant innovation and creativ
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
ity was all consuming for Mr. Revson. Nothing was allowed to impede his constant pursuit of staying number one. His famous department store mantra, “success requires space, location and demonstration” is a given followed by successful merchants to this day
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
. He once was asked how he could justify charging $5 for a $.40 cent lipstick? His famous retort: “I don’t sell lipstick, I sell hope” is an accurate reflection of an entrepreneur who knew his customer and how to please them.
As Mr. Revson aged, he could
As Mr. Revson aged, he could
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
see the need to address his succession as crucial to his legacy and Revlon’s future. After conducting a famous, thoroughly documented executive search, he hired Michel Bergerac from IBM. Mr. Bergerac was a brilliant executive. He inherited a billion-dollar
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
business with worldwide operations. Revlon dominated the male and female fragrance, color cosmetic and skin care markets.
Sadly, the business culture of the 1980’s and 1990’s did not value creativity and innovation as much as asset deployment. Mr. Berger
Sadly, the business culture of the 1980’s and 1990’s did not value creativity and innovation as much as asset deployment. Mr. Berger
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
ac was excellent at deployment of assets. For a number of years Revlon held on as king of the category. However, the inevitable slowly began to happen. Product launches began to stall. The Company began to follow competitor’s successes with me-too look-ali
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
ke products. Lancome, L’Oreal and Estee Lauder, under the lead of entrepreneurial owners, became industry innovators and assumed leadership in the space historically dominated by Revlon.
It has been 15 years since Revlon left the department store business
It has been 15 years since Revlon left the department store business
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
. Mr. Bergerac was awarded a lucrative “golden parachute” when financier Ronald Pearlman took control of Revlon in a hostile corporate takeover. Under Mr. Pearlman’s ownership Revlon has been a continual money loser. Product innovation is non-existent. Rev
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
lon’s products are sold in drug chains and mass merchandisers and are regularly promoted with off price coupons. Charles Revson would be livid. But he would not be alone as a founding entrepreneur, nurturer of a great brand and yet, unfortunately, a life’s
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
work diminished or extinguished by successors lacking the innovative gene.
Great entrepreneurs like W. T. Grant, Montgomery Ward and Pauline Trigere are rare. The ability to create, innovate, manage and grow a business is rarely found in a single package
Great entrepreneurs like W. T. Grant, Montgomery Ward and Pauline Trigere are rare. The ability to create, innovate, manage and grow a business is rarely found in a single package
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
. Calvin Klein is a creative entrepreneurial genius in the fashion world. His partner, Barry Schwartz is the unseen business/management half of the Klein success. They compliment and balance each other. Whether their successors can continue to provide clot
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
hing designs that the consumer will desire is an open question.
It was easier for Germain Monteil to build her skin care line from scratch than it was for The Squibb Drug Company, after purchasing this growing brand, to maintain it. Germain Monteil produc
It was easier for Germain Monteil to build her skin care line from scratch than it was for The Squibb Drug Company, after purchasing this growing brand, to maintain it. Germain Monteil produc
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ts are no longer sold. There are far too many such examples.
In my work with entrepreneurs I am constantly confronted with examples of ambition not paralleling reality. As Clint Eastwood famously quipped in a Dirty Harry movie, “a man has to know his limi
In my work with entrepreneurs I am constantly confronted with examples of ambition not paralleling reality. As Clint Eastwood famously quipped in a Dirty Harry movie, “a man has to know his limi
.
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
tations”. It is a rare person that has the range of abilities to both launch and successfully build a product. Limits of ability or experience, however, do not close the door to potential success. The right partner, team or alliance can spell the differenc
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
e between success and failure. Charles Revson was the whole package. His successors have proven themselves to be not of his caliber.
I love to discuss specific opportunities with prospective entrepreneurs. Please call me at any time to review your dreams.
I love to discuss specific opportunities with prospective entrepreneurs. Please call me at any time to review your dreams.
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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