Main Subject - Business

Every business is run by someone who took on a risk with their time and money. So I believe that person should be rewarded. Too often as business owners we forget to enjoy o

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

urselves. We forget that we deserve to be paid far more than any of our team.

Every week for week after week we are often challenged financially. We work 60 hours or more a

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

Examples of combination products may in

year and possibly take a few weeks holiday at Christmas, when there might not be as many customers around.

If I am talking about you these wo things I am about to reveal 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.

e exactly what you have been looking to learn about.

The two things every business needs more of are... team training and documented systems!

No matter what industry you a

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

re in I will guarantee you need more of both systems and team training. The reason I say team training and not staff is this. If you keep calling your staff... staff, you'l

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

Combination pro

get staff all productivity out of them! Where as team members is what you want where Training Everyone Achieves More!

here's the difference between staff and team. Staff a

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

re reactively trained, Team are proactively trained because as a business owner/manager you realise your team is only as good as their level of education. You need to ask yo

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

urself what dont they know enough about that I need to train them on so as to increase productivity and profit?

As a business owner I believe you have only one primary role

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

.. to lead, teach and inspire your team until they can perform better than you, in every area! You need to be a great teacher of people, not a great technician that knows ho

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

w to do everything but can't teach it.

Allocate time of half an hour every week proactively to train your team until they can perform their tasks better than you.

When all

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

of yoru team can perform their work as or better than you, what does that make you? Redundant!!

The other side is systems.

A system is a documented, method of doing someth

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

Following aspects would a

ing that produces consistent measureable results by someone by reading and following it.

You need systems if you want your business to work without you so that you know you

dd to the challenges in developing combination products:

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

r standards of performance are being met, even when you may not be there for a month or two.

When you empower your team with weekly training sessions and documented systems

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

to follow they take "ownership" of their position and abilities. They get excited about their own potential. They feel a part of the business for the first time because they

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

are allowed to contribute to its growth.

The important systems you need in place so you can have your business working without you are measuring systems.

Measuring your t

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

rnover, gross and net profit every day is necessary. If not daily for your industry then weekly. Then summarize that into monthly.

Measure your inquiries, your conversion r

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

Professional from academic institutions, pharmaceutical industries, health care indust

ates, your average $ sale. Collate this daily weekly and monthly. Then measure your production numbers... how many widgets did you produce or work on in a day, week and mont

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

h. What value in turnover did you produce.

WHen you know these numbers and have a means to calculate them with spreadsheets it doesnt matter if you go to work or not, you c

.

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

n tell by the numbers what your true performance is.

This gives you peace of mind knowing your business is operating profitably.

So when you understand business comes down

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

Companies that provide selfless information through particip

to two things, systems and team training you can start to enjoy life more and wonder what the busy people do who own businesses they have to work in every day its operating

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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When a person is applying for a job he needs to be ready to position himself right, as he will be on the employment market. The word market itself already implies that there will be a demand and supply. Job offers are supply and job applicants are demand.

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