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Main Subject - Why Businesses Need to Start Nurturing Collective Wisdom
COLLECTIVE WISDOM CAN BE AN effective tool for solving the problem of knowledge deficit, or the underutilization of organizational knowledge. If you are a small, medium or large business, and you don’t have a method in place for
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
harnessing and managing your organization’s collective knowledge, you may be losing opportunities for significant revenue enhancement. According to a study by the Delphi Group, less than 20 percent of knowledge available to an
; 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
enterprise is actually used. Furthermore,
IDC predicts that Fortune 500 companies are currently operating at a $19 billion knowledge deficit, increasing to $31.5 billion by year’s end.
Such studies that quantify the value of
IDC predicts that Fortune 500 companies are currently operating at a $19 billion knowledge deficit, increasing to $31.5 billion by year’s end.
Such studies that quantify the value of
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
knowledge deficit should give businesses a reason for viewing strategy meetings and other forms of brainstorm sessions (where employees across the organization are encouraged to freely share their own ideas) in a very different
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
ight. Such meetings are powerful tools in nurturing collective wisdom that transcends the corporate memory. These meetings should cover areas that are largely determined by the specific needs (gaps) of the organization and may
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
range from developing a corporate quality mission statement to establishing practical methods for empowering employees, creating a new concept for a product or service, and so on.
The main idea is to tap into the collective kno
The main idea is to tap into the collective kno
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
wledge of the organization as a whole (memory) and its members, inheriting the tacit knowledge that they carry with them. Unfortunately, most of the knowledge contained in an organization goes unused, and often gets lost through
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
employee layoffs and resignations, even before it is acknowledged and captured, generating knowledge deficits (another form of gap!).
According to TMP Worldwide, it takes 1.5 times an employee’s annual salary to replace that em
According to TMP Worldwide, it takes 1.5 times an employee’s annual salary to replace that em
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
ployee. This is due to several factors, one of which is the loss of unrecorded information and data. Lost information may include internal business processes, external contacts/relationships, and proprietary data.
Knowledge def
Knowledge def
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
icit refers not only to know-how, but to codified data as well. Knowledge deficit is caused when employees cannot access:
- Databases
- Documents
- E-mail communications
- Expertise of other employees/outside s
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
urces
Internet content
Therefore, as gaps are created and the organization attempts to fill them, employees should have at their disposal searching capabilities that enable them to search for codified data, as well
Therefore, as gaps are created and the organization attempts to fill them, employees should have at their disposal searching capabilities that enable them to search for codified data, as well
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
as unrecorded tacit knowledge. Such a process fosters collective wisdom, which in turn fosters innovation, one of the prime goals in tapping into corporate instinct.
Expertise management, as Information Market accurately conten
Expertise management, as Information Market accurately conten
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
ds, enables the creation of knowledge superconductivity. For instance, strategy meetings can enable employees with business problems to tap into the minds of those experts who can at the very least add to their knowledge, and ma
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
y even be able to solve the business problem at hand. However, these meetings should be moderated and include a variety of themes and dynamics that encourage freethinking, commitment, loyalty, and willingness to create.
Hence,
Hence,
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
hese meetings play an important role in ensuring that any effort in developing new concepts, in innovation, is supported by the entire organization, top to bottom. These meetings can include topics such as:
- Achieving
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
unanimous agreement and commitment to a new concept from executives and senior management
Creating a comprehensive plan by which a new product or service concept can be implemented and become sustainable (remember, without
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
sustainability, the new concept is only a great idea)
Crisis/contingency systems (dealing with major gaps in times of chaos)
Developing specific tactics by which new concepts and respective plans are to be realized est
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
blishing appropriate goals and benchmarks.
As well as these strategic and planning meetings, there are also some less apparent but equally important communication issues which can be addressed during the quest for collec
As well as these strategic and planning meetings, there are also some less apparent but equally important communication issues which can be addressed during the quest for collec
.
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
tive wisdom, including:
- Developing high-profile actions that communicate management’s commitment to change (creation of gaps) and innovation (bridging the gaps)
- Developing ongoing means for communicating progress
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
of the strategy meetings and developing a collective wisdom process for both internal and external customers
Effectively communicating the collective wisdom to managers, staff, and the entire organization as a whole.
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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