Main Subject - Business

What is the principal thing you need to succeed in your business today? Money. Sure, you need it, but it is not the main ingredient for success. People. Of course they are necessary, but having them may not guarantee success. Excellent products or services. Well, this is a must to succeed. But you may have them and still not succeed. Promotions, visibility, marketing. These factors lubricate your business activities for success. So what is

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

the principal thing?

Take this from the book of Proverbs. Wisdom is the principal thing. Therefore get wisdom. And in your getting, get understanding. Riches and honor are with me. Enduring riches and righteousness. Translate this into your business, you get what I call Business Sense. As we progress into year 2005, it is necessary we refresh our minds on what this sense is all about. That is the mission of this article.

So what is Busin

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

Examples of combination products may in

ess Sense? How you do your business. Not really. Strategies for doing business. Well you may be correct, but not quite. Doing business with the sixth sense. No you are off the mark for though Business Sense has something to do with feelings, it has more to do with wisdom.

But what exactly is Business Sense? It is the application of wisdom for today's business, or simply put, common sense in business. It is more than knowledge, facts, and f

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

igures. It is copious use of ideas especially those that are so simple, ordinary, or basic that they are disregarded. It is insight, the ability to interpret developments and the business environment differently, and to see, discern, and use differently and profitably, what others see but ignore because they look so ordinary or appear foolish. If you put your attention on those simple issues and things about they way you work and live, and

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

use them for business, you are operating with business sense.

Business sense. Two words, So profound, readily available, so simple to learn and apply, yet largely ignored. You can call it common sense. Though it readily abounds, it is not so common in acquisition and application among the professional and managerial class who rule the corporate world.

They have studied in the best schools locally and abroad, acquired the latest technology

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

Combination pro

and skills, and apply the best management methods, but are still struggling with the challenges in the marketplace. It is as if the more degrees, diplomas, and certificates our professionals acquire, the less they make use of common sense in business.

Not so for traders at the Alaba International market in Lagos. What they lack in formal education they make up with a copious supply of business sense. Little wonder, virtually all the banks

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

flock to wherever these traders cluster to set up branches.

No economic sector or concentration of businessmen/women or professionals who exchange value have been able to attract such corporate attention from the financial services sector in Nigeria. These traders thrive while many other sectors are complaining. Do not blame the banks for chasing the traders. They badly need the cash which these traders generate daily. That is why they gr

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

avitate towards the traders. No other group maintains such a gravitational pull on a sector as formidable as the banks.

A teenage boy who moves into this market to learn the trade begins from the fundamentals- book keeping, retailing, pricing, and delivery of goods. Within four years, he has polished his negotiation skills and with the dexterity he has acquired, he can sell coal to a tourist form Newcastle in the UK. He is well equipped to

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

deal confidently with consumers who are becoming very articulate and demanding. The hard times has made them to be very price sensitive and value conscious in their purchases. Patriotic messages may not move them anymore to vote for your brands with the dwindling value of their money. Neither will promotional hypes do that anymore.

What business sense tells you is that consumers want more promotional information to guide them in their pur

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

chases. Two decades ago, a nursing mother in Nigeria would hardly glance at the nutrition facts on a tin of baby milk. Today, before she buys, she picks up tins of SMA and other brands of baby foods to determine the one that offers the best value for her money. Now you can understand why Nestle Nigeria Plc mounted a promotional campaign to teach consumers Nutrition Facts. That beverage and baby foods maker has caught the vision of business

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

sense.

What about Guinness Nigeria Plc. Its premium brand Guinness stout says: Guinness brings out the action in you. But what the brewery has failed to do is to explain how the consumption of Guinness will galvanize consumers into action.

Take this from Oceanic International Bank. Its lighted billboards in Lagos metropolis sends the corporate message in two words: Experience peace. Good promo. But in these days of consolidation, banking

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

Following aspects would a

distress and all, Oceanic Bank will definitely make more impact if it sends out detailed promotional messages on how a relationship with the bank guarantees peace. That is the latest trend in corporate communications, a shift from promotional hypes to information loaded promotions which communication experts call infomercials.

Business sense means that corporate bodies, the professional and managerial class must bend down from their ivory

dd to the challenges in developing combination products:

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

towers; go back to the fundamentals of doing business which we so often ignore, and get connected to the consumer. These fundamentals or common sense are readily available but hardly appreciated or used. Business sense teaches vision, mission, ethics, corporate care, charity, courage, humility and defining your business properly.

Business sense is not taught in the real sense in academic institutions and managerial courses. The approach in

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

these places is more academic that real.. This sense is acquired more through real life experiences, insightful observation, and learning the hard way in the School of Wilderness Experience. That is the essence of this article series, to complement the teachings of these unique business schools, and prompt professionals to use common sense and what almighty God has deposited in them.

Dan Thomas, founder and president of Focus, a managemen

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

t consulting firm in Polo Alto, California, USA, wrote a book titled Business Sense. In the book, he shows how managers can use core management processes he calls Five Freedoms, to achieve success. As Dan s book moves through the offices of corporate America, see how Ken Blanchard, co-author of One Minute Manager, described the book: The biggest problem in business today is that common sense is seldom common practice. This book is all about

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

using common sense in business. If you have any sense, you will read it and share it with others. No need commenting on the common sense remark of Ken. The message is clear.

For you to acquire and apply business sense in your business, you need to humble yourself, have a large heart, be of lowly spirit, keep an eye on business fundamentals, and above all be close to your creator. That put's you in the right frame of mind to recognize and

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

Professional from academic institutions, pharmaceutical industries, health care indust

apply common sense. If you are fixated on your academic achievements, total quality management, best practices and all, you will not apply common sense. No one is jettisoning these management methods. They are very necessary. But you need to lubricate their application with common sense. That is what brings lasting results.

You may be agonizing how to deal with that management, production, or marketing problem not knowing that the solution

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

is one common sense application which you have not considered.

As I sign off today, take this classic example of a common sense solution to a big problem from the scriptures which most of you know more than me. The story of David vs Goliath. This giant had instilled morbid fear into the entire army of Israel. The solution for Goliath was readily available, yet no Israeli soldier or General saw it. Even if they did, they must have written

.

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

it off as some managers in the corporate world are doing now as they confront the many Goliaths in the marketplace today.

The Israeli soldiers who lacked faith in God put all their trust in their spears and other armoury which paled into significance against Goliath's. It took the courage and common sense of a teenage boy, David who trusted almighty God. He dipped his hands into the brook there, picked five smooth stones for his sling and

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

Companies that provide selfless information through particip

ran towards Goliath. You know the rest of the rest of the story. That was a simple solution for a big problem.

The common sense approach is even more real for today's marketplace. Dear professional, this is my call to you today: begin to apply wisdom in your business today. In subsequent articles, I will share my thoughts and the insights of other professionals like you on common sense in business. Apply them and it shall be well with you.

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 purpose of carrying out background investigations is to verify that applicants for employment in sensitive positions do not have a history of activity that would make them unsuitable for the position for which they are being considered. Failure or slack in performing pre-employment background checks could destroy everything a business owner or manager has worked hard to build. Background checks and employee screenings are a must in today's business and domestic climate. It is seen that companies and families often do not adequately screen their new applicants. This can prove to be a big mistake as hiring crooks and cons can prove to be extremely costly and is liable to cause immense mental trauma.

If you want to change the outcome or results, you have to change your thinking. How close are you at creating your dream career? After working together on her limiting beliefs and stuck energy patterns. Be grateful for the life you create. Limiting thoughts, beliefs and feelings can impede your progress.

Come on, don't deny it; we've all said that at one time or another (yes, under your breath still counts).

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