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Main Subject - Three Professional Services Resolutions for 2005
With client expectations higher than ever before, and the gradual industry recovery ahead, consulting firms will need to focus more than ever on carefully identifying and serving the right clients.
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
Based on a recent interview with Brad Smith, VP of Research at Kennedy Information Inc., industry growth data prove that this is a great time to “niche thyself” and capitalize on targeted industr
; 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
y opportunities.
Consulting industry growth has been declining for three years, and more consolidation is ahead. According to Smith, “Systems integration and consulting industry growth is expecte
Consulting industry growth has been declining for three years, and more consolidation is ahead. According to Smith, “Systems integration and consulting industry growth is expecte
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
to grow only 1% in 2004, 3% in 2005, and 4% in 2006.”
For now, the double-digit growth of the late 1990’s is a distant memory. Thankfully, three industry sectors are looking quite attractive for
For now, the double-digit growth of the late 1990’s is a distant memory. Thankfully, three industry sectors are looking quite attractive for
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
IT leaders and consultants to pursue.
Healthcare is projected to grow between 8%-9% between 2005-2006. Public Sector is estimated to grow between 4%-5%, and Financial Services between 3%-4%.
An
Healthcare is projected to grow between 8%-9% between 2005-2006. Public Sector is estimated to grow between 4%-5%, and Financial Services between 3%-4%.
An
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ther strategic trend to seriously consider is that the services behemoths are getting bigger--and are willing to take on more risk.
The new CEO of Accenture, William Green, is boldly going where f
The new CEO of Accenture, William Green, is boldly going where f
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
ew have gone before-value-based pricing. According to a recent interview with Green in BusinessWeek, “Accenture will build services so exceptional that they will be required to compete in any indus
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
ry, from financial services to manufacturing. ”Green expects their new “high performance business” model and business expertise will help clients become top performers in their industries.
For any
For any
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
firm that chooses to deliver on value-based pricing, the pressure to deliver measurable value will be stronger than ever. Alan Weiss, the godfather of value-based pricing, provides several guideli
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
es in his book, “Million Dollar Consulting: The Professionals Guide to Growing a Practice. ”
Client environments and priorities are changing, and this will also affect the level of consulting rel
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
ationships clients expect. During my ten months of research of IT services CEOs, I often heard respondents mention offshore outsourcing and cost containment as a method for creating a stronger pro
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
fit picture. Now, those strategies have reached a plateau; they have done all of the cost cutting they possibly can.
Consultants who are committed to capitalizing on these trends should seriously
Consultants who are committed to capitalizing on these trends should seriously
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
consider these strategies:
1. Be highly selective of your clients by following a vigilant client qualification process. How aligned is their leadership team with the idea? What is their track r
1. Be highly selective of your clients by following a vigilant client qualification process. How aligned is their leadership team with the idea? What is their track r
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
ecord of maintaining high-integrity relationships with outside consultants? How willing are they to track and monitor their progress-and thank you when you have contributed to those results? As my
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
coach says: “Say ‘no’ to the good, and ‘yes’ to the great. ”
2. Identify your target market, and focus most of your efforts in that market. Who is your perfect client? How do they behave? How mu
2. Identify your target market, and focus most of your efforts in that market. Who is your perfect client? How do they behave? How mu
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
ch do you enjoy their industry/culture? What are their most common frustrations? Do they truly recognize they have a problem? Are they willing to spend money now to fix it?
If your target market i
If your target market i
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
IT services, software, internet or security related services, or hardware, do not assume a high willingness to spend money today. These industries are notorious for developing solutions in-house,
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
or delaying decisions until the last moment when they hit a crisis.
3. Ask trusted colleagues to assess your credentials and behaviors. Ask for brutally honest feedback that is supportive, not c
3. Ask trusted colleagues to assess your credentials and behaviors. Ask for brutally honest feedback that is supportive, not 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
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
itical or judgmental. If they were considering you to help them solve a problem, would they hire you? What makes you stand apart from the market behemoths?
Establishing credentials is more importa
Establishing credentials is more importa
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
nt than ever. Adaptive, focused consulting leaders have the most to gain in the next two years and will garner the most market traction. The rest should accelerate their exit or restructuring plan
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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