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Main Subject - Avoiding a Boom Bust Cycle - What Top Companies Know to Do
Company A likes bricks. In fact, they will wait for one to drop on their head before they make a decision. Then, in crisis mode, the big brass assembles the quaking t
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
roops and hands them limited ammunition to “see what they are made of.”
Company A (s) marketing strategy is all war, too. Gear up, fire the cannons, work feverishly
Company A (s) marketing strategy is all war, too. Gear up, fire the cannons, work feverishly
; 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
when the work comes in, suffer a slump when the work is done, downsize and upsize, but never “right size.” And, secret fears are circling that their entire market may
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
be moving or downright disappearing.
Company B, however, has embarked on a carefully conceived business plan that avoids Boom Bust Cycles. Here is what Company B Kn
Company B, however, has embarked on a carefully conceived business plan that avoids Boom Bust Cycles. Here is what Company B Kn
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
ows to Do:
1. Company B builds and retains equity in their firm by widening those perceived as ‘in charge.’ Those in charge are top players in management, and top pl
1. Company B builds and retains equity in their firm by widening those perceived as ‘in charge.’ Those in charge are top players in management, and top pl
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ayers in staff.
The NY Times reports that 43% of the US labor force will be eligible to retire in the next ten years. Company B plans for the current CEO’s ultimate
The NY Times reports that 43% of the US labor force will be eligible to retire in the next ten years. Company B plans for the current CEO’s ultimate
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
exit strategy by identifying and publicizing their next on-board successor(s), knowing that it will provide a goldmine of retirement benefits for the current CEO and
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
long-term viability for the firm.
2. Company B retains Top Talent. This company knows that career growth and recognition is most often noted as the #1 key to retaini
2. Company B retains Top Talent. This company knows that career growth and recognition is most often noted as the #1 key to retaini
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
ng great and technically trained employees. Therefore Company B takes steps to ramp up employee retention programs through career recognition efforts, such as press a
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
nd newsletters covering employee and firm achievements.
40-50% of recently surveyed employees state that they already have plans to leave in the works. CNN Money rep
40-50% of recently surveyed employees state that they already have plans to leave in the works. CNN Money rep
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
rts that more than eight in 10 workers plan to look for a new job as the economy heats up. And top staff is no exception--a recent Gallup poll states that only 32% of
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
managers were actively engaged with their company and the work; 52% were not engaged, and another 16% were actively disengaged.
3. Company B knows to Market and Pro
3. Company B knows to Market and Pro
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
mote heavily during both cycles--boom and bust, always growing or sustaining the firm strategically, and keeping the “A” clients as they move to other geographic area
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
s.
Use your strategic marketing skills on a daily basis. Bundle tactical expertise into clearly defined service packages with clear goals and measurable results. You
Use your strategic marketing skills on a daily basis. Bundle tactical expertise into clearly defined service packages with clear goals and measurable results. You
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
r approach should be product oriented in a service industry. Your services must be outcome based--founded on the belief that buyers do not want the service, buyers wa
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
nt the results of the service.
Imagine you wanted flamb? and therefore needed to purchase a copper pan. Yet when you went to buy, you were only offered vague consult
Imagine you wanted flamb? and therefore needed to purchase a copper pan. Yet when you went to buy, you were only offered vague consult
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
ing services on the benefits of high-end cookware. Asking about the cost of a pan, you were told, “That depends.” And you don’t even want the pan—you want the flamb?!
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
Set the goals you want to achieve for your company and pick the steady path you will take to achieve measurable results; it is that simple.
Key words: boom bust cy
.
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
cles in business, avoiding a business downturn, what to do to promote business, increasing sales, retain employees, succession planning, career growth and recognition
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
, press and newsletters covering employee achievements, strategic marketing, PR and press, McKerns Development, carefully conceived business plan, long term viability
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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