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Main Subject - Small Business Mistakes: Are You Making Enough of Them?
That's right are you making enough mistakes in your business? Some of you are probably annoyed at my question; others are thinking "Geez, Rose! If I made any more mistakes I'd have to run screaming back to a day job!"
If you we
If you we
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
nt to school in the public school system in America, you were culturally trained to avoid and hide mistakes, after all; your teachers and professors didn't give you a great grade for your efforts unless those efforts produced grea
; 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
results. So, too, if you were an employee in corporate America you were rewarded for chasing perfection and penalized for making mistakes.
But now you're self-employed.
And it's a necessity that you rethink the whole iss
But now you're self-employed.
And it's a necessity that you rethink the whole iss
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 of mistakes. One of the most important mental shifts we all need to make as self-employed business owners is from hiding and avoiding our mistakes to embracing them! And to making lots of little ones frequently! (It's those bi
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
mistakes that happen "once in a while" that will kill your business not the little mistakes you make daily.)
Here's an example of one of those business-killing mistakes:
Sam had been doing subcontracting work for Fred
Here's an example of one of those business-killing mistakes:
Sam had been doing subcontracting work for Fred
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
off and on over the past 5 years. Initially, Sam had a full workload for his business between the work he got directly from clients himself and the work that Fred hired him to do. Sam had a non-compete agreement with Fred. Essent
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
ally Sam agreed not to solicit work directly from any of Fred's clients for at least a year after having worked for Fred, but things are tough out here in the real world this year.
Sam knew, from Fred, that Fred was actively mark
Sam knew, from Fred, that Fred was actively mark
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
ting his business to a new department in a very large local corporation for whom Fred had worked for many years. In fact, Fred had brought Sam onto several past projects for this client. However, when Sam was approached by a local
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
job-shopping temporary employment agency about the same gig, Sam agreed to allow the agency to submit him for the job.
Sam didn't tell Fred that he was violating their non-compete agreement. Sam interviewed for the job and got it
Sam didn't tell Fred that he was violating their non-compete agreement. Sam interviewed for the job and got it
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
. Then he told Fred.
This was a big mistake (to say nothing of the violation of several of my Client-Savvy Proficiencies for Successful Solopreneurs!) You can bet that Sam has just eliminated any further work coming into his busi
This was a big mistake (to say nothing of the violation of several of my Client-Savvy Proficiencies for Successful Solopreneurs!) You can bet that Sam has just eliminated any further work coming into his busi
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
ess via Fred.
Here are some examples of embraceable, little mistakes:
Here are some examples of embraceable, little mistakes:
- Emailed my first status report to my client and assumed she received it. She hadn't received it, which I discovered in the next on-site
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
roject meeting. After that I both emailed and faxed her my weekly status reports.
Bought an indicia from the Postal Office with the intent to save money in my direct mail campaigns through reduced postage costs. Didn't
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
heck it out enough to learn that the PO won't return undeliverable items when they are stamped with an indicia. Sent out several mailings to a bad mailing list that I couldn't update because I didn't know how many of the addresses
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
were defunct. When I learned how this really worked, I switched to using first-class postage for my mailings. Now my mailing lists are cleaned and updated after each mailing...saving me more money than I saved with the indicia. <
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
li>
Started a new health program than included walking a couple of times each day. I checked my schedule, phone messages, and email messages before I went out for each walk, and carried my cell phone with me during the walk.
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
But I hadn't started the habit of checking my phone for messages upon re-entry to my office. I missed a call from a lovely prospective client and didn't return it for 3 hours. Not a great way to begin a relationship in business. N
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
w I forward my office phone to my cell phone during my walks.
As a self-employed professional, you grow and mature by making, and then, correcting mistakes. The key is not only to make the right type of mistakes, but
As a self-employed professional, you grow and mature by making, and then, correcting mistakes. The key is not only to make the right type of mistakes, but
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
also to correct them yourself and, hence, turn them into a non-repeating event.
Your processes, systems, and expertise develop one mistake at a time. This is an on-going process, not a one-time thing. So you need to be doing this
Your processes, systems, and expertise develop one mistake at a time. This is an on-going process, not a one-time thing. So you need to be doing this
.
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
each and every day as a normal and consistent part of how you operate your businesses. You won't stay in business long if you hide your mistakes or blame them on your systems, processes, or others.
Try being more aware of how you
Try being more aware of how you
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
respond to your mistakes, and to what type of mistakes you are making in your business. Then set a goal to make your mistakes lower-risk (i.e., little) and more frequent. Let me know what you learn!
Copyright 2004, Rose Hill, In
Copyright 2004, Rose Hill, In
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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