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Just Other Articles - To Survive, You Need To Teach Old Dogs New tricks
The sea change that most businesses face today is increasingly becoming the norm rather
than the exception. The change is driven by globalisation, technological and social
dynamics. Hovering around the status quo is like a cancer stricken person
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
waiting for his
condition to get better. If you continue doing the same, things are not going to get better.
There is a saying that you cannot teach old dogs new tricks. To survive in today’s
competitive market, old dogs need to be taught new
; 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
tricks.
Organisations fail to change because of old ways of doing things. There is unclear vision as most CEOs are unable to communicate their visions in three minutes so that other people can understand and embrace it. Also, oftentimes, the vi
Organisations fail to change because of old ways of doing things. There is unclear vision as most CEOs are unable to communicate their visions in three minutes so that other people can understand and embrace it. Also, oftentimes, the vi
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
sion is not communicated
and obstacles such as bureaucracies are allowed to block the vision.
Management also fails to plant the new behaviour and vision in the company’s values. They fail to show employees that the new behaviours and approache
Management also fails to plant the new behaviour and vision in the company’s values. They fail to show employees that the new behaviours and approache
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
can result in
improved performance. Top management fails to develop a shared commitment to the
renewal. The future corporation ought to be less bureaucratic, with fewer levels, more
performance oriented and risk-taking.
Shareholders are incr
Shareholders are incr
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
asingly becoming impatient with Chairman and CEOs who are set
in their old ways. If the old dogs do not mend their ways, the shareholders and investors
will speak with their feet and be quick to voice their protest. In March 2004, Sir Philip
W
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
atts, the embattled chairman of Royal Dutch/Shell was forced to resign after the audit.
He was due for retirement the following spring. One of the largest investors remarked
that they wanted more independent executives rather than lifers.
Micha
Micha
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
l Eisner of Walt Disney was stripped of his chairman position but remained as the CEO. He has been the head of the Walt Disney Company since 1984. It was popularly believed that
shareholders voted against him to register their rebuke against Micha
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
l Eisner’s
leadership.
In contrast, Well Fargo forgo the 150 year of history by eliminating all waste – sold away the corporate jet, cars, free drinks to staff etc. Conversely, another 150 year bank, Bank of America did not respond as rapidly
In contrast, Well Fargo forgo the 150 year of history by eliminating all waste – sold away the corporate jet, cars, free drinks to staff etc. Conversely, another 150 year bank, Bank of America did not respond as rapidly
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
with the banking deregulations. Subsequently,
BOA did learn to reduce waste, however, it had already lost valuable time to Well Fargo.
In the area of marketing, companies still continue to think that marketing is selling. They focus on selling
In the area of marketing, companies still continue to think that marketing is selling. They focus on selling
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
the products to customers and neglected maintaining a relationship with
them. They are only interested in selling to new customers and neglected the existing
and old ones.
It is perhaps more glamorous and exciting to chase for the new accounts,
It is perhaps more glamorous and exciting to chase for the new accounts,
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
when studies have found that it is cheaper to keep old customers than acquire new ones. For instance, many companies see the potential of the Internet but never make the change.
The bookshops continue with expensive brochures and advertisements in
The bookshops continue with expensive brochures and advertisements in
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
the media,
when more and more customers are using online purchases. One day, these bookshops
woke up to the fact that Amazon.com overtook them because Amazon.com does not have
expensive warehouses to stock their books and people are purchasin
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
online.
The acceptance of the Internet as a tool for business has saved many companies from going out of business. It helps small companies compete against the big companies as on the website, there is little differentiation. It is probably th
The acceptance of the Internet as a tool for business has saved many companies from going out of business. It helps small companies compete against the big companies as on the website, there is little differentiation. It is probably th
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
best and most cost-effective
medium to promote a company’s products and services and generate new sales. Nicholas
Negroponte, an American writer and director, MIT media laboratory said: “The Net is a
10.5 on the Richter scale of economic chan
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
ge.”
Some moderations are required in throwing out all old things. One must not always equate ‘old’ with obsolete and ‘new’ with best. It is also not wise to hastily throw away any old and workable traditions and conventions. They may require m
Some moderations are required in throwing out all old things. One must not always equate ‘old’ with obsolete and ‘new’ with best. It is also not wise to hastily throw away any old and workable traditions and conventions. They may require m
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
dification, but
they are the result of the experience of many generations. Also, the decades of
downsizing have eliminated many staff with many years of rich experience and expertise
which new staff will take many years to learn. Therefore, ol
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
staff do have a lot of value
to the company.
Employees go through several stages during a change and re-orientation process. They are namely, denial, frustration, confusion, acceptance and finally commitment. There may be some resistance at
Employees go through several stages during a change and re-orientation process. They are namely, denial, frustration, confusion, acceptance and finally commitment. There may be some resistance at
.
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
the beginning through denial, frustration and confusion. But
once they see the value of the changes, they will accept them and be committed to them.
However, one has to be aware that if you leave old things alone, you leave them as they
are. B
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
t you do not. If you leave an old thing alone you leave it to a torrent of change.
The key is that the champions of tomorrow see an opportunity, which their competitors
too can see. The difference is that champions take action to make the change
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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