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Sometimes success can create a cloudiness in our vision that causes us to miss, overlook or even ignore issues and challenges that could have an impact on sustaining profitability. Continued su

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

ccess can sometimes lead us into a comfort zone that may even hide existing problems that one day may end up biting us and taking a big chunk out of that profitability that you currently enjoy.

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

Examples of combination products may in

Don't let success and profitability cloud your focus. Practice the ten principles of success at all times and you will be able to manage your business with laser like clartity and deal with al

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

l potential challenges in a timely fashion.

Ten Principles of Success that deal with the Sins that Profit can hide

1. Go back to basics in managing your business. ----- Take the time to revie

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

best practices as they apply to your business. Look at your processes, your procedures and your policies on a regular basis.

2. Understand your role in the market place. ----- Do an internal

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

Combination pro

SWOT analysis (Strengths, Weaknesses, Opportunities & Threats) with your management team and initiate a brainstorming or scenario planning session to reflect upon your changing role as a compa

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

ny in 2007 and beyond.

3. Develop or refine your strategic plans. --- If you don’t have a strategic plan, make it a priority to create one in 2007. It is money well spent. If you do have one,

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

go through an extensive review of all the initiatives.

4. Create branch and operational plans that are in alignment with your strategies. --- If you have multiple branches insist upon a branch

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

planning process that goes beyond turning in a budget. Make sure the plan is documented with time lines and accountability.

5. Continue to develop and train employees (Don’t scrimp here). ---

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

Continue to focus on people development. This will maintain employee respect, trust and will create a culture that will maximize employee efforts and willingness to do whatever it takes to crea

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

te success.

6. Upgrade your sales force and all support services. --- While employee development is critical to success, so is making sure that you have the right employees performing the righ

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

Following aspects would a

t functions. Don’t let too much compassion for long tenure employees cloud your judgment.

7. Manage your inventory. --- Inventory for the vast majority of companies is generally the largest as

dd to the challenges in developing combination products:

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

et on the balance sheet and the easiest one to lose control of. Sales people like to say you can’t sell from an empty wagon but we all must realize that market forces will dictate what inventor

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

y levels are appropriate for individual success.

8. Understand and manage your cash to cash cycle. --- Inventory is certainly part of the cash to cash cycle but managing your payables and your

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

receivables is also extremely important to cash flow. Profits are not necessarily cash so paying attention to cash flow is a very basic principle of success. (e-mail rick@ceostrategist.com for

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

an excel cash to cash calculator – complimentary)

9. Insist upon sales territory plans that target accounts based on potential for growth. --- It’s really fun being a sales person in an “Easy

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

Professional from academic institutions, pharmaceutical industries, health care indust

Profit” market. It is not difficult to do well and sometimes we can be lulled into a sense of eternal success that doesn’t require a 100% effort. It can lead to a comfort zone that is not healt

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

hy for long term success. Make sure your sales force practices a sales effectiveness discipline that requires documented action planning for specific targeted accounts that support individual t

.

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

erritory plans.

10. Create change based on changes in your markets and your industry. --- Creating, instigating and managing change takes passion and courage. It’s not for the weak of heart.

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

Companies that provide selfless information through particip

It is not for those who embrace simple traditional expectations. Effective leaders reach beyond these expectations. They become agents of change. Change is imperative in a “Tough Profit” market

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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Letting Fun Increase your Bottom Line What is the best way to reenergize the workplace? It can be as easy as having a little fun! While training and observing groups as a corporate trainer and team builder over the past few years, I am always amazed at how a group of strangers gel and become a team in a matter of hours. Groups on teambuilding retreats can become closer to each other in one day than some people do in years of working with each other in offices. The major reason I attribute the success of these groups to and the way they gel is the use of “fun”. Here are fourteen ways to put fun in your business:

Postcards are valuable tools that you can have for your business because they are affordable and economical to use. They can help to boost your companies standing and flood high-quality lead sales. However before taking a look of what postcards can bring for your business you must take into consideration on how you can design them.

With the advent of the Internet, many of us have the opportunity to apply for work through email. However, just because this is the Internet and email is so fast and convenient, that does NOT mean yo...

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