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Profit Covers Many Sins - Ten principles that can help us maintain our focus, uncover some of those sins that may have been covered by profitability in 2006 and cr

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

eate the kind of success in 2007 that you can be proud of:

1. Go back to basics in managing your business. ----- Take the time to review best practices as they app

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

Examples of combination products may in

y to your business. Look at your processes, your procedures and your policies

2. Understand your role in the market place. ----- Do an internal SWOT analysis (Str

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

engths, Weaknesses, Opportunities & Threats) with your management team and initiate a brainstorming or scenario planning session to reflect upon your changing role

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

s a distributor 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

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

Combination pro

is money well spent. If you do have one, go through an extensive review of all the initiatives.

4. Create branch and operational plans that are alignment with your

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

strategies. --- If you have multiple branches insist upon a branch planning process that goes beyond turning in a budget. Make sure the plan is documented with tim

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

lines and accountability.

5. Continue to develop and train employees (Don’t scrimp here). --- Continue to focus on people development. This will maintain employee

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

respect, trust and will create a culture that will maximize employee efforts and willingness to do whatever it takes to create success.

6. Upgrade your sales force

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

and all support services. --- While employee development is critical to success, so is making sure that you have the right employees performing the right functions.

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

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

7. Manage your inventory. --- Inventory for the vast majority of distributors is gener

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

Following aspects would a

ally the largest asset 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 real

dd to the challenges in developing combination products:

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

ze that market forces will dictate what inventory levels are appropriate for individual success.

8. Understand and manage your cash to cash cycle. --- Inventory is

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

certainly part of the cash to cash cycle but managing your payables and your receivables is also extremely important to cash flow. Profits are not necessarily cash

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

so paying attention to cash flow is a very basic principle of success.

9. Insist upon sales territory plans that target accounts based on potential for growth. ---

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

It’s really fun being a sales person in an “Easy Profit” market. It is not difficult to do well and sometimes we can be lulled into a sense of eternal success that

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

Professional from academic institutions, pharmaceutical industries, health care indust

doesn’t require a 100% effort. It can lead to a comfort zone that is not healthy for long term success. Make sure your sales force practices a sales effectiveness d

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

scipline that requires documented action planning for specific targeted accounts that support individual territory plans.

10. Create change based on changes in yo

.

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

ur markets and your industry. --- Creating, instigating and managing change takes passion and courage. It’s not for the weak of heart. It is not for those who embr

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

Companies that provide selfless information through particip

ce 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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During the past decade, I have noticed the prevalence of name changing, as I am sure you have also. Several of the organizations with which I am involved have chosen new and different names that they feel represent them and their missions more descriptively. Companies who were ready for a new start have changed names to reflect a new attitude, direction and/or focus. Some of these changes have made a positive difference, others have just caused confusion.

You may consider going down to or calling your local courthouse to find out about how, or if you need to registering your idea of an import business. It is also suggested that you start and list your business as a Sole Proprietor. Consult with your tax or legal person for advice. But this method of setting up your business usually, in my opinion, has the best tax advantages.

Most probably you have heard of several success stories in franchising. Perhaps you have given it a lot of though and are thinking of wading into the business just to test the waters. Before you do, here are some other questions you might like to chew on just to determine if franchising is indeed for you.

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