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Just Other Articles - The Future of Innovation- A Conversation with Business Consultant Praveen Gupta
>Praveen Gupta is president of Accelper Consulting in Schaumburg, IL, and an adjunct professor of business innovation at the Illinois Institute of Technology's Center for Professional Development. He has written several books on Six Sigma, business innovation and corporate performance. In this interview,
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
Gupta predicts the role that smaller firms will play in business innovation during the rest of this century.
How can small business owners and leaders keep their performance yield high while minimizing cost cutting? Smaller businesses can compete with larger businesses based on perform
How can small business owners and leaders keep their performance yield high while minimizing cost cutting? Smaller businesses can compete with larger businesses based on perform
; 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
nce and speed. Small businesses normally do not have as much waste as large business do due to smaller infrastructure. Thus, there is a constant battle between lowering the cost of products or services and offering value to customers. This requires that small businesses build customer relationships based
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
n value-to-price ratio rather than just the price.
We have learned that every business, including small businesses, must focus on profitable growth by developing innovative solutions to grow customer demand. If we offer our customers what they "love to" have rather than what they have just asked for, cus
We have learned that every business, including small businesses, must focus on profitable growth by developing innovative solutions to grow customer demand. If we offer our customers what they "love to" have rather than what they have just asked for, cus
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
omers will be willing to pay a premium, and won't be rushing to find the cheapest solutions. So, we must learn to spoil customers with our care and creativity, instead of the low-cost solution.
In an article in Quality Digest, you say that companies in a decline should focus on growth. Why should
In an article in Quality Digest, you say that companies in a decline should focus on growth. Why should
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
they do this, and what are some ways they can go about it?
Many businesses have been implementing Six Sigma, Lean, or similar improvement initiatives to cut costs. The end result that I have seen is layoffs, which are very disheartening to workers. I do not understand how one can grow a business
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
by shrinking it. Cutting costs is a vicious spiral that can only hasten the demise of a business because businesses in the U.S cannot win over the competition merely on cost – the rest of the world is cheaper than us.
Thus, we must focus on creating new value, seek opportunities to be able to command pre
Thus, we must focus on creating new value, seek opportunities to be able to command pre
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
mium prices for the value and grow the business. This requires involving employees and empowering them to have fun at work so their creative juices can flow freely. I have learned that having fun means freedom to think, and that is critical for growth.
On the other hand, cutting costs curtails thinking,
On the other hand, cutting costs curtails thinking,
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
nd that is counterproductive to growth. Thus, there is a need for balancing growth with efficient use of resources to sustain profitable growth.
In writing about performance management, you say that often the strategy is short term – meeting month-to-month goals, for example. How can organization
In writing about performance management, you say that often the strategy is short term – meeting month-to-month goals, for example. How can organization
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
move from this to the long-term solution of communicating the fundamental business strategy to their employees and clients?
Leadership must establish a two-prong strategy – long term for growth and short term for profit – and then balance the execution of both strategies. While we are fine tun
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
ng our operations for short-term goals we must not forget our longer-term perspective.
To achieve such a balance in our approach we must keep employees informed, enlist their support and expect them to do their best. The good news is if employees know what they are supposed to do, and why, they deliver –
To achieve such a balance in our approach we must keep employees informed, enlist their support and expect them to do their best. The good news is if employees know what they are supposed to do, and why, they deliver –
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
sometimes beyond expectations. And you must be prepared for surprises once employee power is behind the leadership's vision.
In your book "Business Innovation in the 21st Century," one of your takeaways in the chapter on the Information Age is that both business and civic leaders recognize the li
In your book "Business Innovation in the 21st Century," one of your takeaways in the chapter on the Information Age is that both business and civic leaders recognize the li
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
k between innovation and economic prosperity. How can small businesses use this knowledge to their advantage?
Someone said that the main purpose of a business is not to make money, but instead to provide a product or service that a customer needs and, if done well, the customer will pay well, a
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
d then the company will make money. Today, we forget about this basic understanding and believe that making money is the only purpose of a business.
If you look at anatomy of a small business, it gets started by a passionate entrepreneur to make something out of one's knowledge or expertise. Nobody start
If you look at anatomy of a small business, it gets started by a passionate entrepreneur to make something out of one's knowledge or expertise. Nobody start
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
s a business because one wants to make money; instead, one starts the business because one loves to do something, and wants to put it to productive use and make money. Then, the entrepreneur envisions hiring people, growing the business and creating jobs. We must maintain that same entrepreneuria
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
spirit to do something different for producing value, and creating jobs.
Similarly, all business owners and leaders do have a responsibility to create opportunities in the community [in which] they operate by focusing on sustained profitable growth, rather than simply making money, which sometimes leads
Similarly, all business owners and leaders do have a responsibility to create opportunities in the community [in which] they operate by focusing on sustained profitable growth, rather than simply making money, which sometimes leads
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
to actions adverse to the community needs.
Where do you see business innovation headed? What role will smaller firms play? Business innovation will be the way to be in business. In the past someone would start a business thinking one could produce an item at a lower cost than the compe
Where do you see business innovation headed? What role will smaller firms play? Business innovation will be the way to be in business. In the past someone would start a business thinking one could produce an item at a lower cost than the compe
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ition. That will be less important over time as customers want more custom services in fast-changing marketplaces.
Thus, small businesses must be geared more toward producing customized solutions very fast utilizing intellectual resources in the company. In other words, the leadership must believe that b
Thus, small businesses must be geared more toward producing customized solutions very fast utilizing intellectual resources in the company. In other words, the leadership must believe that b
.
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
siness innovation is as important to small businesses as to larger businesses. Thus, they must learn the innovation process, commit to benefit from it and plan to provide newer and higher-value services to customers on demand.
This is different from the current paradigm of providing higher quality, and l
This is different from the current paradigm of providing higher quality, and l
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
wer-cost solutions to customers. Remember, we do not always buy lowest-price products or services for our personal use; instead, we buy value for the money we spend. The same principle applies to the business world, where customers buy innovative solutions with higher value, well delivered and when needed
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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