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Just Other Articles - How to Remove Stress from Owning a Business... Forever!
I meet and talk to hundreds and hundreds of business owners every year and do you know what I've discovered? Virtually all of them are regularly suffering fro
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
m stress.
It dawned on me while running a seminar one day... stress is caused by pressure. Isaac Newton’s Second Law of Motion says for every action there is
It dawned on me while running a seminar one day... stress is caused by pressure. Isaac Newton’s Second Law of Motion says for every action there is
; 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
an equal and opposite reaction. That means in order for there to be pressure there must be resistance. Its impossible to expert pressure on something unless t
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
ere is resistance.
So in order for you to feel pressure (and hence stress) there must be something you are resisting.
And when you feel stressed you can als
So in order for you to feel pressure (and hence stress) there must be something you are resisting.
And when you feel stressed you can als
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
feel like you're under pressure.
So here's the magic solution to removing stress.
Find out what or where you are resisting.
That may be easier said than d
So here's the magic solution to removing stress.
Find out what or where you are resisting.
That may be easier said than d
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ne however, so I'll give you some examples.
Often business owners feel financial stress... with too much month at the end of the money. So what may cause thi
Often business owners feel financial stress... with too much month at the end of the money. So what may cause thi
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
s cause of stress? Lack of action to change their financial situation. If the business owner was to learn more about their key performance indicators (KPI's)
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
hey could see where they could improve simply by accurate and detailed measuring.
Once they have measured many of their numbers in marketing and production (
Once they have measured many of their numbers in marketing and production (
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
r distribution) they can begin to try new ideas to improve their situation.
Let's face it; you can't do nothing when you feel stressed.
That's called resist
Let's face it; you can't do nothing when you feel stressed.
That's called resist
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
ng change. You must DO Something! Find a way to make some changes. Otherwise the pressure will continue to be there and even increase more over time.
Busines
Busines
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
owners often resist getting an education on sales, marketing or measuring systems and as a result they often don't know enough about the performance of their
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
business by looking at the KPI numbers.
They don't know how many customers that are buying from them in a week. They don't know what their ability to produc
They don't know how many customers that are buying from them in a week. They don't know what their ability to produc
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
work is in regards to how many customers they service in a week and they don't know if they are making a profit or not each day or week. As a result they str
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
ss because of the huge amount of unknown variables.
What you resist persists. But what you look at disappears. If you face your challenges and see where the
What you resist persists. But what you look at disappears. If you face your challenges and see where the
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
ause of your stress lies, the problem disappears. If you don't it will keep on persisting.
Learn your business KPI's and you'll understand exactly where you
Learn your business KPI's and you'll understand exactly where you
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
eed to focus your time every week to "work on" your business. Then you'll find yourself proactively solving problems, even before they appear. Then you'll rar
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
ely if ever feel stressed again.
I've found it's less stressful to grow a business fast than it is slowly. When you're growing fast you can only do so with a
I've found it's less stressful to grow a business fast than it is slowly. When you're growing fast you can only do so with a
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
plication of information and by understanding your growth numbers.
While if you're not growing you're often not improving, that's where pressure comes from,
While if you're not growing you're often not improving, that's where pressure comes from,
.
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
tagnation. A rolling stone gathers no moss they say and a growing business has less stagnation and hence resistance.
Keep changing and you'll rarely be stand
Keep changing and you'll rarely be stand
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
ng still long enough for pressure to build. Imagine what your life in business could be like if you never felt stressed again, only excitement.
You can do it
You can do it
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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