Just Other Articles

What is the most valuable asset that your firm possesses? Is it your technology, trade secrets, credit line, or customer base? Although we realize the importance of these, most of us believe that our peop

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

le or our leadership teams are most valuable to us. However, there is another asset that may be even more important as your business matures. A good name or reputation allows your firm to attract quality

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

Examples of combination products may in

leaders, excellent employees, key customers, and financing.

Proverbs 3:4 tells us that we should desire the favor of both God and Man. We are reminded that a good name is more valuable than great riches

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

Proverbs 22:1). In a business environment in which we demand performance quarterly and we exchange CEOs more often than our cars, a good name is a rare commodity.

In recent months I was reminded that a g

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

ood name can produce investment returns for many years. Last year, our three-year-old marketing firm was looking for key brokers to represent our new product to the nation’s larger retail chains. Our Vice

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

Combination pro

President was interviewing a broker to call on the world’s largest retailer. The broker asked him about the owners of our firm and the Vice President shared my name. The broker immediately volunteered to

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

take our line. He shared that 15 years ago he had worked as the buyer for that same retailer. Because of the instigation of a policy to buy direct, he took the business away from my distribution firm. Wit

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

hin three months he knew that the decision was wrong. When he went to his boss to change the decision, he was prohibited from doing so, but he continued respect our distribution firm and me as leader. He

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

now welcomed the opportunity to represent our young firm. When our Vice President shared the story with me, I was shocked. In 1988 we had lost 34 percent of our business, and it took us 2 years to make it

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

up and survive as a firm. That heartache could now give us a new business opportunity in a different firm because I had maintained a good name. A good name may be working in ways that you are never allowe

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

d to see. How is your reputation even with the clients that you have lost?

Last month I was speaking to a conference of Korean Christian business leaders from around the world. As I was introduced the fi

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

Following aspects would a

rst evening, Henry came to my table to introduce himself. He asked if I remembered him; I did not. He then gave his firm’s name and I remembered it as one of our suppliers back in the seventies. Henry exp

dd to the challenges in developing combination products:

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

ained that he was not a believer at that time, but several times a year our firm would use holidays to share Christ in various ways. My open testimony had a large impact on him as one of the many circumst

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

ances that eventually brought him to Christ. A good name has a tremendous impact for years. Do your suppliers know about your faith?

When my brothers and I purchased our parents' firm, we had a name that

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

was outdated. “Jack’s Service Company” sounded like a corner gas station, but we retained it because with that name came the excellent reputation of both my parents and the company. Within two years we l

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

st the existing business. We retained only three employees and a few small customers. That name and our limited experience were all that we possessed. With God’s blessing, that was enough. Eventually, the

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

Professional from academic institutions, pharmaceutical industries, health care indust

firm grew nearly 30 times in size. The “Jack's” name became known, within our country’s largest grocery, drug, and discount chains, as one that meant excellence, service, and integrity. Today the name is

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

no longer used, but its reputation remains. So does the reputation of its owners, leadership team, and employees.

In business and in life your name is a treasured possession. Paul writes in I Timothy 3:

.

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

that we should look for leaders with a good reputation with those outside of Christ’s body. Are you a leader who understands what influence that your firm's name or your name can have in your community o

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

Companies that provide selfless information through particip

r industry? Your name is something of rare value and you must endeavor to present it to God as one that seeks to glorify Him. What are you doing today to protect and elevate the name on your business card

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.justotherarticles.org.ua/article/930/justotherarticles-Most-Valuable-Asset.html">Most Valuable Asset</a>

BB link (for phorums):
[url=http://www.justotherarticles.org.ua/article/930/justotherarticles-Most-Valuable-Asset.html]Most Valuable Asset[/url]

Trying to keep everyone informed and up to date by sending a blizzard of e-mail doesn't work, and just increases people's stress levels. Here's a better way.

This article gives 6 key points to great customer service, and allows you to rate yourself and your staff.

Tags

Links

Just Other Articles - Most Valuable Asset

Related Articles: