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Business Articles - It is Important to Measure a Performance
Is it really important to measure a business performance? I think if you will even need to purchase someone's business, then you will never ask this question and the answ
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
er will be "Yes! Sure!", because if you do not measure the performance of the business that you are going to purchase you will be going blind. Then why people don't like
; 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
o measure the performance of their own businesses?
When you are inside, you see a lot, I would say you can see to much business and business mechanism, you are flowed wi
When you are inside, you see a lot, I would say you can see to much business and business mechanism, you are flowed wi
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
h unimportant data, you having too many things to care about and sometime you even don't understand where this business is going. If you are a manager, then it is not a p
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
oblem, but if you are CEO, then you have to think about things like this.
You will need some information diet, e.g. very limited information, which will tell you a lot a
You will need some information diet, e.g. very limited information, which will tell you a lot a
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
bout your business. There are different names for this diet, some call it balanced scorecard, another key performance indicators (KPI), also people are using "metrics" an
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
"measures" to understand business better.
That's great, but do we really know what we do? Once someone found a new type "diet" his is trying to use it for his business,
That's great, but do we really know what we do? Once someone found a new type "diet" his is trying to use it for his business,
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
but it is a wrong approach. Your business is different, there are departments, such as Sales, HR, Security, Financial. These departments function in a different ways and
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
f you will apply the same information diet to all of them you will fail.
For instance, if you deal with Financial department and have to measure bank loans efficiency. W
For instance, if you deal with Financial department and have to measure bank loans efficiency. W
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
hat will you do? Will you be measuring customer satisfaction, growth opportunities and your ability to work with "internal process"? All these indicators means NOTHING! W
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
at is "customer satisfaction" for bank loan (if you are customer yourself) or if you are bank? You use this words, but you don't want to detail them into some real-life m
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
trics and indicators. That is the most important thing. I'd better have 6 bad indicators, that 60 great mission statements without any mean.
If you will ask me about per
If you will ask me about per
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
ormance and how to measure it, I will not answer you that you should measure customer satisfaction or bank's loan financial aspect, I will answer you: "Give me metrics!",
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
"Give me indicators!"
What is bad, good and great performance indicator or metric? It is up to you and up to your business, but there are some common issues one must re
What is bad, good and great performance indicator or metric? It is up to you and up to your business, but there are some common issues one must re
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
ember.
First, metric or indicator must measure. It should me math formula, equation, function. It must look like X = F(A1, A2, ... An). Where A1-n is the number of indic
First, metric or indicator must measure. It should me math formula, equation, function. It must look like X = F(A1, A2, ... An). Where A1-n is the number of indic
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
tors you must look at and the F is the function which tells what to do with indicators. X is the performance value.
What is bad indicator? It is when you tell, let's mea
What is bad indicator? It is when you tell, let's mea
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
ure customers' satisfaction in bank loan niche. You don't tell about what are you going to measure, how you are going to measure this, it's not a metric, but it's a good
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
mission statement that tells about nothing.
What is great indicator or metric? It is the good metric (which we where talking above), but it is taken from some real-world
What is great indicator or metric? It is the good metric (which we where talking above), but it is taken from some real-world
.
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
business. So, it's not just your idea or ideas of some reported from business magazine, it's idea that works and it was checked by you. What you will need to do? You will
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
need to pass it through you own business and optimize it to your business tasks. Work hard with business performance, and soon you will have a great business control tool
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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