Subjects - Business

In 2005, a company from Dallas, Texas came to Muskego, Wisconsin to build a new retirement community. After 2 years and millions of dollars spent, the project was terminated; the project failed.

Projects all over the world fail but does anyone ever look as to why? While I don’t know why all projects fail, I do know why this r

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

etirement community failed. There were five characteristics as to why this project will not be constructed: Research, Planning, Training, Teamwork, and Ego.

Research: Before any project can even begin, research needs to be developed to see if the project is feasible. Is there a market for this type of project? Is this the rig

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

Examples of combination products may in

ht location? What is this project going to cost? And what price should we charge the consumer? Researching your competition and learning what they charge their residents and what added benefits are included should also be taken seriously. Any company that believes they have no competitors is already setting themselves up for f

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

ailure.

The research that was done on this retirement community was both inadequate and incomplete. Research showed that there were only a handful of retirement communities in the surrounding area. But what the research failed to show was that there were over 2000 independent apartments for seniors. They also believed that be

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

ause they were new to the area, consumers were willing to pay higher prices for “new-ness”. Consumers do not pay higher prices for “new-ness”, they pay for added benefits.

Planning: Planning is HUGE! For the construction of a new retirement community so many details need to be thought through. Every minor detail needs to be t

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

Combination pro

hought out and planned for. How many residents will be allowed, what kinds of services and amenities will be provided, what price are consumers willing to pay are just some examples that need to be planned.

Every step in this process needs to be written down. Setting goals and setting a timeframe to reach these goals is so im

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

portant and vital to a project being successful. Sharing this information with all team members is also important and everyone on the team should be on board before the project takes life.

The planning that was done on this project was more of a “let’s try this for a while and see how it works” kind of mentality. The project

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

riginally began with many amenities not added; underground parking, patios, balconies, and even side-by-side condo like apartments. Every consumer interested learned that these items were not going to be available. Six months later, the underground parking was available. Another six months passed by and patios and balconies we

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

re added. A year later and amenities were still being added. Consumers did not like it and decided they were going to wait until it was finished, they did not like being strung along.

Training: Whether you are a janitor, cook, salesperson, or any other position, training is vital and extremely important. Teaching and educatin

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

g your staff not only increases their individual worth, but it creates a positive company atmosphere. When everyone works together in synergy, projects succeed.

Training can consist of a variety of topics; computer programs, sales techniques, telephone skills, public speaking for presentations, and basic customer service.

Th

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

training that was given to the staff consisted of a “do-it-yourself” attitude. Managers would come in to the office on a regular basis, but never give any ideas, concepts, or techniques. Most of the time they would come to the office and work on other projects, personal matters, or whatever else they wanted. Instead of braggi

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

Following aspects would a

ng about ones accomplishments, pick up the phone and do it again, pass on your knowledge to other team members, and give words of encouragement to your staff.

Teamwork: A Russian submarine captain once said to his crew “Without me, you are nothing, but without you, I am nothing.” Each person on a team is an integral part of s

dd to the challenges in developing combination products:

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

uccess. When one person is down, the other teammates are there to pick him up. Businesses today must be team orientated to be more efficient. Receptionists need to be competent to take messages and transfer calls to salespeople. Salespeople need to be customer driven to produce the sale, and the company must deliver on its pro

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

mise.

Our team consisted of 4 men and women, but there was definitely no teamwork. Everyone worked at their own pace and before long, stress and tension was felt throughout the office. Staff would come in each morning, get a cup of coffee and go right to work. No “good morning”, no “how was your weekend”, no talking period. T

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

ey felt if they went about their business, sales would come and the project would succeed. Unfortunately, they were all wrong.

Ego: Everyone has an ego, but how we use our ego is another story. The first rule of thumb for anyone in business is to check your ego at the door. Granted there are some celebrities who have huge ego

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

s, but they are successful at what they do and when they make a mistake, they admit to it. For most of us, we cannot have this attitude when we deal with others in business. We have to present our case and state our reasons and explain why we feel the way we do. For companies, having an ego is the worst. They think they can w

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

Professional from academic institutions, pharmaceutical industries, health care indust

alk right into an area, set up shop, and be successful. Statements like “this is how we did it at the last location and this is how we will do it here” and “it worked this way 25 years ago, why change” do not work in today’s business world. Change can be scary, but it can also be rewarding and fun.

The company ego we were giv

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

n on was larger than large. They boasted about how they never had a project fail before, how they always came up with a plan, and how they will get the project done. After all was said and spending millions of dollars, the company finally laid down and said “We failed, the project is terminated”.

Joe DiMaggio once had a 56 ga

.

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

me hitting streak. Know why he didn’t have a 57 game hitting streak? Simple, streaks end. But while Joltin’ Joe had this streak, he wasn’t boasting to other teams in the league, he wasn’t bragging to teammates, he simply went about his business. (By the way, after Joe’s streak ended, he started another one that lasted 18 games

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

Companies that provide selfless information through particip

)

Any project can and will succeed if these five characteristics are met: research your project, plan on a course of action, train your staff properly, work in a team environment, and have everyone check their egos at the door.

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

Job-seekers today get used to hearing some pretty awful things from recruiters and hiring managers. Since you can't reach through the phone and strangle a person, here are snappy comebacks to use when you hear one of those outrageous statements during a job search.

he difference between making decisions as a victim or as an accountable leader can be significant and have great impact on business results. This article defines what it takes to act as an accountable executive leader and offers some solutions for operating from the accountable stance. Operating from an accountable standpoint offers obvious advantages to any organization: commitment, sustainability, improved teamwork and bottom line performance.

You know it's time, you feel it, you've been lazy for so long, you dream about something else, you just have to leave. You made your calculations and you felt that it's the right time to do it, maybe you found a better job, maybe you didn't, but you can't stay anymore staying is hurting you. Finally you decide to resign, but little did you know that your resignation day is the most important day in your current job. Granted, resignation is not usually an easy thing to do, but doing it properly will maintain a good view about you among your workmates and your bosses forever.

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Subjects - Why Projects Fail

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