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Advice Pool - Five Steps to Creating an Effective Strategy for Your Organization
Strategy without tactics is the slowest route to victory. Tactics without strategy is the noise before defeat.
-- Sun Tzu
A study not so long ago said that most companies have strategies, but 70% to 90% of them fail to execute those strategies.
That's a little simplistic. I don't think it reveals the w
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
hole story.
Look at any organization in trouble, and odds are you'll find a group of frantic, anxious people. Leaders will be demanding "answers," managers will be building "action plans," and workers will be tearing their hair out trying to implement them all.
There's a lot of "executing" going on, but there are no results.
What get
Look at any organization in trouble, and odds are you'll find a group of frantic, anxious people. Leaders will be demanding "answers," managers will be building "action plans," and workers will be tearing their hair out trying to implement them all.
There's a lot of "executing" going on, but there are no results.
What get
; 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
lost in such situations is how the organization got in that awful place to begin with. And almost 100% of the time, it got there because it lacked an adequate purpose-driven strategy.
It's easy to see why people prefer tactics over strategy. Tactics are about action and answer "How do we do X?" questions.
Strategy is about identifyin
It's easy to see why people prefer tactics over strategy. Tactics are about action and answer "How do we do X?" questions.
Strategy is about identifyin
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
g what it is you want to do about the problem or opportunity, not how to solve it. Strategy defines what X ought to be, and why you want to do it.
The Purpose-Driven Strategy
A well-defined purpose is the context in which you create strategy. Your organization's purpose should be defined by a simple mission statement that is un
The Purpose-Driven Strategy
A well-defined purpose is the context in which you create strategy. Your organization's purpose should be defined by a simple mission statement that is un
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
erstandable by the average ten-year-old.
Your purpose is the compass that guides all strategic decisions. Without purpose, strategy becomes mere shooting in the dark.
The purpose of your organization is its reason for being. It embodies the answer to a simple question: Why does the organization exist? When you have the answer to that
Your purpose is the compass that guides all strategic decisions. Without purpose, strategy becomes mere shooting in the dark.
The purpose of your organization is its reason for being. It embodies the answer to a simple question: Why does the organization exist? When you have the answer to that
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
uestion, you have the foundation you need to think about strategy in the right way.
The overall strategy for your organization and your purpose are inextricably linked. For instance, if your purpose is to be the voice of the insurance industry, your strategy might include educating businesses and consumers on the different types of ins
The overall strategy for your organization and your purpose are inextricably linked. For instance, if your purpose is to be the voice of the insurance industry, your strategy might include educating businesses and consumers on the different types of ins
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
urance available to them, or taking on the growing problem of insurance fraud.
Strategy and purpose go hand-in-hand, and lead you always to the correct tactics for getting your organization where it needs to be.
Creating An Effective Strategy
Strategy is the answer to the million dollar question, "What are we are we going to d
Strategy and purpose go hand-in-hand, and lead you always to the correct tactics for getting your organization where it needs to be.
Creating An Effective Strategy
Strategy is the answer to the million dollar question, "What are we are we going to d
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
about X?"
When you have the right strategy, the right tactics needed to achieve that strategy fall into place all by themselves.
To create an effective strategy:
When you have the right strategy, the right tactics needed to achieve that strategy fall into place all by themselves.
To create an effective strategy:
- Identify the key problems and opportunities, or challenges, your organization is facing.
- Identify the top five challenges.
- Describe what you will do t
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
address each challenge. This is your strategy statement.
Identify the initiatives and goals necessary to implement the strategy.
Create a detailed action plan for reaching each goal.
The organizations who follow these simple steps succeed at accomplishing amazing feats because they looked down the road before takin
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 the first step.
1. Identify the Key Problems and Opportunities Your Organization is facing.
The number of problems and opportunities facing even the smallest organization is fairly large. Developing a strategy for handling them hinges first on your understanding of what those problems and opportunities are.
Identification is
1. Identify the Key Problems and Opportunities Your Organization is facing.
The number of problems and opportunities facing even the smallest organization is fairly large. Developing a strategy for handling them hinges first on your understanding of what those problems and opportunities are.
Identification is
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
probably the easiest of the five steps. Gather your top people and devote thirty minutes to listing the problems and opportunities you're facing. Do not concern yourself with prioritizing yet. Simply get the list together as quickly as you can.
Once you have a list that you feel confident is complete, proceed to the next step.
2. I
Once you have a list that you feel confident is complete, proceed to the next step.
2. I
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
entify the Top Five Challenges.
Gather your team again, and be prepared to spend whatever time is necessary to reach agreement on your organization's top five challenges.
Here the waters get a little murkier. One person's challenge is another's trivia. Do whatever it takes to reach a consensus on the top five challenges. Refer bac
Gather your team again, and be prepared to spend whatever time is necessary to reach agreement on your organization's top five challenges.
Here the waters get a little murkier. One person's challenge is another's trivia. Do whatever it takes to reach a consensus on the top five challenges. Refer bac
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 to your organization's purpose as you think through the challenges. Let your purpose guide you to identifying the challenges that are key to making it possible for your organization to remain relevant to the people and businesses it serves.
3. Decide What You Will Do to Address Each Challenge.
Once you have identified the top
3. Decide What You Will Do to Address Each Challenge.
Once you have identified the top
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
five challenges, you can talk about what needs to be done to address them. You therefore create a strategy for approaching each challenge.
For example, if one of your challenges is customer retention, the strategic approach to addressing that challenge might be to (a) find out why customers are leaving and (b) create programs and initi
For example, if one of your challenges is customer retention, the strategic approach to addressing that challenge might be to (a) find out why customers are leaving and (b) create programs and initi
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
tives that resolve those issues.
Again, gather your team. Be prepared to spend at least half a day deciding what you will do to address each challenge. Do not try to come up with specific solutions. Focus only on the general approach to addressing each of the five challenges.
4. Identify the Initiatives and Goals Necessary to Imple
Again, gather your team. Be prepared to spend at least half a day deciding what you will do to address each challenge. Do not try to come up with specific solutions. Focus only on the general approach to addressing each of the five challenges.
4. Identify the Initiatives and Goals Necessary to Imple
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
ment the Strategy for Each Challenge.
Now it's time to start digging deeper into each of the challenges. Here you are going to set one or more goals for each challenge. You'll also want to identify specific initiatives or campaigns related to each, where appropriate.
Your goals and initiatives are high-level tactics you will later
Now it's time to start digging deeper into each of the challenges. Here you are going to set one or more goals for each challenge. You'll also want to identify specific initiatives or campaigns related to each, where appropriate.
Your goals and initiatives are high-level tactics you will later
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
break down into action plans containing due dates, specific actions, and the people who are responsible for seeing that those specific actions are accomplished by the due dates.
Remember: A goal consists of a specific result and associated date. Using the example from Step 3, one goal might be to put a customer satisfaction program in
Remember: A goal consists of a specific result and associated date. Using the example from Step 3, one goal might be to put a customer satisfaction program in
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
lace by the end of the third quarter.
5. Create a Detailed Action Plan for Reaching Each Goal.
Here's where organizations fall down most often: taking the right actions to reach identified goals. Once more, assemble your team and assess your goals.
Break each goal down into the steps necessary to ensure you have the greatest o
5. Create a Detailed Action Plan for Reaching Each Goal.
Here's where organizations fall down most often: taking the right actions to reach identified goals. Once more, assemble your team and assess your goals.
Break each goal down into the steps necessary to ensure you have the greatest o
.
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
pportunity for achieving it. Each plan you generate must have discrete, achievable actions. Every action must have a due date and an owner. At this point, applying some of the basics of project management will take you a long way toward achieving each goal.
As you can see, taking this top-down approach for creating an effective strateg
As you can see, taking this top-down approach for creating an effective strateg
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
can give you the best possible chance of success for the long term. The five-step process works for projects large and small.
The key is to work through the steps, always keeping your organization's purpose directly before you. With your purpose as your guide, and power by intention, you cannot help but reach your organizational goals
The key is to work through the steps, always keeping your organization's purpose directly before you. With your purpose as your guide, and power by intention, you cannot help but reach your organizational goals
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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