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Answers - How to Avoid the Curse of Complacency
I understand the concept of complacency. Been there and done that. Complacency, according to the dictionary, is being pleased with oneself or one’s merits, advantages, and situation, often without awareness of potential danger. Have you ever been complacent? Have you ever been very happy with a situation, only to realize later that things weren’t really so great? It’s been my experience in al
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
most 20 years of business that at one time or another, all businesses fall into the complacency trap and as the song goes, you never realize what you have until it’s gone.
For many years I was the President and Owner of my family’s chain of wine stores. I remember times when things were great, and could hardly imagine things could be different. Only, things were slowly changing, unbeknownst to
For many years I was the President and Owner of my family’s chain of wine stores. I remember times when things were great, and could hardly imagine things could be different. Only, things were slowly changing, unbeknownst to
; 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
me For starters, Costco arrived with a flourish on the wine and spirit scene. As the number one seller of wine in the U.S., Costco has had a profound impact on the fortunes of independent retailers. At the same time, costs were going up across the board. For example, our insurance premiums (post 9/11) went through the roof. Other expense categories like real estate taxes, health insurance and
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
workers compensation premiums were all rising. It became more difficult to run the business the way we had in the past.
We fought through our “complacency” stage. You can also, but you have to ask the right questions and seek answers you don’t necessarily want. Read the following eight questions, and start protecting your company from the evils of complacence. Part of “Hitting the Grand Sla
We fought through our “complacency” stage. You can also, but you have to ask the right questions and seek answers you don’t necessarily want. Read the following eight questions, and start protecting your company from the evils of complacence. Part of “Hitting the Grand Sla
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
” with your customers and associates is asking the tough questions. The results are always a continuing healthy business, robust profits, and happy employees.
1. Are your gross margins going up or down? What goes down doesn’t necessarily go back up. When your margins fall, you may be unwittingly training your customers to expect that pricing structure. You then run the risk of having alienated
1. Are your gross margins going up or down? What goes down doesn’t necessarily go back up. When your margins fall, you may be unwittingly training your customers to expect that pricing structure. You then run the risk of having alienated
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
or disappointed customers when you try to raise prices again. Keep your margins as constant as you can, unless, of course, keeping them low will force you out of business. That only helps your competitors. Remember, your customers are creatures of habit. They don’t like change; they want things to be the same.
2. Are you trying to be all things to all people? The old adage when a business c
2. Are you trying to be all things to all people? The old adage when a business c
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
loses its doors is, “We were busy until the very end!” If you are really busy, but aren’t making any money, then your prices are may be too low. My favorite ads are the ones that say “Price, Service, and Selection.” We used to say that, but in this day and age, it’s extremely difficult to run a business that way. Pick 2 out of the 3 and get to work. Are your prices higher than your competitor
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
s? Better be beating their profit margin with service and/or selection.
3. Do your associates still like coming to work? What is the mood from within your company? Convene a focus group or have an informal internet survey. There are more and more inexpensive ways to get your associates opinions, if you want them. Maintain an environment where your associates feel they can speak freely. Take
3. Do your associates still like coming to work? What is the mood from within your company? Convene a focus group or have an informal internet survey. There are more and more inexpensive ways to get your associates opinions, if you want them. Maintain an environment where your associates feel they can speak freely. Take
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
he top three things your associates don’t like about your company and fix them. At the very least, use the good times to throw some value their way. Do your marketing materials say something like, “Our employees are our best asset”? Let them feel valued!
4. How does your store look? Is it time for some renovations or general upkeep? What has wear and tear done to your facilities? Don’t look
4. How does your store look? Is it time for some renovations or general upkeep? What has wear and tear done to your facilities? Don’t look
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
at this yourself. Have someone else give you an honest assessment because they will spot things that you either won’t see or won’t admit seeing! Throw a fresh coat of paint up every once in a while. Customers will enjoy that, and your associates will as well. Are your bathrooms clean? Don’t lose sight of the little details. The other day my wife was out grocery shopping with our son Ben, w
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
hen suddenly, as 4-year olds do, he announced the need for a bathroom. The woman’s bathroom was occupied so they ventured into the men’s. It was disgusting, and this was from a small chain known all over for its excellent customer service. When I teach companies how to “Hit the Grand Slam” with their customers, I always stress that you must meet your customer’s tangible needs. Tangible needs c
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
an mean many things. In this case, it meant a clean bathroom for Ben!
5. Can you improve your systems? Don’t just settle for your systems giving you the right information now. Plan ahead! What other information is available? Can your checkout process be more efficient, or quicker? During my days in the wine business we used to take many orders over the phone. One day the software was chang
5. Can you improve your systems? Don’t just settle for your systems giving you the right information now. Plan ahead! What other information is available? Can your checkout process be more efficient, or quicker? During my days in the wine business we used to take many orders over the phone. One day the software was chang
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
d to allow us to easily access customer purchasing history while the associate was on the phone with the customer. Wow! There was a new selling opportunity, right there before our eyes. Always be thinking of what the system should do tomorrow, not what it is doing today.
6. Are you gaining or losing customers? Are you doing everything you can to retain customers? Are your transaction counts
6. Are you gaining or losing customers? Are you doing everything you can to retain customers? Are your transaction counts
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
going up or down? How about the average ticket? Declining average tickets can be a sign that your associates aren’t being attentive enough. Many research studies have proven that the longer someone stays in your store, the more they will purchase.
7. Do you know your best customers? Do you communicate with them regularly? Not only when they’ve just bought something, but also, just for the sa
7. Do you know your best customers? Do you communicate with them regularly? Not only when they’ve just bought something, but also, just for the sa
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
ke of open communication and friendliness. Dale Carnegie in his legendary book How to Win Friends and Influence People teaches that the greatest sound in the English language is the sound of your own name. While times are good, are you getting to know your customers better? One day I called our best customer, out of the blue. He was thrilled. He started telling me what a great operation we ha
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
d. Very gratifying. He was touched by us reaching out to him. A relationship had begun and, all things considered, people would rather do business with their friends.
8. Are your associates getting more knowledgeable about your company and its products and services? What role does training play in your company? Is it an afterthought? The brand promise at our wine stores was very simple: “T
8. Are your associates getting more knowledgeable about your company and its products and services? What role does training play in your company? Is it an afterthought? The brand promise at our wine stores was very simple: “T
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
make the experience of buying wines and spirits as wonderful as drinking them!” To live up to this promise we needed training year around. Our people were smarter than our competitors’ because we trained them more. We took it more seriously. You can also use training as a motivator. Part of hiring, motivating, and retaining the best employees is for them to feel a sense of growth. Training
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
helps accomplish this, which in turn, helps the company.
Typically, companies focus on top-line growth when things are going good. The talk is more about how much revenues are increasing, than it is about what is happening to the bottom line. Eye-popping growth is simply more interesting than the fundamentals. The Gap clothing stores are a great case in point. Their first store opened in 1969
Typically, companies focus on top-line growth when things are going good. The talk is more about how much revenues are increasing, than it is about what is happening to the bottom line. Eye-popping growth is simply more interesting than the fundamentals. The Gap clothing stores are a great case in point. Their first store opened in 1969
.
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
and they had a great run for many years. Unfortunately, things have gone south the last 10 years. The company was expanding like crazy with Old Navy, Banana Republic and all the other Gap brands (Gap Kids and Gap Body, etc.). Many believe that, at this point, the Gap didn’t stay true to what brought them to the dance. They missed badly in the mid to late 90’s with their fashion picks, and they
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
’ve never been the same. Now they are returning to their core, but it may be too late to reverse the damage.
Always remember why you were successful in the first place.
Ask lots of questions when things are going good. Keep questioning everything. Always try to improve aspects of your operation that are within your control because there will always be other things to keep you up at night
Always remember why you were successful in the first place.
Ask lots of questions when things are going good. Keep questioning everything. Always try to improve aspects of your operation that are within your control because there will always be other things to keep you up at night
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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