Ask people if they can agree to keep their comments short and to the point. Or ask to open it up to others for further discussion. To assure that everyone is included in the discussion, you can always stop and ask everyone to give just one or two comments on the topic. This will allow you to keep the meeting under control and within your time frame. It also may begin to help your talker realize that others also have a voice and want to be heard.
Effective teams take planning.
You need an agenda and a set of clear-cut goals. Your team should agree on what the goals will be and how the team will work together. You want the members to be treated with respect. You should encourage expression of different opinions and ideas. You want team members to generate new perspectives and creative energy.