Advice You - Business

I want to say something quite clearly and emphatically, and ask you to repeat it to yourself a few times:

MY COMPENSATION IS ENTIRELY ARBITRARY!

For example, l

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

et’s say you write computer programs for a software company that packages your “code” into products that it sells to customers.

You will probably be paid a sala

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

Examples of combination products may in

ry, perhaps earn an annual bonus, and accrue some vacation time. You may also get some benefits, including a partially paid health plan.

All of this seems so no

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

rmal, so typical that you never question this menu of dollars and perks. Sure, you may want a greater helping of salary, but still, as long as there is a salary

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

and a few other goodies, you’re set.

But what if one of your software programs really takes off in the marketplace?

Will you be entitled to receive royalties f

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

Combination pro

rom it, have any ongoing equity interest in it, or ever be able to claim a bigger desk, a reserved parking space, or any material advantage from its performance?

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

The short answer is “no.”

If you ask your company about it, they may smirk or laugh or just look at you as if you’re nuts and say, in a conclusive, parental m

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

onotone: “We don’t do that.”

They won’t say WHY they don’t do it, because they probably haven’t thought it through.

In fact, paying you royalties or a residual

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

income may be in their interest, it may spawn innovation, create that extra spark of incentive to attract and retain the very best designers.

How, then do comp

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

anies decide what they’re going to pay?

MONKEY-SEE, MONKEY-DO!

They imitate each other. Some call it benchmarking, others conduct salary surveys, but the net o

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

it is the same. They mirror each other.

Breaking the paradigm is difficult, once it has been established.

Let me give you an example.

One of my clients is a

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

Following aspects would a

consultant who shows his clients how to save money on their printed advertising. Specifically, he knows how to tweak ads so they can be smaller, cost less, but y

dd to the challenges in developing combination products:

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

ield better results than large ads.

He charges a percentage of the savings he’s able to generate, which seems very reasonable, right?

If he doesn’t save them m

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

oney or improve the ads, they don’t pay. Only if they get results do they have to pay.

What can be sweeter?

But he has found that is not the way his clients wa

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

nt to pay. They prefer paying him for his TIME, which is the way the great majority of consultants bill their clients.

They believe, of course, that if they pay

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

only for time, they’ll reap the benefit of his expertise, for less.

But even if they traded dollars, or if they saved money his way, they’d prefer to do it the

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

Professional from academic institutions, pharmaceutical industries, health care indust

irs, which is the traditional way.

When it comes to compensation, tradition dies hard.

But there is hope, if you’re creative, diligent, talented, and they need

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

you.

Check out the movie, “Ray,” about the life of the great singer, Ray Charles. You’ll probably like the music, but listen for the part when he insists in hi

.

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

s contract negotiations that he “own” the rights to the masters of his recordings.

They’ll tell him it’s unprecedented, but finally, they’ll yield.

To borrow a

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

Companies that provide selfless information through particip

phrase, when it comes to compensation, you don’t get what you deserve.

You get what you negotiate, and they won’t break with tradition, unless and until you do

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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Wichita, KS Economic Outlook is picking up even with all the aerospace layoffs there. In Wichita there is a 79.4% white, 9.1% Black and 22% of the jobs are in manufacturing which the average salary is over $18.45 per hour or at the average of 39.5 hours per week is over 45K per year annual income - High paying manufacturing jobs.

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Advice You - Management Consultant Asks: Why Aren't You Earning Residual Income?

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