Advice You - Business

There is no doubt that we now live in one of the most culturally and ethnically diverse societies in the world. Canada’s workforce has become a reflection of our ever-changing world and marketplace. It has been shown that companies whose employees

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

mirror society’s diversities can proficiently understand and meet the needs of the country’s multicultural market.

Here are three of the main reasons why forward-looking companies are adopting diversity hiring policies:

Group problem-solving and

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

Examples of combination products may in

productivity: A workforce consisting of qualified individuals with different genders, race, ethnicity, culture, education, age, lifestyles and abilities are more apt to find creative solutions to difficult problems. Divergent inputs will often prom

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

pt staff to explore diverse point of views. The number of alternative solutions that an organization may be willing to consider and implement will allow that company to successfully anticipate and respond to the needs of a complex market.

Connecti

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

ng with the consumer: A diverse workforce generates more opportunities to understand and satisfy the needs of a diverse community of consumers. This will create opportunities leading to significant increases in sales and profits. Organizations who

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

Combination pro

understand their consumer’s needs are better equipped to offer the right service and/or product. This translates into improved sales and good relationships with customers and suppliers.

Improved public relations: Being known as a company with good

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

hiring practices strengthens a company’s image as a solid and caring corporate citizen. In addition, such companies will attract very talented employees. The competition for the best people is intense. By encouraging the participation of qualified

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

people who traditionally have been under-represented in our workforce - persons with disabilities, visible minorities, Aboriginal people and women, companies will attract qualified candidates who are the key to any business’s competitive edge.

Her

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

e are some examples on how to diversify your workforce:

1. Hire someone with a disability

According to Statistics Canada Some 3,601,000 Canadians have a disability (one in eight), 9.9 percent among working-age adults (15 to 64), and 31.2 percent

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

among seniors 65 to 74 years of age this rate; When employers hire qualified employees with disabilities, they discover untapped skills, talents and enthusiasm.

Employees with disabilities can relate better to customers with disabilities who repre

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

sent $25 billion in annual aggregate consumer spending according to study published by the Conference Board of Canada

Employees with disabilities can also help companies develop services and products to address the needs of the market. Companies t

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

Following aspects would a

hat hire people with disabilities are also viewed positively by the community at large and are seen acting in a socially responsible manner.

2. Hire from different cultural and ethnic backgrounds:

Immigration and ethnic diversity are very importa

dd to the challenges in developing combination products:

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

nt characteristics of Canada; there are approximately four million people from visible minorities in Canada. In order to appeal to this diverse consumer population, businesses need to have employees that can get the message out to those groups. Emp

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

loyees that can understand the factors that impact the diversity purchasing decisions and who can understand the differences in these groups can tap into huge markets.

Employees with different values, cultures, and religious beliefs will better mi

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

ror the diverse make-up of the community and customers and will be able to respond to market changes.

Customer Service departments need to have a diversity in employees. This increases the possibility that a customer will get someone who understan

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

ds their concerns resulting in higher customer satisfaction and loyalty.

Companies that have the ability to speak different languages have a better opportunity to globalize their business and to tap into hidden markets.

3. Hire both genders:

Wom

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

Professional from academic institutions, pharmaceutical industries, health care indust

en have proven to impact the bottom line according to a recent Catalyst study; “The Bottom Line: Connecting Corporate Performance and Gender Diversity.” Companies with the highest representation of women in top management positions delivered 35.1 p

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

ercent more return on equity and 34 percent more total return to shareholders than companies with the lowest representation.

As consumers, women buy or influence at least 80 percent of all household spending. Women-owned businesses are one of the

.

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

fastest-growing industry segments in Canada. Business with women employees should be able to best understand and respond and to appeal to female consumers.

In conclusion, today, the success and well-being of any business requires a diverse workfor

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

Companies that provide selfless information through particip

ce bringing a fresh ideas and perspectives. This will leave the organization well placed to respond innovatively to the demands of Canada’s rich and multicultural society and better ensure the ongoing success of the business. It’s just common sense

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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So you want to have the fastest growing company in the world. Any one coach or entrepreneur can tell you it takes teamwork, time management, organizational, innovation and execution skills. Almost always right, but what does it take to make a great company in today's world? Why are companies like Microsoft expanding and companies like GM decreasing. Is it technology, partly, innovation, partly but not completely. What makes the best companies rise to the top? It is the S WORD.

Before you begin your job search, you should assemble the right tools. Here's an overview of the tools you will need for an effective job search.

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