Advice You - Business

As a former Chief Executive Officer and General Manager qualified in Human Resource Management, Employee Relations and Accounting it has often been my question as to what place the

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

recruitment industry plays in today’s marketplace and to whether they give value for money or not.

Some time ago when in corporate life I parted with $36,000 for two employees wi

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

Examples of combination products may in

h salary packages of less than $100,000 each and this was at the agencies discounted rate, apparently. As I reflected on the cheque I had just signed I certainly came to the view w

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

s this was not value for money – who in their right mind would pay this extortionate amount of money.

What has become increasingly apparent over the last 10 years is the gap betwe

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

n what the recruitment industry espouses and their ability to deliver.

While this may be perceived as personal bias, I speak from experience having worked in a recruitment agency

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

Combination pro

or a period of time and seen what goes on.

It’s a jungle out there with many agencies trying to stay afloat, enticing your business as the industry moves to saturation point with

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

new and established recruitment agencies touting for your business.

And their fees, 10% -25% of total package represents almost madness. The amount was not lost on my superiors in

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

ASIA and Europe who ‘were not amused’.

A high profile Director in the recruitment industry shared with me that most new starts last 18 months and either burn out or move on to the

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

next offer, firm or change careers.

In the meantime what about the ‘business-person’ who has contacted these agencies? They often have to wait for up to 6 –8 weeks before getting

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

a successful candidate.

This timeframe can be covered in various guises – need I say more?

Good news!

Indeed many former senior recruiters are now leaving the industry and setti

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

g up their own boutique company’s offering attractive alternatives.

These attractive alternatives include experience, mobility, industry understanding and vast personal networks,

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

Following aspects would a

some globally. A comon theme is that many have run successful businesses themselves.

This is a welcome change to the ‘recruitment’ scene, experience and personal service at a real

dd to the challenges in developing combination products:

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

stic price.

By way of example of a great operator and service, on one occasion I requested that a recruitment agency search out a para-medical sales person in Victoria and New Sou

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

h Wales and have them on a very tight timeframe. The agency delivered and the candidates were offered positions.

HOW TO PROTECT YOURSELF

1. If you use a recuritment agency, negot

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

ate, negotiate, negotiate. If they don't negotiate do not give them your business.

2. If you wish to outsource ask the agency ‘what business management responsibilities have you h

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

ld in other industries’and have you ever managed a business!

3. How can I be reassured that you really understand my needs not just pretend to.

4. Can you give me a two-year repl

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

Professional from academic institutions, pharmaceutical industries, health care indust

acement guarantee to get my business without fine print There are agencies that will guarantee this to get your business and honour that request. Ensure that this is placed in wri

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

ing.

5. Pay no more than 10% unless it is for a specialised and highly competitive field (nursing unit manager for adolescent mental health).

6. Go with your gut instinct – why i

.

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

it that women often tell their partners – be wary of him or her and they are later found to be right. Men learn from this.

FINALLY

While some agencies are shonky, there are some

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

Companies that provide selfless information through particip

very good operators in agencies that are genuine about you and your business. Biz Momentum can point you in the right direction. (We are not paid anything for our recomnmendation)

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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Advice You - A Hard Look at the Recruitment Industry - a Personal Experience

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