Advice You - Business

If “resignation” is the word that strikes fear into all employers, then “counteroffer” is the one that strikes fear into an employee’s heart. “What should I do? They’ve matched m

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

y offer?”

It’s Friday afternoon. You walk into your boss’ office and ask the question that has sent scared many a managers —“Do you have a minute,” you ask. At that moment, he k

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

Examples of combination products may in

nows you’re resigning and if he/she wants you, they will have to fight to keep you.

“Why? We love you. Please stay! Don’t go! What do we have to do to keep you?”

Recently, two

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

eople who accepted an offer from a client of mine called me to tell me that they accepted a counteroffer to remain with their current firm. The one who had been with his current

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

firm for twelve years seemed to make a decision that made sense; the other, however, had pleaded to get a fulltime job and leave consulting. His assignment was ending and he said

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

Combination pro

he wanted the stability of a fulltime job. Earning $45 per hour without benefits, he accepted a small increase in his hourly rate, rather than a fulltime salary of $93000 plus b

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

nus and great benefits from an employer that he kept begging me to get him to see for a job that he said he loved. Why? He told me, “They need me. (as though my client didn’t.; a

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 though the loss of revenue for his consulting firm and the difficulty they would have replacing him quickly at the client didn’t bother them a wee bit). ”

Between the moment y

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

ou quit and your departure date, your employer may try to persuade you to stay. Your mentor in the firm calls to talk with you. Your colleagues ask you to lunch and want to know

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

hy you’re going, where and for how much. Your boss’ boss asks to meet you. You are now the most important person at your company. You’re asked, “What will it take to keep you?” A

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

nd this goes on for two weeks.

The pressure to accept a counteroffer can be enormous. The monetary offer can be tempting to stay. The promises to rectify everything that ticks y

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

Following aspects would a

ou can be enormous. Yet, let’s look at what is going on from an employer’s perspective.

Your resignation is coming at an untimely moment; they are not prepared to replace you wi

dd to the challenges in developing combination products:

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

h someone who can step up and do your job. The cost of replacing you in dollars and effort (how many resumes will need to be read and people interviewed before they hire someone

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

who they will need to train—AND they may have to pay a higher salary than what you were earning plus a fee to the search firm for a person who doesn’t know what you know. Can you

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

see it’s not about you, personally) is large.

At the time you decide to change jobs, write down the reasons why you want to leave—I’m bored. I want to make more money. My boss

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

s a micromanager. I want to learn something new. I want to work closer to home—write down the reasons and put them in a place where you can find them at the time you give notice.

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

Professional from academic institutions, pharmaceutical industries, health care indust

Then, before giving notice, find the list and review it. Do not be seduced by the emotional response you may receive. Remember, the money they offer may only be your next raise

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

pushed up a few months. Listen carefully to the promises that are made and remember that nothing is being put into writing; it is just the desperate effort to keep someone who w

.

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 taken for granted for so long who they are now forced to remember they have underpaid, treated poorly and need to accomplish their objectives.

Few counteroffers should be cons

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

Companies that provide selfless information through particip

idered, let alone accepted. I fully expect to see the consultant’s resume online again in a few months because the core issues that caused him to look for a job were not resolved

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 - Counteroffers: Should I Stay or Should I Go?

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