Advice You - Business

As a boy I was in Boy Scouts. And since then I’ve spent a good part of my life in the program – once in a professional capacity then later when my son joined our local pack, then troop. I still volunteer today. Like me, I’ll bet that you know a number of

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

Eagle Scouts. Even if you don’t think so, I’m sure you do. They’re all over, and I think I’ve met more in fundraising than in the average profession. Eagle Scouts worked hard to get to the pinnacle of the Boy Scouting program. They did the badges, the lea

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

Examples of combination products may in

dership and a major project and were recognized for a great achievement. Excellent work, and if you know one, shake his hand.

But what about all those other kids in Scouting? After all, only three percent of all Boy Scouts make Eagle, that leaves 97 per

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

cent of all the other boys in Scouting not having achieved the highest rank. (The Girl Scout Gold Award is just as rigorous – with only five percent achieving the rank.) So would you go to one of these boys, now men, and say “ha-ha you didn’t make it!” N

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

o, not only would that be rude, but it simply would not be true. These guys got what they wanted from Scouting – they climbed mountains and swam for miles, worked on projects that helped their community and had a whole lot of fun, but it just didn’t includ

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

Combination pro

the Eagle (or Gold) rank.

So it is in development careers. Are you going to be a chief development officer? Maybe, maybe not. Is that the peak of the professional’s experience? For some, clearly yes. For others, clearly and thankfully, no. Should someo

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

ne come up to you and say “ha-ha you didn’t make it”? No way. They are much more valuable doing what they do best – raising money.

So, what are the advantages to aspiring NOT to lead?

The first and biggest is focus. If you are growing in your work, then

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

continuing to grow in a specialty can be great for your career. Think of Bill Murray in “Groundhog Day.” When he started repeating days over and over again it was dull and terrible. When he committed himself to change and growth, the experience gave him

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

new life.

Increased donor contact. Turning down the CDO job may keep you in the very place that brought you into fundraising – increased donor contact. There’s an interesting paradox in fundraising: the top people get the biggest prospects, but due to

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

the duties that come with being the head of the office, have the least time to work with them! Pick your poison – what kind of stress? Yes, stress comes in many forms. You need to ask yourself – do you handle the stress of seeing people and making goals

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

better or worse than the stress of managing people and entire programs.

What’s the down side of turning down the top job?

Lower pay. This is the biggest trade off, and why so many top fundraisers get caught in leadership jobs that ultimately don’t like

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

Following aspects would a

or can’t handle. If you move up to leadership, there is typically better pay. Why is that? Traditionally in our society, higher pay comes with “responsibility” (read: supervisory and management responsibilities). We try to justify this in fundraising by

dd to the challenges in developing combination products:

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

coupling the top jobs with the best prospects (see the paradox, above). Yet if we allowed a high income producer to stay where he or she is producing income, we’re better off than distracting that person with management work. The for-profit world solves

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

this through commissions. The best producers get paid commissions on their sales, so they may actually make more than their managers. But that’s okay because the whole business grows. Clearly this is a problem in fundraising (and NO, I am NOT making a ca

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

se for commissions in fundraising.)

Less prestige. Fortune and fame were linked long before charitable gifts came along, and so the reality is that for many people, if you aren’t reaching for the top job, something’s wrong with you or rumors will fly tha

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

you “must have made a mistake” somewhere in your career. It’s hard not to be guilty of this faulty assumption sometime in your life – I know that in younger, na?ve days I made this mistake more than once.

The answer, as I see it, is to raise the bar of p

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

Professional from academic institutions, pharmaceutical industries, health care indust

restige and yes, pay, for people who are wiling to become top experts in their chosen slice of the fundraising pie. Our colleagues in planned giving are well on their way in this, and my sense is that the research community is too. But what is essential t

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

o this in all of fundraising is a change in our management style and organizational culture. The persons I see who have been most hurt by our current views are our annual fund colleagues, especially those in higher education.

As a profession, is fundraisi

.

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

ng ready for this? Intellectually, yes. We can all see the advantages, and many nonprofits pride themselves in egalitarianism and adopting social norms before the rest of the world. But nonprofit or not, this is money we’re talking about here – to raise

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

Companies that provide selfless information through particip

and to make. Until we have internalized this as an operating method, a lot of excellent fundraisers will be bumped up to mediocrity – to the eventual disappointment of their organization and for the long term detriment of their career. Don’t let it be you

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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A limited liability company or LLC is a business organization that is a hybrid between partnership or sole proprietorship and corporation. Limited liability corporations are known to allow the most flexible management agreements. They also give a lot of freedom regarding allocation of income. This means that the members are allowed to distribute the income in any way they wish, as agreed upon by all of them, without the need for additional filings.

Been thinking about a career change? An often overlooked vocation is that of a HGV driver or LGV driver. This exciting line of work can give great job satisfaction, flexible hours, guaranteed employment and total freedom at work. And did you know, HGV drivers earn up to ?29,000 a year? Over ?550 a week!

Engineers make great inventors. Or is it that inventors make great engineers? Either way, they go hand-in-hand.

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