Advice You - Business

When designed and implemented effectively, employee incentive programs can be an excellent strategic human resources tool to promote employee confidence and boost measurable performance.

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

In fact, employee incentive programs have become an integral part of any company's competitiveness and desirability.

But with its emphasis on reward for specific performance, there have b

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

Examples of combination products may in

een some confusion as to how these programs can be designed to be truly commensurate with employee productivity. Here's how you can design your company's employee incentive programs effec

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

ively on the get go:

Determine the objective of the employee incentive program.

Employee incentive programs are meant to motivate employees to work harder and become more productive. Th

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

ey are also an effective way of allowing employees to take greater responsibility for their jobs and a good method of measuring their performance. These programs are also opportunities fo

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

Combination pro

employees to supplement their income.

Design a home-grown incentive program that's unique to your organization.

During your research, it's perfectly okay to look at other companies' inc

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

entive programs to see what works for them, but make sure to consider how your company's style and finances will fare. Travel incentives, for example, are excellent rewards for significan

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

t performance, but if your company cannot sustain it, it will fall flat later on.

Design an employee incentive program that offers realistic pay in exchange for realistic performance, the

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

kind that will reward employees for extraordinary efforts, not just for doing their jobs. Make sure the program is sustainable and able to offer rewards for performances in different stag

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

es, whether employees are still starting out or are already half-way through. An employee incentive program should remain interesting and relevant for the long haul.

Incentive programs m

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

st be separated from the employee's regular pay.

Employees must feel that they are receiving the reward separate from their income. Issue a separate check and include documentations such

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

Following aspects would a

as memos or citations. Announce the reward during company meetings or post it on the bulletin board or the company newsletter to make the employees feel special and appreciated. Make su

dd to the challenges in developing combination products:

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

re other employees get the message – perform well and you'll be rewarded.

Periodically evaluate employee incentive programs.

It's important that you systematically assess how effective y

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

ur employee incentive programs are in terms of its effect on employee performance, job satisfaction and company cost. Be consistent with your program but keep it simple so that when you h

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

ave to review it later, it's easy to find what its strengths and weaknesses are.

Ensure mutual understanding with the employee.

The key to ensuring that your employee incentive programs

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

re appreciated by the employees is to ensure that they understand what activities are involved and how their performances will be measured. Make sure that these units of measurement are r

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

Professional from academic institutions, pharmaceutical industries, health care indust

eadily produced and verified and cannot be influenced or manipulated by anyone, including you.

Just a reminder…

Money is good but it's an ineffective motivator. Money is something that

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

can immediately motivate an employee although its marginal value diminishes over time. In the long run, money is just not enough to affect an employee's earnings potential significantly j

.

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

st by some changes in behavior.

There is also the challenge of working with the restrictions imposed by job descriptions, which prevent employees from using independent thoughts and initi

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

Companies that provide selfless information through particip

ative to act on their ideas. Other than that, there are also the usual command responsibilities and control levels that an employee must respect, which may also hinder optimum performance

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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