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Advice You - Are Executives Worth the Effort?
Why is it companies will spend more time and effort on defining the decision criteria and the evaluation process associated with spending +$1 million of bottom line profit o
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
n a capital acquisition than they will in the acquisition of an executive responsible for driving +$1 million in bottom line profit (let alone the corresponding top line rev
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
enue)?
Sound paradoxical? So why does this happen?
Is it because companies believe executives aren't worth the effort? Hardly; you'd be hard pressed to find a CEO that d
Sound paradoxical? So why does this happen?
Is it because companies believe executives aren't worth the effort? Hardly; you'd be hard pressed to find a CEO that d
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
esn't think people are the key to their company's success.
Unfortunately, some hiring executives trivialize the importance of defining the decision criteria and the evaluat
Unfortunately, some hiring executives trivialize the importance of defining the decision criteria and the evaluat
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
ion process associated with the acquisition/promotion of an executive. The response is simply, "I know what I want, and I'll recognize it when I see it" with respect to hir
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ng criteria and the associated evaluation process.
Others don't want to admit they know it's important but don't have the time to invest in defining the decision criteria a
Others don't want to admit they know it's important but don't have the time to invest in defining the decision criteria a
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
nd the evaluation process associated with the acquisition of an executive. So they just pass the responsibility off to an underling or the HR department who attempts to def
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
ne all this in a vacuum.
There are even hiring executives who simply don't want to admit they really don't know how to go about defining solid objective based decision crit
There are even hiring executives who simply don't want to admit they really don't know how to go about defining solid objective based decision crit
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
eria and evaluation process associated with the acquisition of an executive.
Actually, it typically isn't just one reason this paradox raises its ugly head; it's a combinat
Actually, it typically isn't just one reason this paradox raises its ugly head; it's a combinat
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
on of reasons ranging from trivializing the importance, to knowing it's important but not making the time, to not knowing how.
Regardless, every CEO knows a bad hiring deci
Regardless, every CEO knows a bad hiring deci
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
sion can cripple a company or worse. As an example, propagate this down through the Sales organization's hierarchy all the way down to individual contributor quota carrying
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
sales people, and you have a recipe for disaster.
You can have the best strategy, a bullet proof process, and know exactly what tactics you need to implement to achieve suc
You can have the best strategy, a bullet proof process, and know exactly what tactics you need to implement to achieve suc
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
ess. It all falls apart if you are deploying the wrong people; because a company's ability to execute is effectively limited by the people doing the executing – full stop.
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
As an example, companies spend millions of dollars on strategic sales process training every year, but never ask themselves if they are training the right people, let alone
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
take the time to define what "right" looks like. They don't invest in defining hiring criteria and an objective evaluation process consistent with the objectives they are a
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
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
sking sales people to achieve. "Hire someone who excelled at one of our competitors" is the typical hiring criteria, combined with an "I'll know it when I see it" evaluatio
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
process. This unfortunately is what precipitates a "sink or swim" situation for sales people. Do this consistently, and your company's revenue stream is in a "sink or swi
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
m" situation.
So, are executives worth the effort? Absolutely! Simply put, this is about good risk management. In fact, investing time and effort into defining the decis
So, are executives worth the effort? Absolutely! Simply put, this is about good risk management. In fact, investing time and effort into defining the decis
.
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
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
on criteria and the evaluation process associated with acquiring an executive responsible for driving +$1 million of bottom line profit (let alone the corresponding top line
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
revenue) will result in acquiring an executive who will yield far greater ROI for your company than any +$1 million capital acquisition a company could ever hope to produce
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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