Advice You - Business

As chains and independents continue to battle for market share and the consumer’s dollar, focusing inward can provide a more profitable approach. Instead of continually trying to attr

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

act new guests, incentivize the employees to keep the ones we already have and perhaps get those guests to spend a little more.

Coupons, fliers, commercials, billboards and door han

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

Examples of combination products may in

gers may get the message out and the instore signage may plant another seed, but it is ultimately up to the employee talking with the Guest to ‘seal the deal.’ How many times do we dr

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

op the ball after all our other efforts? Today’s employees need an extra incentive to improve performance. Think it may be impossible to get them to sell? Think again.

Many companies

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

reate employee incentive programs but the rewards typically aren’t given out until something (outside their control usually) happens – their name is drawn out of a hat or lofty company

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

Combination pro

/store sales goals are hit. We live in an instant gratification society. The key is not to focus on changing attitude.

Instead, focus on rewarding changes in behavior – now! As the e

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

mployees realize their behavioral changes are recognized/rewarded, the behaviors are repeated, results are achieved and people’s attitudes change – not the other way around. Keeping th

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

e good employees is the key to driving your business.

Which rewards are the most effective? Cash? Studies have shown time and time again that cash works great to attract new employees

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

but is NOT the most effective motivator.

After all, if it were, all servers would suggestively sell to every table as they are receiving 15% of all additional sales. Trouble is, they

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

cannot brag about it (no trophy value) and they simply spend it without thinking about where they received it.

If money does not work, what does today’s employee want? The most effe

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

ctive rewards to drive performance (and your business) include:
• Custom Ring Tones
• Music Downloads
• Custom Shoes – visit www.nikeid.com. You can design your own custom

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

Following aspects would a

pair of shoes – what a reward. Everywhere the employee goes people will ask them about their shoes and it will be a constant reminder about the company they work for.
• Time off

dd to the challenges in developing combination products:

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

– everything from an extra 15 or 30 minutes to a paid day off
• Listening to employees and soliciting their input
• Thank them for the basics – arriving in uniform, attendance,

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

adherence to procedures and recipes – will ensure repeat performances
• Gift cards to other restaurants (may be able to trade out to lower your costs)
• Gas Cards
• Pho

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

ne Cards – international calling cards work great for employees with relatives outside of the country.

While many of these items essentially are equivalent to cash, the employee will

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

remember who gave it to them when they use it. This type of outside-the- box thinking can certainly drive your business with minimal risk or investment. Does it cost money? Yes, but if

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

Professional from academic institutions, pharmaceutical industries, health care indust

the system is designed properly, expenses only happen if the employees generate additional sales or profits!

Contests and programs are a great way to generate excitement and short-te

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

rm spikes in sales and employee retention, but ultimately, your success is based on the ability to create a recognition-culture where you recognize people’s value to the organization.

.

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

Don’t be fooled - you will still have turnover, but you will be losing the right people. Lose a superstar and your business suffers. Keeping belowaverage employees causes the good one

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

Companies that provide selfless information through particip

s to leave. If a below-average performer leaves, your team’s performance not only increases, but the ex- employee will most likely go work for your competitor – a double bonus for 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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How sustainable is your current work? How secure is your future, when it comes to sustaining your current job. Will it stand the test of time? How sure are you? Where will you work in the next coming year? Will robot replace your current work? Who knows! Just read this article to find out.

In certain cases the company name itself is used as a family brand name under which varied products of the company are marketed. This process is called corporate branding. Corporate branding is resorted to only when the company is confident that lending the company name to its products gives a better identity for the products. And once the corporate brand name is established, it facilitates easier establishment of new products.

When you close a sale, finish a job or complete a project, don't just wait around for 'the next time'. Initiate the conversation for improvement. Your discussion will lead to better relationships, understanding and results.

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