Advice You - Business

In business, the Equity Theory of employee motivation describes the relationship between how

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

fairly an employee perceives he is treated and how hard he is motivated to work. Peter Dru

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

Examples of combination products may in

ker, an author who specialized in economics, first proposed the link between Equity Theory a

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

nd employee motivation.

The basic idea behind the Equity Theory is that workers, in an atte

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

pt to balance what they put in to their jobs and what they get from them, will unconsciously

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

Combination pro

assign values to each of his various contributions.

In addition to their time, workers cont

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

ribute their experience, their qualifications, and their capability in addition to their per

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

onal strengths such as acumen and ambition. Money, of course, is the primary motivating out

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

ome for an employee, but it is not the only, and in some cases not even the most important,

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

factor. Power and status are also prime motivators, as are flexibility, perquisites and var

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

ety.

According to the Equity Theory, the most highly motivated employee is the one who perc

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

Following aspects would a

ives his rewards are equal to his contributions. If he feels that he is working and being r

dd to the challenges in developing combination products:

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

ewarded at about the same rate as his peers, then he will judge that he is being treated fai

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

ly.

This doesn’t mean that every manager should treat every employee identically, because e

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

ery worker does not measure his contributions in the same way. For example, flexible workin

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

g hours might motivate a working mother even more than a pay raise. Conversely, though an a

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

Professional from academic institutions, pharmaceutical industries, health care indust

ross-the-board wage increase may delight most employees, the highest producers may become le

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

s motivated if they perceive that they are not being rewarded for their ambition. Research

.

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 Equity Theory and employee motivation has shown that, in general, over-rewarded employees

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

Companies that provide selfless information through particip

will produce more and of a higher quality than will under-rewarded, less motivated employees

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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Traditionally, in American businesses, the same person occupies the role of chairman of the board and chief executive officer, though this is gradually shifting to the European model. In most European, British, and Canadian businesses, the roles are usually split, in an effort to ensure better governance of the company, and in turn bring higher returns to investors.

Here are a couple of things that you should think about as you’re preparing for an interview with a potential employer: First of all make sure that as you prepare for the interview, you learn as much as you can in advance about the company. What are its core markets? Which customers does it target? Who are the competitors? What is the company unique selling proposition? What is management’s vision & values? What does the leadership stand for? What is the culture about? These are all things that you should study and research prior to going into your interview.

Do you have a big vision for your business? It’s a good idea at least once a year to set aside time to connect with your vision for your business and your life.

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