Advice You - Business

I have yet to walk into a company during my thirty five years in the industry that didn’t have some form of this statement about the value of employees printed somewhere. A mission statement, in their employee handbook, on

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

a poster on the wall, the company newsletter and even in the strategic plan for the very few that actually have a strategic plan. However, when I think about it, I almost want to puke. Why ? Because the majority of the com

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

Examples of combination products may in

pany’s that make this claim have no idea what it really means to treat their employees like their most important asset.

Listen carefully, if you don’t treat your employees like your most important asset --- Then they certa

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

nly will not act nor will they perform like your most important asset. And that means you are missing the greatest opportunity in the world to leverage talent in creating competitive advantage in your market place. Make no

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

mistake, it is your employees that create core competencies and core competencies create competitive advantage.

Kudos to every company out there that has figured this out but you are in the minority. Treating your employee

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

Combination pro

as your most precious asset is not a mystery. It’s not rocket science. It’s actually fairly simple. WARNING! Lip Service about it isn’t good enough. Putting it in your mission statement, posting it on the wall, publishing

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

it in the company newsletter doesn’t mean crap if you don’t act on it. Acting on it means spending money. Invest in the greatest power you have for achieving success. Your employees. Don’t cut training and education from 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

budget every time there is an economic hiccup.

. Examine the following tips and I think you’ll be able to figure it out

• Start at the beginning, examine your hiring practice. The first thirty days of employment are

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

critical. Create a buddy sponsor and pay the buddy $100 to guide the new employee the first month. Let the new employee choose his buddy after two weeks. Can you imagine the cooperation and help the new person will get tha

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

first week. Make sure you have a legitimate documented employee orientation program.

• Identify training needs throughout the organization. Create a training matrix. Allocate funds. Develop an intern program for leadershi

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

p candidates that show exceptional promise. Create mentoring programs. Train your managers on coaching and mentoring. Don’t forget education. Reimburse tuition, create specific educational curriculums for specific managemen

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

Following aspects would a

t level employees. Create a company university program.

• Burn the annual appraisal forms. They are worthless. Create an obligation for all managers to spend a minimum of thirty minutes a month discussing performance and o

dd to the challenges in developing combination products:

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

portunity with their direct reports. Record it on a 3 x 5 card. This will make annual performance reviews meaningful because you now have data for the entire year, twelve mini reviews.

• Statistics and surveys prove that t

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

he majority of employees that leave their employers do not leave due to pay. Employees want to be treated like people. They want respect and trust. Employees will not start respecting their leaders until their leaders star

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

respecting them. They will not start trusting their leaders until their leaders start trusting them. Ask yourself how you would want your managers to treat your son or your daughter if they worked for them? Some of you hav

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

e family in the business.

• Fairness---- Employees want fairness in all their dealings. This starts with fair pay. Is it your goal as a company to pay at or above market? This includes base pay, benefits, recognition and o

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

Professional from academic institutions, pharmaceutical industries, health care indust

her non monetary rewards. Fair and consistent treatment is a must. Award and recognize with extra paid days off in conjunction with a weekend. Buy the book 1001 ways to make it fun to come to work.

• Accountability ---- Em

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

ployees want to be held accountable. They want to be empowered. They want to contribute. Make sure they understand what their job really entails. What are their responsibilities. Job descriptions, if you have them, are ofte

.

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

vague or incomplete.

• Coach and Mentor your employees.

Do these things and you will be on your way to becoming Employer of Choice. Your recruitment and retention problems will be minimal. Employees will excel. They will

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

Companies that provide selfless information through particip

release that discretionary energy and apply it to creating competitive advantage. Training your employees will increase their drive for success. Fairness creates happy employees. Happy employees create satisfied customers

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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