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Advice You - You Get the Behavior You Reward
On consulting assignments, here are some of the questions I frequently ask the employees I interview:
1. How does your boss measure you?
2. When
1. How does your boss measure you?
2. When
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
the end of the year rolls around, how do you know if you have done a good job over the previous 12 months?
3. If you wanted to receive a raise doub
3. If you wanted to receive a raise doub
; 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
le the amount that you typically receive, what do you believe you would have to do to qualify?
Only on rare occasions are employees (except for sale
Only on rare occasions are employees (except for sale
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
speople) able to answer these questions since many owners and managers are still prone to give their people discretionary raises and in many cases di
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
cretionary year-end bonuses.
Experience has taught me that adults perform best when they know specifically what performance they must achieve to qua
Experience has taught me that adults perform best when they know specifically what performance they must achieve to qua
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
lify for a specific dollar amount of year-end bonus incentive payment.
In high school and college, students earn grades depending on how well they s
In high school and college, students earn grades depending on how well they s
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
core on quizzes during the grading period. They know that if they get all of the answers right all year, odds are excellent that they will earn an “
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
” grade.
In baseball, most players are paid a salary, but most are also paid a specific incentive payment based on how they perform against measurab
In baseball, most players are paid a salary, but most are also paid a specific incentive payment based on how they perform against measurab
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
le objectives, i.e., stolen bases, homeruns, batting average, RBI, runs scored, etc.
Of course, assigning someone a measurable goal is no guarantee
Of course, assigning someone a measurable goal is no guarantee
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
that they will achieve the goal, but at least they know what they have to do to earn “x” reward.
In business just like in life, performance rewards
In business just like in life, performance rewards
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
mprove the odds that people will go the extra mile to earn the prize. The name they give this motivation is called winning. This is why they instal
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
l scoreboards in sports arenas. How effective do you believe a basketball team would be if there was no scoreboard and the players couldn’t see whet
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
her they were winning or losing?
The reward doesn’t necessarily have to be monetary, however. The reward could also be recognition at an awards din
The reward doesn’t necessarily have to be monetary, however. The reward could also be recognition at an awards din
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
ner. It could be dinner for two at a fine restaurant. It could be a weekend getaway for two at an upscale hotel. It could even be a trip for two t
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
a nice resort.
Rewards, awards and incentive payments are terrific ways to motivate employees to stretch and put more energy and effort into their
Rewards, awards and incentive payments are terrific ways to motivate employees to stretch and put more energy and effort into their
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
work. Incentives also aid in making work more fun.
Some owners will rebut, “…Yeah, but that’s what we’re paying them a salary for.”
Yes, that’s tr
Some owners will rebut, “…Yeah, but that’s what we’re paying them a salary for.”
Yes, that’s tr
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
ue. But would such naysayers want to work for a company that paid them a salary and kept them in the dark as to how they are measured or how their b
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
nus is calculated?
Discretionary bonuses would be like the tournament committee at the U.S. Open deciding how much to pay the golfers after play had
Discretionary bonuses would be like the tournament committee at the U.S. Open deciding how much to pay the golfers after play had
.
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
stopped and the tournament was over.
Based on what I see in the marketplace, the companies that get the most mileage out of their incentive plans a
Based on what I see in the marketplace, the companies that get the most mileage out of their incentive plans a
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
re the ones that make it clear how the company’s incentive plans are designed and what level of performance is required to achieve a specified reward
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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