Advice You - Business

Are your management practices on the right track? Retaining your valued or high performing employees must be a strategic issue for your company.

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

Throwing more money at your workers is not the answer and can become very costly. The more effective way to retain top talent is to address th

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

Examples of combination products may in

eir important needs.

Universal Truths:

Most people are content being paid at or around the market rate for good quality wo

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

rk. SOME folks are extremely money conscious, but eventually they learn that the paycheck comes every two weeks all on its own, and other motiva

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

tors come into play very quickly. There are very few folks who can be bought for money alone.

Most people want two opposing things out

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

Combination pro

of their jobs. They want to feel they are part of a group that’s able to accomplish greater things than they could on their own, AND they want

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

to know that they stand out as individuals. The job as a manager is to give them BOTH experiences: to bring about a ‘team spirit’ and to let his

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

staff or team know what a great job each one is doing.

Finally, most employees have a few ongoing needs that motivate them to do their

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

best work and to stay. They include a clear direction of their job or project; specific assignments that help them grow; access to necessary org

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

anizational resources, and feedback on their performance on a regular basis. Otherwise, they pretty much want to be left alone to get their job

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

or assignment done.

Five Leadership Fundamentals:
He then realized that his job as manager became very simple. To motiv

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

Following aspects would a

ate high performance and, at the same time, ensure employee satisfaction within his group, he just needed to:

Provide employees with a

dd to the challenges in developing combination products:

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

clear sense of where we’re going and why.

Make sure they have the necessary resources to get their job done.

Be attuned to

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

their professional needs and try to provide them with assignments that meet these needs (not always easy but still attainable).

Regul

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

rly meet with them both formally and informally to give and get feedback on what’s going on.

Get out of their way and, at the same ti

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

me, be available when needed.

He ended with this comment: “I don’t have long-term results to share, but in the short-run, I have

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

Professional from academic institutions, pharmaceutical industries, health care indust

a staff that reports being happy in their jobs and challenged by the work. And our group has a better reputation for service than the rest of the

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

large department we are part of. So I know I’m on the right track.”

This manager’s comments reinforce my observations that the primary reason

.

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

that people commit to a job, an organization, or an effort is not financial! It is the basic feeling of success. The employee who achieves, who

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

Companies that provide selfless information through particip

accomplishes his or her goals and objectives, who maintains a feeling of personal worth and value, will more likely remain with the organization

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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One of the most overlooked methods of doing business is using the barter system. People assume that you have to pay money in exchange for the receipt of something of value. Not only is this not true, it makes good business sense to barter for the exchange of goods and services. Bartering is a great way to get and give something of value without spending a dime.

Have you wondered if you're in the right type of career? You might think that you're in a job you don't really want to do for the rest of your life, but what else can you do? Do you really know what it is that you want to do? By answering the following questions, you'll be half way to discovering more about what you really want.

Are you a firefighter or an arsonist? If you're leading change you better know who is who in your organization or face a crash the size of the Titanic. Read on and discover a little known phenomenon on the road to change and what you can do about it.

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Advice You - Employee Retention: Five Leadership Fundamentals

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