Advice You - Business

A few months back Fortune magazine published their “2007 100 Best Companies To Work For" report. I enjoy analyzing reports like this to find commonalities that link successful organiz

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

ations.

The products and services that these winning organizations offer, while important, are not their key to, since most products and services these days are all pretty much alike

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

Examples of combination products may in

What is important are the internal systems and processes that enable these organizations to develop and deliver their products and services in a world-class manner. The common link

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

training!

Training: Expense or Investment? The average number of training hours per year for Fortune’s top 100-companies was 54. Quicken Loans offered the most training hours a

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

t 250/year, with W.L. Gore & Associates bringing up the rear at 10 hours/year.

Nine companies averaged in excess of 100-hours of training, which included retailers like Whole Foods M

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

Combination pro

rket and the Container Store. Included in Fortune’s listing next to each company is a section titled: “What makes it so great?’ Here are some of the comments:

* Employee owner

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

hip and involvement
* Employee growth and development
* People are our business
* Employees respected and trusted
* People centered strategies

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

* Employee trust

So how does your organization view employee training: expense or investment? Training and development are the foundation of successful companies. The best comp

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

nies view training and development as an investment as opposed to an expense.

Companies that view training as an expense usually cut the budget in a down economy. Mr. Peter Drucker,

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

perhaps the greatest management consultant of all time, was once quoted as saying: “People are a resource, not just a cost." Many of the best performing companies such as Marriott, S

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

arbucks, FedEx, and Ritz Carlton are making extraordinary investments in training.

Training is so valued at FedEx that it is policy that all members of management participate in 40-h

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

Following aspects would a

ours of training each year. Marriott invests over $100M each year on training and has one of the lowest turnover rates in the hospitality industry. Coincidence? I think not! Compa

dd to the challenges in developing combination products:

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

ies that make unusually large investments in training and development (a key cutoff point is about $1K per employee) typically have lower employee turnover.

Lower employee turnover i

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

associated with higher customer satisfaction, and customer satisfaction is a key driver of profitability. A very strong correlation exists between training investment and economic v

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

alued added (EVA); a performance measure most directly linked to the creation of shareholder wealth over time.

Training Outcomes:
Training is a great way to communicate your com

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

any’s job-performance expectations. Training is the key link between job-performance and the mission of the company – the differentiator is people.

Research proves that cumulative k

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

Professional from academic institutions, pharmaceutical industries, health care indust

owledge and experience manifests itself in higher productivity, increased sales, greater customer satisfaction and loyalty, fewer errors and injuries, and less absenteeism. People pe

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

rform best if they see a future for themselves at a company, and training accomplishes this.

Investments in training builds commitment and loyalty - people leave training with a sens

.

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 they have been invested in, and that makes them feel that they are with the right company. Employees have greater levels of self-esteem and pride when they see the company is i

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

Companies that provide selfless information through particip

vesting in their growth and development – they feel more motivated. (*)

* For a free report: “Motivating Non-Performers: 20 Do’s & Don’ts of Employee Motivation" go to: www.eps-i.co

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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