Advice You - Business

Every commercial real estate brokerage firm claims to have great training, but few really do. Our research indicates that the quality of the training programs in the industry varies sign

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

ificantly. Thus, those seeking to enter the highly competitive commercial real estate field should do some research and assess the real training capabilities of their prospective employe

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

Examples of combination products may in

to increase their chances of success.

The most prevalent training methods today consist of spending time as a researcher or marketing assistant, or as a “runner” for a more exper

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

enced broker. In some cases, an office manager may assemble new employees together for informal “training” sessions once a month. Most often, the new employee learns the business through

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

“osmosis,” by absorbing facts as they go. This approach is inherently inefficient, has the potential for serious learning deficiencies, and does not follow a structure that guarantees th

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

Combination pro

trainee will have the chance to develop a solid foundation in the basics of the business.

Considering that the turnover rate among those new to the business tends to be particul

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

rly high during their first three years, it is understandable that some employers are reluctant to invest dollars in training new agents. However, this may be a shortsighted approach sin

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

e quality basic training:

1. Does not have to be expensive
2. Can weed out those not committed to the business
3. Shortens the learning curve and accelerates the time to mar

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

et
4. Is an effective retention tool
5. Delivers value to the employee and creates loyalty
6. Helps manage risk and reduces liability
7. Generates more revenues sooner

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

>The characteristics of organizations committed to providing quality training and employee education include:

1. A real commitment from the firm’s leadership, including the CEO

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

2. A training staff that includes professional educators
3. Training that is offered and available at all levels of the company
4. A curriculum or learning path for employees to fo

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

Following aspects would a

low
5. Education delivered using a variety of learning platforms
6. Recognition and rewards for those who learn

Some commercial brokerage firms have embraced education and t

dd to the challenges in developing combination products:

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

aining as a way to win the recruitment and retention battles, even among more experienced brokers; there is evidence that their investment in initial and ongoing training is paying off h

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

ndsomely. Others are not as committed, and have training departments that may be lacking in quality offerings and delivery platforms.

New college grads and other sales professiona

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

s seeking a job in the commercial real estate industry should do a thorough job of researching how good their prospective employers’ training program really is. When considering potentia

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

employers, they should ask about training, review the firm’s training curriculum, find out how soon and how often they will receive formal training and what form it will take.

Is

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

Professional from academic institutions, pharmaceutical industries, health care indust

training offered in textbooks and/or manuals? Are formal live courses provided? Does the training offer webinars and online education? Is it using the full array of available platforms t

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

appropriately deliver training in both the cognitive content (technical and factual knowledge) and the “soft” content (prospecting, presentation skills, negotiating techniques, etc.) ne

.

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

essary for new brokers to succeed?

The prospective commercial real estate professional should interview a couple of newer employees at the firm to find out how their training has

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

Companies that provide selfless information through particip

one so far.

Employees should place a very high priority on the quality of training offered by their prospective employer; their success in the business may very well depend on it

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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