Advice You - Business

You’ve worked hard to grow your business. You’ve reached a point where you are starting to realize that you can only grow so much more without the addition of other producers. You know that according to industry statistics the likelihood that those new produ

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

cers will succeed is about 15% at best. While you are trying to help your new producers become successful you recognize that you may hinder your own personal productivity in terms of time and income. This is a challenging cross roads. To this point you’ve only ha

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

Examples of combination products may in

d to think about your own productivity and you realize that you could invest a good deal of time and dollars and never experience a benefit from your efforts. Let’s look at your risks in bringing in more producers and how you can minimize those risks and maximize y

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

our rewards.

What are some key considerations involved with adding producers? Will you provide a base salary, a temporary base salary, or is the position commission only? Just because you aren’t paying someone a salary doesn’t mean they are free, and that

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

you have no risks. You will need to make a commitment of your time, resources, and talents to help this new person succeed; even if that “new” person is someone who has worked with another organization. You will also experience a certain level of disruption in you

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

Combination pro

r current work flow, and may have cultural issues that you will need to deal with. Your professional image is important and you will want to make sure anyone you bring into your organization will reflect the image and values that are important to you.

Let’s tak

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

e a closer look at the costs involved in your decision to bring in an additional producer? There may or may not be direct salary costs involved, but there will always be indirect costs involved. How do you value your time currently? As you look at your work w

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

eek, if you were to divide the new sales you bring in each week plus the additional sales that you bring in from current clients each week by the number of hours you work in the week you could come up with a ball park value for your time. If you were to make a cons

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

ervative estimate and say that you will need to spend about 2 hours each day working with the new producer, and that your current schedule is based on a 40 hour week you would then be diverting 25% of your productive time or your free time helping the new producer.

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

You can then determine what it costs you personally to “train” the new person based on your personal estimate of how long that training process will take. You will also need to consider the costs associated with office space, support staff, other administrative co

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

ts, and your business’s professional image. How long are you prepared to carry this financial and time burden before you expect the producer to start covering your costs through their sales? Do you have agreed upon performance standards and expectations? How do y

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

Following aspects would a

ou personally plan to help this person if those expectations are being met?

What can you do to get new producers producing faster without reducing your own financial capabilities to do so? You will use the resources available through your associations and s

dd to the challenges in developing combination products:

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

uppliers to get the producer the knowledge they need to work in your area of expertise. This may mean ensuring they obtain the necessary licenses. In some cases, you may even have some “training” available internally that is intended to help producers become succe

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

ssful faster. Another option you may not have considered is using a business coach for both yourself and the producer. These outside experts can help you to develop the skills you need to improve your communication, help you to develop a clear plan and direction f

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

or the business, help you to develop your leadership skills so those plans get implemented, and help you to learn how to develop self-motivated people that get results. The business coach can work with the new producer helping them to identify and overcome their ow

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

n internal obstacles that are keeping them from effectively using the tools you are providing them to get the results you both want. Business coaching can be a very cost effective way to get results faster for both you and the new producer.

In summary, before m

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

Professional from academic institutions, pharmaceutical industries, health care indust

aking the decision to bring in additional producers take the time to plan for the best results. Evaluate the costs involved and consider how long you are willing to withstand those costs before you expect a return on your investment. Consider the impact of thi

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

s decision on yourself, your staff, and most importantly your current and potential clients. Develop your plan with defined expectations and then prepare both yourself and the new producer for the most efficient fulfillment of those expectations. You may think tha

.

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

t if you give the new producer your bottom 15% that you will both be satisfied, but that usually isn’t the case. You may have taken the burden of less profitable clients off your shoulders, but they may not provide enough financial potential for the new producer to

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

Companies that provide selfless information through particip

survive, and you will still expect this person to bring in new clients at some point or you will both end up frustrated. Proper planning, and in some cases, a little outside help can greatly increase your success and reduce the stress of bringing in a new producer

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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Advice You - Tips to Help You Grow Your Agency Without Sacrificing Profitability

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