Advice You - Business

Executive search firmsare now being asked to recruit a new breed of information officers to assist corporations address Sarbanes-Oxley compliance requirements and to compete more effectively overall in the age of Sarbanes-Oxley. Passed in response to major corporate scandals, The Sarbanes-Oxley

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

act also known as Public Company Accounting Reform and Investor Protection Act of 2002 has redefined the role of the company CIO. Many of the most progressive corporations have successfully embraced the evolution of the Chief Information Officer function from being narrowly focused on the day-

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

Examples of combination products may in

o-day maintenance and support of a company’s information systems organization to a much broader leadership and management role on the company’s senior management team. Executive search firm Venerable Partners says that these forward thinking corporations have empowered their CIOs to become vita

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

business partners in designing and executing the business strategy for their respective organizations. Chief Executives who have supported this evolution have undoubtedly experienced greater operational efficiencies, improved resource utilization, and better returns on their technology investm

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

ents.

According to Donald Law, Managing Director of executive search firm Venerable Partners, “as a byproduct of this evolution, Chief Information Officers have now become intimately involved in all of the critical business processes that drive their companies. From supply chain management to

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

Combination pro

roduction systems, from customer fulfillment to billing systems, from human resource management systems to compliance tracking, a corporation’s information systems organization has become inextricably linked to all significant business processes within their company.”

It is critical for Chief

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

xecutives to appreciate the significance of this linkage between an entity’s information systems organization and the critical business processes and safeguards required for Sarbanes-Oxley compliance. According to executive search firm Venerable Partners, “because it is not practical for Chief

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

Executives to understand the granular technical details of the technology solutions that support an organization’s business processes, the relationship between the CEO and his/her CIO has to be stronger than ever. As an executive search firm who partners with senior management, we have seen tha

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

CEOs are now coming to expect that their CIOs become the guarantors of the business processes implemented within their organizations.” However, in order to allow one’s CIO to become the guarantor of one’s organizational business processes, CEOs must recognize that they must now provide for a l

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

vel of transparency that their CIOs may not have been privileged to in the past. Such open communication is critical to an organization’s ability to consistently satisfy the Sarbanes-Oxley requirements and mitigate unforeseen exposure to essential business processes.

As Chief Executives go abo

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

t assessing the leadership strengths of their information officers and go about identifying senior information systems executives who present the capacities to truly become the guarantors of one’s business processes, executive search firm Venerable Partners recommends that CEOs (and their respe

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

Following aspects would a

ctive selection committees) work to identify information systems executives who present the following essential qualifications:

Exceptionally strong general business acumen along with an astute level of understanding of all critical business functions and their underlying processes.<

dd to the challenges in developing combination products:

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

li>

Business process management skills, including an understanding of best practice process documentation procedures.

Demonstrated success serving as a key business partner across all major functional disciplines in delivering a comprehensive suite of information technology solut

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

ons designed to advance the needs of the business.

Prior exposure to Sarbanes-Oxley reporting and compliance requirements.

The interpersonal and leadership skills required to establish a trusted advisor relationship with the CEO.

Demonstrated experience as a senio

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

r leader of an information systems organization, including a thorough understanding of the enabling infrastructure, operations and applications solutions that underlie a world-class information systems organization.

Familiarity with the emerging information technologies that are impac

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

ing one’s particular industrial sector and driving the major architectural, econometric and customer-focused solutions. Executive search firm Venerable Partners states that these are only general guidelines intended to provide a basis from which to begin an assessment of one’s lead

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

Professional from academic institutions, pharmaceutical industries, health care indust

rship strengths within the office of the information officer. A company’s specific business challenges and external market forces will also dictate the ideal profile best suited to address an organization’s specific needs.

Donald Law of executive search firm Venerable Partners comments that “e

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

ach client situation is unique” and that corporations should first engage one of the leading executive search firms to provide a comprehensive assessment of the leadership strengths and weakness within the office of the information officer prior to making any decisions regarding one’s personnel

.

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

By partnering with an executive search firm like Venerable Partners to provide this type of assessment, Law maintains that corporations will better mitigate compliance related risks and also help ensure that adequate succession planning initiatives are also in place within a corporation’s IT o

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

Companies that provide selfless information through particip

ganization.

Donald Law of Venerable Partners maintains that executive search firms can provide a truly objective assessment and provide valuable recommendations.
For more information please visit http://www.venerablepartners.com

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

For businesses that have a large number of employees that handle sensitive information or valuable items; for banks who have to protect themselves against the very real threat of being robbed; for countries who are looking to protect themselves and their people against the possibility of terrorist attacks; and for parents who want to monitor what’s going on with the nanny or babysitter at home, hidden security cameras are the way to go.

What are the legitimate work at home opportunities? Well that is simpler to answer than it is to tell you how to go about it.

Vacancies For Nurses - choices and opportunities abound for registered and travel nurses, nurse practitioners and licensed practical nurses.

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Advice You - New Breed of CIOs to Provide Competitive Advantage and Ensure Sarbanes-Oxley Compliance

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