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Other Articles - The Secret To Employee Accountability: Bonuses vs Pay for Performance
Bonuses paid when a job or a year “goes well” or “you make money”, or worse, paid as a Christmas bonus inevitably become ENT
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
ITLEMENTS. When the incentive is not paid based on the job and/or the year EXCEEDING your planned profit and performance, wh
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
n it’s not based on the employee or employee group (as applicable) exceeding their specific standards in their jobs linked t
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
your MINIMUM ACCEPTABLE PROFIT, simply the bonus becomes a gift and eventually becomes an expected entitlement. When it bec
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
mes an expected entitlement and it’s not paid on a job or at the end of the fiscal year or in December, the reverse often oc
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
urs…productivity declines - another waste of profit and cash flow with a potential decline in business discipline, poor atti
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
udes, and more lost profit and cash flow.
In order for a performance compensation system to work it should have the followi
In order for a performance compensation system to work it should have the followi
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
g qualities:
* Specific standards for the job and year must be clearly established, defined, and measurable both by positio
* Specific standards for the job and year must be clearly established, defined, and measurable both by positio
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
and overall job and company results in terms of PROFIT.
* There must be a method of timely, accurate, and easily understoo
* There must be a method of timely, accurate, and easily understoo
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
measurement by those performing the tasks comparing actual results to standards both at the job level, individual performan
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
e level, and at a defined company level.
* Payments should be made routinely throughout the year, not just at year end.
*
* Payments should be made routinely throughout the year, not just at year end.
*
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
Incentives paid on a specifically awarded job should have a portion deferred for quarterly or annual incentives to avoid the
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
trap of one big win…followed by a bigger loser…and you just can’t ask for a refund from your employee when you lose.
* Ince
* Ince
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
tives should be proportioned to the individual exceeding his/her job performance (when measurable), proportioned to the awar
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
ed job, and proportioned to the company meeting its overall profit goals.
* Lock in a portion of the annual incentives earn
* Lock in a portion of the annual incentives earn
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
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
d as deferred beyond the current year that will vest after 3-5 years to lock in good employees (golden handcuffs) and not ov
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
r compensate inconsistent employees.
* Eventually migrate to incentive compensation over raises at the various job levels.
* Eventually migrate to incentive compensation over raises at the various job levels.
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ou’ll find that over 1-3 years you’ll attract better performers who want to work in a higher paying performance environment,
.
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
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
you’ll make more money, and have a better basis for new employee marketing and recruitment.
Achievable minimum acceptable p
Achievable minimum acceptable p
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
anned profit control, coupled with individual accountability to specific standards tied to incentives, makes you more profit
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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