Advice Pool - Business

The phrase “Value Added” is widely known around the world, partly because it provides the taxation basis that businesses charge their customers

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

on purchases in many countries. And so to most of us, “Value Added” means the government and supply chains substantially mark up prices and we

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

Examples of combination products may in

end up paying more for the things we buy.

That means the phrase has an unpleasant connation for most people - one all too similar to “highway

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

robbery”. And that’s unfortunate, as the value that you add on the job is the single most critical factor in determining how easily you

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

’ll find a new job and how large a pay package you’ll command.

Since businesses are in business to make money, there’s no incentive to hire a

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

Combination pro

ew employee for (say) $40,000 if that person produces only $20,000 of value. On the other hand, there’s substantial incentive to hire someone f

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

or $40,000 if that person can produce value worth $60,000 … $80,000 … or even $100,000 for the company.

This means that persons who can add $1

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

00,000 of value are likely to have many companies seeking to hire them. Companies have to compete for these special candidates and one way of d

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

oing this is to increase their offers to $50,000 or $60,000 or even $70,000.

Think of the value-added amount you can contribute as being the t

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

heoretical ceiling for your earnings. You won’t get paid more than you’re worth (at least, not for long if the company realises it), but

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

companies are more than happy to pay you far less than you’re worth if you settle for it. Most employees are in this position, unfortunately.

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

Following aspects would a

Are you one of those unfortunates? Probably, unless …

You understand the amount of value that you can add (most employees don’t)
dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod
i>You can spell out how and where you would add that value (most employees can’t), and
You’re a skilled negotiator (most employees aren’t)

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

Do you know the answers to the three questions above? If not, the odds are good that you’re not presently securing a substantial porti

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

on of the value that you add for your current (and future) employer.

How do you help your company make money? How do you help your company to

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

ave money? In what ways are you more productive? How much more productive are you? What good ideas have you come up with that have helped the c

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

Professional from academic institutions, pharmaceutical industries, health care indust

ompany?

If you have good answers to these questions, you’ll have a real advantage when competing for jobs and negotiating your compensation.

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

But most people don’t know how to determine these factors on their own. And even if they do, they lack the ability to effectively market that a

.

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

dded value in a way that portrays them in the best possible light.

Learning your true added value and communicating it persuasively to employe

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

Companies that provide selfless information through particip

rs are two of the most important skills you can learn (or pay others to teach you). It will literally make a world of difference to your career

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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At our company we often get many emails from visitors to our sites saying how much they enjoy examples of cross cultural blunders. We are constantly asked for more. Bowing to pressure we have therefore complied some more. The following cultural blunders are all examples of ‘culture gone wrong’ in international business today.

We strongly recommend that you plan extra lead time into your job for the purpose of obtaining printed proofs of any job output - without proofs we cannot guarantee your satisfaction. Plan at least two full weeks from the time of art submission to receipt of final graphics for the purpose of proofing.

There is a lot of consideration when being burdened with the complex tasks of creating and designing a logo, which not only reflects the image of the company, but will catch the attention of the consumer and client population. Logos need to be eye catching, and can be considered as tools which give positive first-time impressions of the industries or organizations they’re representing. Prior to a business promoting its major products and services in the market, its entrepreneur needs to be creative and design a logo, which is both innovative and creative

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Advice Pool - Employee Compensation: How Much Value Do You Add on the Job?

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