Useful Advices - Business

Think age diversity doesn’t affect your workplace? Before you respond, read the following situations and highlight those that you’ve observed i

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

n your organization:

·Baby Boomers who insist on calling meetings for everything.
·Gen X’ers who appear to only be in it for themselves.

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

Examples of combination products may in

r> ·Younger workers who assume that if you don’t have an I-pod you are computer illiterate.
·Seasoned employees who keep reminding everyon

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

e the way things used to be.
·Younger managers struggling to gain the respect of older workers who are subordinates.

If you checked off mo

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

re than one box then your organization is among the many facing intergenerational workplace issues. Some companies actually believe these issue

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

Combination pro

will go away on their own. They operate under the premise that older workers will retire and the younger people will mature in time to take the

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

leadership roles vacated by this generation. Problem solved.

Forward thinking companies understand that intergenerational conflict is here to

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

stay. Older workers are deferring retirement and Baby Boomers are still climbing the corporate ladder. Gen X’ers are holding middle and senior

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

management roles while the youngest sector of the workforce, Millennials, are just settling into the workforce.

Failure to understand the comp

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

lexities or recognize the opportunities associated with an intergenerational workforce will put your company at risk. As more companies address

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

the issues associated with these challenges, those not planning ahead and leveraging generational diversity will be left scrambling.

Here are t

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

Following aspects would a

hree things your organization can do today to turn this challenge into an opportunity:

Open the box

Instead of putting people into boxes, we n

dd to the challenges in developing combination products:

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

eed to open the box to get a better glimpse of what’s inside. Encourage employees to discuss their differences and similarities with one anothe

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

r. Then focus on the commonalities. This is the first step towards creating an environment where generational differences are understood and ap

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

preciated.

Training

How can we expect supervisors and managers to navigate through this complex arena without proper guidance? Provide supervi

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

ors and managers with training and access to consultants who can help them head off intergenerational misunderstandings.

Turn silver into gold

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

Professional from academic institutions, pharmaceutical industries, health care indust

Mature workers are no longer opting to spend the sunshine years of their life in the south. That’s good news for those employers, located in c

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

older climates, who recognize the knowledge and experience this generation brings to the workforce. The key to retaining this generation of emp

.

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

loyees is to provide them with flexibility and opportunities to pass along their experiences to younger workers.

Start today and you will immed

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

Companies that provide selfless information through particip

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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Useful Advices - Intergenerational Dynamics in Your Workforce - Challenge or Opportunity?

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