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Useful Advices - Salary Or Commission - Which Is Better?
Years ago, I had a conversation with a friend who was thinking of getting a job in sales. He asked me which 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
thought was better, Salary or Commission. This was my answer.
"Here's what a salary is: an agreement betwee
"Here's what a salary is: an agreement betwee
; 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 you & your employer that they will pay you a certain sum per hour. Let's say $10 an hour. Your work will ma
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
ke your employer much more than $10 an hour, or you'll lose your job. So the agreement is; Your employer will
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
pay you the FIRST $10 an hour that you earn for him. and he keeps the rest." Friend- What do you me
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
n 'The rest'?"
Me- "If you get paid $10 an hour, but you generate less than $10 an hour in pro
Me- "If you get paid $10 an hour, but you generate less than $10 an hour in pro
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
fits to your employer, how long do you keep your job?"
Friend- "Not long, I guess"
Me- "Right, in
Friend- "Not long, I guess"
Me- "Right, in
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
fact most employers make a multiple of your salary off your results. They have to, if they
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
want the business to grow"
Friend "That almost seems unfair"
Me-" Actually, it's completely fair
Friend "That almost seems unfair"
Me-" Actually, it's completely fair
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
. If you agree to work for a specific amount & they give it to you, how can it be 'unfair'?"
Friend- "S
Friend- "S
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
what's so great about commission?"
Me- " This, You know the employer that pays you $10 an hour? He
Me- " This, You know the employer that pays you $10 an hour? He
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
's on commission. Every CEO of a company, every self-employed person, every farmer, every landlord, almo
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
st every wealthy person in the world works on the profits of their work, we call it a commi
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
ssion"
Friend-"You make commission sound better"
Me-"It is better. You ever hear of some
Friend-"You make commission sound better"
Me-"It is better. You ever hear of some
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
one getting promoted to 'Partner' in a business?"
Friend-"Sure"
Me-" The person was maki
Friend-"Sure"
Me-" The person was maki
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
g a salary. When they become a partner, they now get a share of the company's profits; A 'Commission'. Commis
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
sion is a Promotion. Commission is more"
That ended the conversation. It would mak
That ended the conversation. It would mak
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
e a better story if I knew what happened to my friend. I really don't know. We lost touch after that. But yea
.
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
rs later my Brother-in-Law asked me where I was employed.
I said "I'm not employed"
He said "You don't ha
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
ve a job?"
Me-"No, I have eight employees. They have jobs. I have a Company" That felt pretty good
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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