Useful Advices - Business

As I work with clients to strengthen their teams and to make their businesses more profitable, I often encounter some serious misunderstandings of human nature. These misunderstandings usually lead business leaders in the wrong directio

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 when they attempt to inspire their employees to perform at a higher level. Fortunately, you can avoid these pitfalls if you understand a few key points about the people you lead.

1) They are not motivated by money alone

In num

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

Examples of combination products may in

rous studies conducted over the last fifty or sixty years, researchers have concluded money is not the prime motivator for most people. Yes, people work for money -- but it is not their biggest motivator.

One famous model of behavior –

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

Maslow’s hierarchy of needs – yields a clue as to why this is true. In summary, Maslow’s hierarchy says that all of us have five basic needs (physiological, safety & security, social, esteem, and self-actualization). According to Masl

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

w, “a need once met no longer serves to motivate.” If you have your physiological needs met (food, shelter, & clothing), more of the same will not inspire you to work harder.

Employers help people meet their physiological needs with mo

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

Combination pro

ney. More money will not necessarily get people to work harder.

It is true that some people work harder for more money, but many will not. If you want to inspire high-level performance, you’ve got to dig deeper. You must work to unde

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

stand what motivates each person on your team.

2) They don’t want their worth determined by the number of hours they are at work

I once heard a business owner say, “An entrepreneur is someone who will work 80 hours a week for the

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

mselves so that they don’t have to work 40 hours a week for someone else.” I have found this statement to be very accurate.

Many people believe that what motivates them also motivates others. When it doesn’t, they often get frustrated

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

and confused.

Remember that your business is your dream, not your employees’ dream. They probably want to do a good job, but they don't want you to evaluate them based on the number of hours they spend in your business. Reward them ba

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

sed on the quality and/or quantity of work they produce. Reward them for the service they provide to customers. Don’t use “face time” as a measure of their worth.

3) They want to feel like part of a team

Most people want to be

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

art of something great. Create an environment where people feel like they are part of something bigger than themselves, and they will respond favorably. Reward individual performance, but build the team. Avoid competition within your

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

Following aspects would a

team at all costs. You want your team competing together to win your business competition. You don’t want them fighting each other.

4) They want you to respect them

I’ve seen many entrepreneurs start a business to avoid an orga

dd to the challenges in developing combination products:

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

ization or a person who treats them with disrespect. Funny -- I often see these same people treat their employees with disrespect when they become the boss. What happened?

5) They want you to value their opinions

The studies th

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

at show money is not a prime motivator also find that people want their supervisor to show appreciation for their contribution at work. Show your appreciation and value their input. Your employees will truly be your greatest asset.

6)

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

They want to make a difference

People like to do things that matter. People need to feel like their contribution helped the team. Show your people how their work made a difference to team results, and you’ll likely tap into thei

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

r internal motivators.

7) They want your business to succeed

Most people realize that they are unemployed if your business fails. They don’t want that any more than you do. Listen to them. Learn from their insights. They may

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

Professional from academic institutions, pharmaceutical industries, health care indust

ot have your monetary investment in the business, but they do have a big stake in your success.

There you have it. Seven things you need to know about employees. As I look back over the article, I see that it begs the question “What a

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

bout people who don’t want to be part of a team?” or “What about the employee who doesn’t want to make a difference?” I know they’re out there, but I don’t believe they represent a majority of the population. If you have an employee wh

.

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

doesn’t care, why are they still your employee? Don’t waste your time on people who really don’t want to contribute. Find someone who does and apply these seven tips to working with them.

Copyright 2005, Guy Harris

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

Companies that provide selfless information through particip

article for electronic distribution if you will include all contact information with live links back to the author. Notification of use is not required, but I would appreciate it. Please contact the author prior to use in printed media

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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New inventions in almost every field are pretty common these days. With the increase in intelligent and more radical approach to life a lot of people are turning their ideas into successful businesses. The process of inventing a product and its successful implementation is not as easy as it seems.

With steaming ideas running all over, creativity banging at its best, an entrepreneur is lost in his own world. The success seems so close yet so less attainable. With no degree and often no investment to back up few among the ingenious batch, make their way to the top. What is the impeding factor?

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