Subjects - Business

The national unemployment rate is dropping. Your temp staffing operation is starting to take off. You often hear that the direct hire business is on the move. What should you do? Consider starting a per

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

m placement division. Here are some compelling reasons to do so and some helpful tips to start you on your way.

Why now?

The time is right.
With unemployment dropping and the

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

Examples of combination products may in

demand for qualified workers outstripping supply, it’s the best time to do this. Many of your existing clients will likely be interested in this service.

You can make a lot of money in a short amou

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

nt of time.
The industry standard fee (depending on your industry) is any where from 15 to 30 percent of the first year’s salary. This means a $50,000 placement could translate into $7,500 to

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

$15,000 in new revenue, and that’s a lot of billable hours.

You have relationships in place that can be instantly leveraged.
You already have relationships with a lot of hiring managers. E

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

Combination pro

ven if these people don’t handle the direct hiring for their companies they’re in a good position to connect you with the right person. And, if you’ve done a good job for them, the introduction may come

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

with a recommendation. You’re also already an expert at recruiting, matching, negotiating, etc., so use these skills for additional profits. You also have relationships with a lot of the people who wil

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

become direct hire candidates for another firm. By offering this service to your temp employees you can get one last big revenue hit instead of just wishing them well when they leave.

Some helpf

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

ul hints:

Do it with a team.
It’s probably best to tackle this with a team instead of with a guy. As tempting as it will be to minimize the start up expense, a three person team o

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

ffers several advantages:

They can share relationships. What we don’t want to see is the new line of business getting off to a good start, and the person bolt to start his or her own firm. As muc

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

h as any business, this is a relationship sale. We want that relationship to be the property of the firm, not the employee.

It shows you’re serious. One person all alone may not adequately conv

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

Following aspects would a

ey your intentions to be in it for the long haul (even if you’re not sure yourself).

They can feed off of each other. Without someone to compete with many sales people become complacent. Having

dd to the challenges in developing combination products:

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

a friendly competition in the perm placement division will benefit everyone. The weekly meetings will become much livelier if they’re all vying to be the top dog.

One of them can emerge as the

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

manager. It’s a good idea to hire at least one person with experience. The job of manager of a growing division is the carrot.

What’s in a name?
This is a tougher issue. Should t

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

is perm division operate under the same brand as your established temp business? Or should it brand itself as a new entity. The answer is: “I don’t know”. By using the existing name, you have a chance t

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

o capitalize on all the good work you’ve done with your temp business. This will lead to more instantaneous brand recognition. On the other hand, if the perm thing doesn’t work out, it could have a nega

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

Professional from academic institutions, pharmaceutical industries, health care indust

tive impact on you brand. You should consider this carefully before starting.

Have the right system in place.
While you probably have a system in place to manage your temp placement effort

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

already, it may not be suited to the nuances of the perm placement process. It will not be good enough to fill out a job order and check a box or add a code to indicate that it’s a perm order. The actu

.

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

al data you have to collect is different. The search and placement processes will be different. You’ll even find that the things you want to search on are different. Also, since you’re hoping to leverag

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

Companies that provide selfless information through particip

e your temp placement data into perm placements, the best system is one that offers a side-by-side temp and perm placement capability. The system must offer more in the document management area as well

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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Negotiating a pay rise is not something many people do on a regular basis. By applying these keys you will be well positioned to improve your negotiation skills and feel more empowered when asking for a pay rise.

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