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Subjects - Beware of a Laissez-Faire Management Style
If there’s anything that will prevent a company from optimizing its bottom line, it is a laissez-faire management style. In other words: a propensity among company managers to avoid too much interference in employee behavior.
All employees need le
All employees need le
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
adership, and in addition, employees generally achieve a higher level of performance if they understand what is expected of them and their managers inspect what they expect.
Here’s a great question to ask an employee: “What sort of annual raise in
Here’s a great question to ask an employee: “What sort of annual raise in
; 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
pay do you generally expect to receive?” In recent years, the most common answer is 3% to 4%.
Now for the second eye-opening question: “What do you believe you would have to do to earn double or triple that amount?” All too often an employee’s an
Now for the second eye-opening question: “What do you believe you would have to do to earn double or triple that amount?” All too often an employee’s an
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
swer is: “I don’t have a clue.”
When employees don’t know what is expected of them or when there are no incentives in place to reward outstanding performance, management is failing to take advantage of one of the most basic of management principles
When employees don’t know what is expected of them or when there are no incentives in place to reward outstanding performance, management is failing to take advantage of one of the most basic of management principles
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
to hold employees accountable for measurable results and reward outstanding performance.
A bonus schedule is an excellent way to keep workers’ eyes on the measurable results that they have accepted as a performance goal. In the following
A bonus schedule is an excellent way to keep workers’ eyes on the measurable results that they have accepted as a performance goal. In the following
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
example, assume that this particular employee’s bonus is tied to his or her ability to achieve a 10% net margin:
Goal Annual Bonus No Limit No Limit 12.0% to 12.9% $9,000 11.0% to 11.9% $7,000
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
10.0% to 10.9% $5,000
9.0% to 9.9% $3,000
8.0% to 8.8% $1,000
Below 8.0% Zero
Another beauty of the bonus schedule is its flexibility. Both the performance goal and the bonus itself can be modi
Another beauty of the bonus schedule is its flexibility. Both the performance goal and the bonus itself can be modi
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
fied in any way the manager chooses. The goal can be broken down into smaller or larger increments, as can be the bonus itself. A manager might decide to schedule the profit margin in, say, increments of .5% instead of one full percent. Or the b
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
onus could be broken down into smaller amounts of, say, $1,000 increments instead of $2,000.
This type of bonus schedule sends a pretty clear message: achieve below 8.0% and your bonus is zero. But by the same token, the sky is the limit. The hig
This type of bonus schedule sends a pretty clear message: achieve below 8.0% and your bonus is zero. But by the same token, the sky is the limit. The hig
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
her percentage of profit you are able to put on the bottom line, the higher the bonus you will receive.
And remember, rewards don’t necessarily have to be all cash. To some employees, especially those who possess relatively low economic values, a
And remember, rewards don’t necessarily have to be all cash. To some employees, especially those who possess relatively low economic values, a
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
ay off with pay can sometimes be more motivating than an opportunity to earn a $100 bill.
Managers are not doing employees any favors when they fail to establish measurable standards and hold their people accountable for achieving them.
Ask yourse
Ask yourse
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
lf this question: What are the minimum conditions of employment in my company; that is, in addition to showing up for work, what are the minimum performance standards that each of my employees must achieve to keep their job? This is the kind of gu
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
idance and direction that will fine-tune your organization and make it run like a well-oiled machine.
The best manager I ever worked for received a higher level of performance out of me than I would have ever achieved without his demanding manageme
The best manager I ever worked for received a higher level of performance out of me than I would have ever achieved without his demanding manageme
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
nt style. He motivated me to a higher level of accomplishment than I would have ever achieved on my own. At that particular stage of my career, I needed this kind of direction. While I resented his demands then, I tremendously value them today.
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
Avoid using the same management style on each employee. Some employees need a heavy hand and others need a more gentle approach. It has been written that the great Vince Lombardy never chewed out a player unless the player could take it. Lombardy
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
used a less caustic management style on his players who possessed a more passive temperament.
Are you a proactive manager? Do you give your people the kick in the pants they need to achieve peak performance? If you aren’t measuring your employees
Are you a proactive manager? Do you give your people the kick in the pants they need to achieve peak performance? If you aren’t measuring your employees
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
’ performance, odds are that you are not managing them very effectively, either.
Take the following action steps to optimize the productivity of the talent on your business team:
• Make sure that your employees understand specifically how their pe
Take the following action steps to optimize the productivity of the talent on your business team:
• Make sure that your employees understand specifically how their pe
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
rformance is measured.
• On a monthly basis, sit down with each of the people on your team and discuss with them how they are performing against their goals and objectives. Effective managers must inspect what they expect.
• When employees are fa
• On a monthly basis, sit down with each of the people on your team and discuss with them how they are performing against their goals and objectives. Effective managers must inspect what they expect.
• When employees are fa
.
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
lling short of their goals, brainstorm with them what they might do differently to achieve different results.
• Tie your employees’ quarterly or annual bonus to how well they perform against measurable goals.
• Turn up the heat on lazy workers or
• Tie your employees’ quarterly or annual bonus to how well they perform against measurable goals.
• Turn up the heat on lazy workers or
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
those who are achieving lackluster results. You’re doing your people no favors when you allow them to get away with performance levels below their capability.
There’s no place for a laissez-faire management style in a high performance organization
There’s no place for a laissez-faire management style in a high performance organization
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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