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The war for talent is on again and companies are once again turning to executive search firms to help fill key leadership roles. Choosing the right executive search firm to conduct your search may be the most critical decision you make this year.

The

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

future of most companies is in the hands of the executive team. Yet when it comes to finding leaders many companies succumb to the temptation of hiring a firm based on little more than a phone conversation or a handshake. This is a recipe for disast

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

Examples of combination products may in

er and could result in the beginning of the end for your organization.

Here are some tips to help you choose wisely.

Take the time to educate yourself-in order to determine which firm best meets your needs it is important to have a solid understandin

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

g of how recruitment companies work.

Executive search firms are very different than contingency firms, which you may be accustomed to working with. Contingency firms act like clearinghouses. They work quickly to gather a large number of resumes and

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

are paid only if they fill your position. This approach may be appropriate for entry-level or mid-level management positions where requirements are clearly defined.

Executive search firms are retained by companies and act like senior advisers. They

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

Combination pro

are paid for their services, regardless of whether or not a hire is made. Most are highly skilled in handling higher-level searches with very discerning criteria. These types of firms are generally the choice of companies looking for senior and execu

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

tive level management.

Relationships matter-As technology people, we tend to focus on automation. That may be fine when selecting a payroll vendor but executive search is all about relationships. Personal contacts matter more than the number of perso

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

nal computers the firm has.

Pay attention to your initial reaction during your first point of contact. Was this person friendly? Did they engage you in conversation or did they immediately go into “sales mode?” Were they more concerned about their

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

needs than yours?

The way this person interacts with you is a good indication of how they will interact with potential candidates. Ask yourself if this is the type of person you want representing your company. Make sure it feels right. You should b

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

e as comfortable with them as you are with your attorney or accountant.

Experience counts-Since this business is all about personal contacts you want to make sure the person leading the search has the right experience and connections. If you are look

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

ing for someone with industry experience ask about this person’s experience in your particular industry. If industry experience doesn’t matter then ask about their experience conducting searches for similar positions.

Ask about exclusivity-Reputable

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

Following aspects would a

firms usually have a clause in their contract that prohibits them from soliciting employees from clients they have done business with for a specific period of time. Ask the firm for a list of companies that they will not be able to contact on your beh

dd to the challenges in developing combination products:

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

alf so you can assess how limited your candidate pool might be.

If you do encounter a firm that does not a “hands off” policy, don’t celebrate just yet. This means that all of your employees, including the new hire you’re about to make, will be open

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

game.

Don’t overlook the smaller firms-often times companies go with the larger name brand firms to avoid being accused of not picking a good search firm. Large firms usually mean larger costs, which are harder for smaller companies to absorb.

Consi

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

der using a boutique search firm or individuals who have a reputation for doing great work. These organizations or individuals often provide a higher level of service to compensate for the lack of name brand recognition.

Be aware of bait and switch-L

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

arge companies often work in teams. The person, who is handling the relationship with the client, may not be the person who is conducting the actual search. Make sure that your search will not be handed off to a junior level person who lacks experienc

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

Professional from academic institutions, pharmaceutical industries, health care indust

e. Don’t be afraid to ask for this in your contract.

Determine fees and expenses upfront-No one really likes talking about money but in order to assess value you need to know what the search will actually cost you. Fees vary and may be negotiable. T

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

he only way to find out is to inquire. Ask questions like, “How much can we expect to pay in the way of expenses? Will you agree to us pre-approving all travel expenses? Will you reduce the pricing if we give you more than one search to do?” Having

.

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

answers to these types of questions up front will help avoid surprises later.

Check references-Ask the search firm for a list of references. Call to find out how satisfied they were with the process. Ask them what they might have done differently if

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

Companies that provide selfless information through particip

they had to do this all over again.

Invest the time you need to ensure you are comfortable with the relationship you are about to enter. After all, this business is all about relationships.

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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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