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One of the most common complaints we hear from interviewing employees in the construction industry is, “I never get useful feedback about how I am doing my job.”

Most comp

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

anies today use a performance appraisal system or a performance review system that was invented decades ago in a much slower business economy. So data that is given to emp

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

Examples of combination products may in

oyees in annual, semi-annual, or even quarterly reviews tends to be outdated by the time it is received by the person who could benefit most from the information—the employ

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

e.

In addition, the measurements that are in place in these appraisals are typically arbitrary and subjective. When I was in college, I had an internship with a major For

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

une 500 company. At the end of the 3-month internship, my performance was reviewed by the other members of my department. All of these people thought that I was an except

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

Combination pro

ional intern, but they had to judge my performance based on the same five-point scale that they were judged on. I still remember the ache in the pit of my stomach when I s

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

w all of the threes and fours on the document. My boss explained to me that very few people ever received fives, as that would leave little room for improvement. After re

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

ding and re-reading the document, I was left with the same question that many employees today are asking: Did I or did I not do my job well?

In today’s fast-paced economy,

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

these traditional systems just don’t work. Performance appraisals should be short, no more than ten-minutes, and should focus on the results expected from the employee’s c

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

urrent position, and how effectively the employee’s current goals are being met. For example, a Project Manager may have a number of different results that are expect from

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

his or her performance. Is the project on schedule? Is it under budget? Are the company quality standards being met? Is the customer satisfied? Are employee expenses i

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

Following aspects would a

line?

All of these results can and should be measured consistently. Intangibles can also be measured such as morale (through employee surveys, workplace absenteeism, an

dd to the challenges in developing combination products:

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

turnover,) leadership (productivity, development of people, and problem-solving skills,) and work ethic (are goals consistently met, are goals challenging, and are project

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

completed timely.)

With this system, a manager can schedule monthly “mini-interviews” taking just minutes. These sessions are valuable because they open lines of communi

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

ation and they give the manager a chance to update the progress of the employee in different result areas. If the employee is performing above expectations, then this is a

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

opportunity to shine and set new goals, and if the employee is performing below expectations, then corrective actions can be taken.

These “mini interviews” make annual ap

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

Professional from academic institutions, pharmaceutical industries, health care indust

raisals a piece of cake, because the employee and the manager now have as many as 12 separate measured checkpoints along the way that show how the employee has performed ov

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

er the last year. This annual review now has documented facts to base an appraisal on. The employee sees that he or she was on budget 95% of the time versus receiving a f

.

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

ur out of five, or that he or she is ranked in the 90th percentile of managers within the company based on leadership.

This system, although not foolproof, can greatly red

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

Companies that provide selfless information through particip

ce the stress and tension associated with Performance Appraisals. Companies using this type of system show dramatically higher productivity within months of implementation

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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For a growing incorporation with increasing profitability and productivity, an Initial Public Offering (IPO) is the next logical step to take in order to obtain further financing. Through a public listing, a fast-developing corporation can tap funds from the capital market for business expansion activities.

When most people think of accounting, what comes to mind is usually basic information that's not particularly interesting or beneficial. But there's a lot more to accounting than just the basics.

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