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Payroll management is an issue that is never too early to start considering. Obviously, in the e

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

arly stages of your business, your payroll management will consist of paying yourself. As your b

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

Examples of combination products may in

usiness grows you will have to concern yourself with compensation for you and your employees.

Pa

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

yroll management in a business that has employees requires planning for salaries and hourly wages

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

. There will also be payments to subcontractors for technical and sales related services to cons

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

Combination pro

ider. You will eventually become too busy to do it all yourself and you will need help.

Before

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

you get to the stage where you need to hire additional help, it is a wise strategic move to think

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

about your payroll management needs and plan accordingly.

Payroll Management Issues
Salary

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

versus hourly wage
Bonuses and commissions
Compensation Package - vacation pay, time 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

ff, sick days, holidays
Employee Benefits - health care, dental plan, pension
Insurance

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

- Disability and Life

A common aspect of payroll management that gets overlooked is payroll tax

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

Following aspects would a

es. No matter what you do, you can't avoid these for either yourself or your employees. The empl

dd to the challenges in developing combination products:

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

oyer's portion of payroll taxes will cost you money. Effective payroll management takes this exp

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

ense into consideration from the start.

The Bottom Line on Payroll Management

Payroll managemen

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

t is an issue you need to think abut before you have employees. Even if the payroll roster is ju

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

st you, your business will still have payroll expenses. It is never too early to start thinking

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

Professional from academic institutions, pharmaceutical industries, health care indust

strategically about your payroll management. You should be formulating a plan for handling emplo

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

yees and subcontractors and the expenses that come along with them, long before you actually need

.

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

them.

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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

d. {Attention Publishers: Live hyperlink in author resource box required for copyright compliance

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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Studies have proven that taxes are high or better still have increased and might still increase in the developing countries especially the African countries and employees are always seeking ways to minimize their tax bite. In addition, a rise in salary may only provide very little additional spendable income. A more advantageous devise may be the deferral of income to a person's later years through the use of a qualified pension plan, profit sharing or deferred compensation plan. Such a devise might also enable an executive to maintain her current standard of living even after she retires. Finally a qualified pension or profit - sharing plan will enable an executive or employee to build up a large estate.

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