Summary - Business

The Globalisation and Internet are the two major forces that are responsible for the radical changes that are going on among the business firms in Asia. Successful 21st century corporations responded

well to the threats and opportunities of the business environment. What makes these

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

corporations different? Its the effective management systems in place that is responsible for their success.

Successful organizations, adopt effective management system and policies that are able to generate profit through their employees. Cascio (2006, p.27-29), in his book titled

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

Examples of combination products may in

'Managing Human resource: productivity, Quality of Work Life, Profits'(published by McGraw-Hill) lists seven practices/dimensions that form part of the 'management systems that produce profits through people' . They are:

Job Security: Though the lif

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

-long employment is no longer possible, successful business organizations continue to offer high degree of employment security for their employees. Unless the organizational and HR policies reflect the organization's commitment to their employees' job security, it will be impossible

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

o get the employees full support and commitment. There are organizations that take extra-ordinary steps to keep their labour force at the optimum number from day one, to avoid any subsequent lay-offs. To these successful organizations, hiring employees is a last option. This is radic

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

Combination pro

ally different from those firms which hire and fire without any strategic HR planning. Job security to become a reality, HR managers and senior management need to adopt strategic human resource planning.

Selective Hiring: Not every Tom, Dick and harry get a j

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

b. A well planned and carefully administered recruitment and selection is the basis by which selective hiring to managed. According to Cascio, it is only possible to hire selectively when the following requirements are met.

There is a large number of potential candidates<

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

li>

Organisation is clear about its human skill requirements: Knowledge, Skills, Abilities, Attitudes, personality attributes and Talents.

Selection focuses on attributes of candidates that are difficult to change. If you can select the right candidate with the (Talent, Ab

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

lities, Skills and Knowledge) in the first place, you need not spend your time and resources to train them.

Decentralisation with Autonomous Teams: The traditional centralized structure depended on command and control approach to get things done. Employe

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

es working in teams are able to respond to the unique and demanding business situations much more effectively. Enabling employees to take responsibility and depending on other team members.

Comparatively high Compensation: Successful 21st century corporations

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

pay well,

compared to their competitors. These organizations adopt unique and innovative compensation practices for all their employees

Comprehensive Training: Management systems that recognize the power of training invariably do well. Despite the fac

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

Following aspects would a

that they practice selective hiring, successful organization know the importance of keeping their employees knowledge, Skills and Abilities current to suit to the changing needs of the enterprise. They focus both on technical and people related soft skills training. Training is seen

dd to the challenges in developing combination products:

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

by these firms as a competitive tool in terms of recruitment, retention and employee performance. Training is also a powerful tool that enable the employees meet their self actualization need, a top order need identified by Abraham Maslow as part of Hierarchy of Needs theory.

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

>Active Involvement of Everyone regardless of status: The management systems of successful organization incorporate policies and HR practices that take full advantage of employees' ideas, talents, skills and knowledge. It taps the expertise of everyone in the organiz

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

tion. Recognizing the talents and skills of all employees and enabling and encouraging them to offer solutions and ideas for the well being of the organization, breaks the status barrier that is common among majority of the organizations. Every employee in the firm is made to feel im

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

ortant and their contributions are valued and recognized.

Practice Open Book: In successful organizations, the access to information is not restricted to a small group of elite managers. Successful corporations share information among the employees, so that t

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

Professional from academic institutions, pharmaceutical industries, health care indust

ey are able to use the information to make better decision. In the modern world, it is difficult to argue that knowledge is power, unless that knowledge is put to practice. To apply the existing knowledge to changing business situations, employees need information. Management systems

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

of organization 'that produces profit through people' recognizes the power of information sharing.The qualities of management systems of successful 21st century corporations highlighted by Cascio can be the basis if you are serious to transform your business practices. Be

.

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

ractical. Identify one area from the above seven dimension, and work towards improvement. Start reviewing the current HR practices. To move forward you need to ask questions. The best way to unfold new ideas is to use the 5W + 1H model (What, When, <

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

Companies that provide selfless information through particip

trong>Why, Where, Who and How) extensively. Welcome to the club of Successful 21st Century Corporations.

Once you get started, just remember you are on your way to join the elite club of successful 21st Century Corporations

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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