Main Subject - Business

Employee incentive programs. Bonus programs. Do they work, and really provide a good return on investment?

I’m sold on them. I have successfully used incentives and bonus programs in my own businesses - particularly in my first company. B

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

ut, that was a medical electronics company with a stable workforce. What if you're in retail or other high-turnover, short attention span industries – maybe with a teenage workforce?

Most bonus programs run all year, with either a quarter

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

Examples of combination products may in

y or year-end payout. But if you have a high employee turnover rate, the incentive you're trying to create goes out the door with each employee who goes away. Even the folks who stay until the end of the year may not have a long-range atti

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

ude, so it can be very difficult to get their attention and to use bonuses to accomplish a change in their performance.

Regardless of your industry and regardless of the reasons why a year-long bonus plan hasn't worked for you, try a shor

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

er-range plan to get tangible results.

I recommend a monthly theme or focus (choose the word that you prefer) with corresponding targets and rewards. Here are two examples:

April’s Theme: Customer Satisfaction Surveys
Target: Collec

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

Combination pro

at least 50 surveys this month
Reward: Pizza & soda lunch

May’s Focus: Flyer Offer Response
Target: At least 100 customers redeem the offer on this month's flyer
Reward: $25 gift card for each employee

The possibilities a

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

re endless, but here are some commonalities and issues to consider:

If you have more than one location, the target and reward can be for the entire operation, or for each location. In other words, one office might win and the othe

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

might not. A little friendly competition between the locations is OK as long as it remains positive. You'll have to decide how to handle rewards for employees who move between multiple locations. Inside each office or location, avoid comp

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

tition and work to foster an environment of cooperation and teamwork.

Once you achieve a target and move on to the next month's focus, it doesn't mean your employees can say "mission accomplished" and now ignore the prior months'

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

hemes. You've now proved you can achieve a certain level of performance in that area, and you should reasonably be able to expect that level of achievement going forward. This will take some education, reminders and maybe some residual inc

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

ntives to accomplish. For instance, if you hit a target when it is the monthly theme, each person gets a reward. Going forward, each time you hit that same target again, they may get a smaller reward PLUS the reward for the current month's

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

Following aspects would a

theme. Do what it takes to avoid backsliding once you’ve worked hard to achieve a target.

Targets can be operational (like the examples above) or financial (revenue, overhead expense, profit), but many employees will more readily

dd to the challenges in developing combination products:

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

understand and relate to operational measures. Using financial measures is good but plan on doing much more training to make them meaningful to your staff.

Choose themes that are critical to moving the operation forward – drive ou

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

a weakness, capitalize on a strength or an opportunity, and so on.

Consider having 12 themes - one for each month. Repeat every year, and change the targets and rewards as appropriate.

Rewards can be money or non-cash, l

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

ke movie tickets, food, or gift cards. Mix it up.

Keep the rewards in proportion to the target. Try to make this program "self-funding" - which means the benefit derived outweighs the cost of rewards. This is not always possible i

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

the short term, but don't get carried away with big rewards.

Use the program as a teaching tool. It’s a great opportunity to teach your employees how the business works, how to help it succeed, grow and make money, and how to sol

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

Professional from academic institutions, pharmaceutical industries, health care indust

ve problems. Show the employees a “line of sight” between their work and the target.

Keep it in the employee's minds. Create excitement and “buy-in” when you roll it out, and use signs, meetings and emails to keep it front and cen

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

er as you go along.

Keep everything comic book simple! Make it simple for employees to understand and easy for you to administer.

A program like this takes a fair amount of thought and work to implement. It should not ta

.

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

e a lot of work to run once it's in place. Consider having the employees measure their own results. In fact, have them create their own “scoreboards.” Tracking their own results like this has many benefits. It gets and keeps them involved,

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

Companies that provide selfless information through particip

they learn about the business, and it adds fun to the equation.

Done right and tailored to your company’s workforce, your employee incentive program can increase revenue, productivity and profits while reducing waste and employee turnover

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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