Main Subject - Business

If you wish for your business to generate more profit than usual, you need to work on creating two types of incentive programs: one for your employees and another for your customers

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

.

Tips on How to Create Effective Employee Incentive Programs

COMMUNICATE – Use all the ways possible to know how your employees feel. Have them fill out evaluation forms, and enc

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

Examples of combination products may in

ourage them to voice out their opinions. Make it a point to know them personally so that you’ll also be able to read between the lines.

EXTERNAL AND INTRINSIC MOTIVATION – Both are

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

important if you wish to properly motivate your employees. It’s impossible for one to stand without the other. External motivation can be provided by giving away cash and other sim

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

ilar incentives like travel packages and gift checks. Intrinsic motivation can be provided by establishing company loyalty, aligning their goals with that of the company, and giving

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

Combination pro

them sincere compliments when they do something exceptionally well. A simple pat on the back can do wonders to a person’s self-esteem.

MONITOR, MONITOR, MONITOR – Changes in an em

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

ployee’s preferences may differ due to changes in the economy. Priorities may differ because of a change in lifestyle. Thus, it’s important to constantly monitor and evaluate the ef

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

fectiveness of your program.

SHORT TERM VERSUS LONG TERM BENEFITS – Be aware of which incentives would work better for motivating people to achieve short term goals and which ones

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

would work for long-term goals.

GIVE REWARDS INSTANTLY – If an employee does something well, give him the reward he deserves immediately. Don’t delay because your employees might t

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

hink you’re begrudging them of the reward they deserve.

Tips on How to Create Effective Customer Incentive Programs

KNOW YOUR TARGET MARKET – Are you sure you know what your targe

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

market is? Determine everything about them from general demographic factors like age, gender, income class, to the little but important details like which colors or designs they pr

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

Following aspects would a

efer and so forth.

COMMUNICATE – Again, do everything you can to know what’s on your customers’ mind. Have them fill out survey forms, and to make sure that they’ll answer these, g

dd to the challenges in developing combination products:

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

ive them incentives to do so.

Keep in mind that although you truly need to spend money for both incentive programs to work, you don’t need to spend a lot because big capital doesn’

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

t necessarily equate with effectiveness. Creativity and resourcefulness still counts so it’s definitely possible to have a successful incentive program without denting your company’

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

s pockets too much.

REWARD CUSTOMER LOYALTY – Know who your loyal customers are. And when you’ve identified them properly, make sure that you reward them accordingly. Let them know

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

that you’re aware of their loyalty to your company and that you’re giving them a reward because you appreciate it.

GIVING AWAY REBATES – Be careful when using rebates as an incent

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

Professional from academic institutions, pharmaceutical industries, health care indust

ive strategy for your customers. Due to numerous controversies surrounding rebates, more and more consumers are feeling discouraged and reluctant to take advantage of rebates. If an

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

d when you do use them to encourage customers to patronize your products or services, make sure that you use a simplified process for your customers to redeem their reward: don’t da

.

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

ngle a carrot if you don’t plan to give it away in the first place.

GIVING AWAY PROMOTIONAL PRODUCTS – Promotional products are always welcomed by all kinds of customers. Be sure,

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

Companies that provide selfless information through particip

however, that you give them something useful – even if it’s only in the aesthetic sense. If you skimp on the costs and design, your incentive strategy might end up backfiring on you

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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