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Main Subject - Stopping The Brain Drain: How To Capture Key Business Knowledge Before It Walks Out The Door
The verdict is in: More and more baby boomers will be leaving the workplace sooner, rather than later. Many industries are predicting that between 25 and 45% of their m
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
ore senior employees will soon be departing their organizations. And as they leave, they will be taking vast amounts of accumulated business knowledge with them.
Why th
Why th
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
mass exodus? As the age of the workforce increases, a greater number of people will be leaving their jobs due to death, disability, or retirement. For several decades,
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
he Bureau of Labor Statistics has been tracking the numbers of baby boomers leaving the workplace and reports that close to 25 million people will have left the workforce
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
in the years between 1998 and 2008. Of these, 22 million are or will be aged 45 years or older and thus will be leaving mostly to retire. The total number of people who
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
left the labor force between 1988 and 1998 was 19 million. As we near the end of the current period (1998 – 2008), the oldest baby-boomers are or will be aged 52 to 62 an
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
eligible to retire.
The Graying Workforce
The baby boom began in 1946 and continued through 1964. During those years, 76 million people were born. The unprecedented nu
The Graying Workforce
The baby boom began in 1946 and continued through 1964. During those years, 76 million people were born. The unprecedented nu
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
ber of births during this period has had a major impact on many aspects of the economy over the last 50 years, mainly forming the size and age demographics of the workfor
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
e for the past 30 years.
In 1978, baby-boomers were aged 15 to 32 and comprised about 45% of the workforce. In 2008 this number will decrease to about 40% but will still
In 1978, baby-boomers were aged 15 to 32 and comprised about 45% of the workforce. In 2008 this number will decrease to about 40% but will still
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
add nearly 17 million workers to this age group. As a result, the average age of the workforce will have risen from 38.7 years in 1998 to 40.7 years in 2008.
Retaining
Retaining
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
ey Business Knowledge
As the baby boomers edge toward retirement, there are three main options they face:
1. They are eligible to leave the company, have the means to d
As the baby boomers edge toward retirement, there are three main options they face:
1. They are eligible to leave the company, have the means to d
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
so, and choose to leave
2. They are eligible to leave the company, have the means to do so, but choose to stay
3. They are eligible to leave the company, do not have t
2. They are eligible to leave the company, have the means to do so, but choose to stay
3. They are eligible to leave the company, do not have t
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
e means to do so, and must choose to stay
Regardless of the situation, many organizations simply cannot afford to have crucial business knowledge walk out the door. Fol
Regardless of the situation, many organizations simply cannot afford to have crucial business knowledge walk out the door. Fol
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
lowing are 3 ideas on how companies can best stop the brain drain and capture this knowledge before it is gone forever.
1. Ensure the company has a solid succession plan
1. Ensure the company has a solid succession plan
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
ing system in place. By identifying key personnel who can replace a knowledgeable person who will be leaving, cross training can begin as soon as possible
2. Create a c
2. Create a c
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
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
mpany-sponsored mentoring program where more senior, experienced mentors are teamed with less senior, less experienced prot?g?s
3. Carefully map crucial business process
3. Carefully map crucial business process
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
s so that they are captured for training and development purposes. Use of process mapping will automatically identify bottlenecks and critical sub-processes that are oft
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
en contained solely in a person’s brain. Once processes are mapped they can be distributed and shared with many people and the company becomes less vulnerable if someone
.
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
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
chooses to leave the company.
The reality is that many companies are vulnerable to potential brain drain. For these companies to continue to grow and succeed, it is imp
The reality is that many companies are vulnerable to potential brain drain. For these companies to continue to grow and succeed, it is imp
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
rative that they retain as much crucial business knowledge as possible. Use of these three ideas can go a long way to ensure that your company remains healthy and viable
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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