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Progressive companies are increasingly relying upon employee benefits to attract and retain top talent according to a new MetLife study. 55% of employers rank ‘employee retention'

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

as their No. 1 benefits objective. Unfortunately, the same study showed that only 33% of workers feel strongly that their company effectively educates them on their benefits opti

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

Examples of combination products may in

ns. This reveals just one of the many problems the employers face when confronted with the daunting task of developing a benefits strategy and communicating it with their workers.

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

If you're going to use benefits to build a solid workforce, here are the five most common mistakes to avoid.

Lack of communication

Perhaps the biggest mistake employers make is

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

ot involving the employees during benefits decisions. Open communication is key. Finding out what employees want in regard to benefits should be your first step before making any

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

Combination pro

changes. Communicating your objectives will make employees an active part of the decision making process. Different employees have different needs. Don't assume that the folks

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

n the warehouse are interested in the same benefits as the middle managers in accounting. This is a big mistake.

Cutting benefits to control costs

This is often misused because

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

t is a short term solution to a long term problem and frequently results in high levels of employee turnover. While cost sharing is an important element in a long term benefits st

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

ategy, it's important to do this over multiple years. Managed incorrectly, this is a serious morale killer. To avoid this, develop a 3-year cost sharing timeline and instead of 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

rying to figure out how to cut benefits, focus on exchanging low value / high cost benefits for high value / low cost benefits. Approaching this with a give-and-take mindset can a

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

leviate most complaints from your employees.

Offering everything but the kitchen sink

Offering every known benefit causes more problems than it solves. When you offer every bene

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

Following aspects would a

it imaginable, you set yourself up for skyrocketing costs. Also, down the road your employees will ask why you never add new benefits. Instead, consider starting with a simple pa

dd to the challenges in developing combination products:

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

kage and adding new benefits incrementally. This will also provide the advantage of testing new benefits to understand their impact on your workforce.

Offering the benefits your

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

management team suggests

Don't assume that feedback from managers will give you the best idea of what benefits to offer. While this is a valid way to gauge several business issue

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

, benefits desires are often personal and not communicated to managers. Administering a survey to collect information about what employees want from their benefits is a simple sol

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

tion. Larger companies can form a committee to explore the issue further and develop champions of the process through leaders in the organization, encouraging everyone to get invo

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

Professional from academic institutions, pharmaceutical industries, health care indust

ved.

Taking a short term approach

Anything you do to make short term improvements without considering long term objectives can be dangerous. This is often where an outside advis

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

or can be advantageous, especially one with a long history in business that can share experiences that support or refute possible changes. By focusing on long term goals like empl

.

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

yee retention, productivity, and absenteeism, you can navigate many common obstacles.

Designing and implementing a benefits strategy can take as little as two weeks and the long t

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

Companies that provide selfless information through particip

rm implications can be sizable. As the labor market tightens, employee benefits will continue to grow in importance as companies seek an edge to attract and retain strong workers

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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