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You are not alone in considering outside talent; 60% of all businesses use independent contractors, and according to the Bureau of Labor Statistics, over 8 million such people are in the workforce.

Are there compelling reasons to conside

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

r hiring a consultant who is an independent contractor rather than just another employee?

Today’s executive must manage the day-to-day assault of the business and still have time for forward thinking. The busier you are with clients, sta

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

Examples of combination products may in

f concerns and current commitments the less time you have to manage future strategic planning.

Would you hire an independent consultant if having top-notch assistance in promoting your firm, your services, and your people meant the diffe

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

ence between an equity-based retirement with a high ranking interim promotion, or a sharp decline and future downturn for you and your company?

Some executives are fear-based. Fearing loss of control. Fearing theft of professional secret

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

s. Fearing that money may be wasted.

Let’s examine these three fears.

An independent consultant is not fear motivated; seeing, with a professional eye and experience, what needs to be done and just doing it. Productive because they do

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

Combination pro

ot attend your staff meetings, do not have to take company calls, are not there for the birthdays, are not signing the company greeting card, do not produce in-house reports or spreadsheet projections, have no internal messages to answer,

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

do not converse with fellow employees, and because you are not their sole source of revenue, will tell you the truth.

Will they steal professional secrets? Not if they intend to work again, they won’t. Professional consultants work in a

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

close community, protecting their right to work in that community in the same way your doctor or lawyer does.

Will your money be wasted? Define a set fee tied to deliverables for that fee. A consultant’s efficient work habits deliver a r

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

sult within a tightly defined time frame. An in-house employee may be reluctant to complete a project, fearing that there might not be a next assignment.

The Top Ten Reasons to Hire a Consultant

1. The Bottom Line

Hiring an employee in

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

tead of an independent adds at least 20% to 33%, and often more, to total payroll costs. In addition to employee salary and other compensation, there are significant “hidden costs”, payroll taxes, unemployment, and workers compensation in

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

urance and employee benefits such as health and dental insurance, paid vacations, sick leave, retirement benefits, and life or disability insurance.

2. Hourly Rate is More Economical

You save money by hiring a consultant; even one paid

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

Following aspects would a

more per hour than employees. Up to 33% of hidden costs on top of employee salaries are avoided. A consultant can often do the job faster and more effectively than an employee without specific technical expertise and the right connections

dd to the challenges in developing combination products:

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

Speed, accuracy and effectiveness require less of your hourly cost in supervision, correction and loss of productivity and your hourly rate is most likely the highest.

3. Avoid Headaches and Potential Lawsuits.

Hiring Independents red

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

ces exposure to potential lawsuits, such as those alleging discrimination or wrongful termination.

A wrong hire can lead to costly HR requirements and law compliance, actually preventing you from undoing a “bad” hire.

4. Maintain Flexib

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

ility Without Long Term Exposure.

You hire a consultant to handle a specific project, gaining specialized expertise for a short time period without the potential severance costs and lawsuits from terminating an employee.

5. Save Time an

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

Expense Involved in Training Employees.

You won’t encounter resistance and potential sabotage when employees operate out of their comfort zone or level of expertise.

6. Expand and Contract Workforce as needed.

7. Access the Latest in

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

Professional from academic institutions, pharmaceutical industries, health care indust

esources and Equipment Without Owning and Paying for it.

Consultants typically have their own resources, including transportation, and the latest in computers, laptops, software and mobile phones. You avoid costly expenditures for owning

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

, leasing and long term contracts, or worse, having employees trying to function without proper equipment needed for the task.

8. Maximize Efficiency.

Your consultant is producing product, not interacting in staff meetings, producing r

.

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

ports or other documentation.

9. Stabilize Insurance Costs.

You are not paying for health or other employee and dependent insurance, nor are you paying for unemployment or tying up personnel tracking COBRA benefits for 18 months for fo

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

Companies that provide selfless information through particip

mer employees.

10. Retain and Attract Employees.

You will have greater retention and attraction of top talent if you are a company that is Known for Hiring Resources as Needed rather than Overburdening already Potentially Stressed Staff

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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Each day, customers are leaving relationships with companies at rates that rival the national divorce rate. So what can companies learn from divorcing couples that will help them retain customers?

The ability to delegate effectively is a crucial management skill that results in employee engagement and retention. There are six factors that must be in place for employees to feel engaged.

If people are given an umbrella they like it will be kept and used for both business and leisure. By carefully researching and matching the profile of the target market, the company or brand message can therefore gain an extremely broad exposure.

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