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If you have high quality support services and polices, and your employee satisfaction surveys show that your employees are happy, does that mean your customers actually experience results that match or exceed your brand promise? Is the culture of your employee base co

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

nsistent with the values of your company? Are different employee groups delivering quite different experiences to your customers, like sales and service appearing to speak a different language? These inconsistencies create disjointed experiences for customers who wil

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

Examples of combination products may in

l be constantly adjusting to your company’s different styles, behaviors, standards of performance, and promises. This makes it very difficult to develop a sense of affinity and loyalty with your company.

The Service-Profit Chain developed by Heskett, Sasser and Schle

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

singer (1997) from Harvard Business School establishes relationships between profitability, customer loyalty, and employee satisfaction, loyalty, and productivity. This model suggests that profit and growth are stimulated primarily by customer loyalty, which is a dire

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

t result of customer satisfaction. Satisfaction is greatly influenced by the value of service provided to customers. Satisfied, loyal, and productive employees create value. Employee satisfaction, in turn, results primarily from high quality support services and polici

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

Combination pro

es that enable employees to deliver results to customers.

While the Service-Profit Chain model provides an essential foundation to assure that your employees are delivering results to customers, a focus simply on employee support services and policies will not result

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

in employees delighting the customer and delivering on your brand promise. You need a defined employee culture, and reward and recognition system that aligns behaviors consistent with the brand promise of your business. This strong link and consistent behaviors will

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

trengthen the bond of loyalty with your customers, lower the cost of support service, and accelerate operating efficiency and sustained profitability.

In financial terms, the value of a brand can be a significant component of the value of the company. The price paid

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

for acquired businesses is frequently substantially higher than the appraised value determined from the tangible assets of the company. According to a study in 1995: "the average market value of all American-based publicly traded companies was 70% greater than their r

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

eplacement cost (e.g., their tangible net asset value.)" 1

Assessing the actual brand value of a B2B services company should include the customer facing processes to determine how effectively the various functions and people are aligned to deliver performance consiste

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

t with the brand promise of the company. Unrealistic prices can be paid for brand value that may be tied to market awareness and market share, rather than any real capability of the company to perform commensurate with its reputation. Brand value should be discounted

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

Following aspects would a

by elements that fail to deliver effectively, or where significant inconsistencies exist between the company and its customers’ expectations for the future.

Consider the case of Philip Morris: "In 1989, Philip Morris paid $12.9 billion for Kraft, six times its net a

dd to the challenges in developing combination products:

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

sset value. According to Philip Morris CEO Hamish Maxwell, his company needed a portfolio of brands that had strong brand loyalty [i.e., customer relationships] that could be leveraged to enable the tobacco company to diversify [i.e., financial relationships], especial

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

ly in the retail food industry [i.e., trade relationships]."2 Philip Morris paid billions for a set of relationships and the expectations that those relationships would enable Philip Morris to conduct business in entirely new ways in the future.

In addition to signif

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

cantly affecting the purchase price of a company, the value of the brand and brand equity directly affects stock price of the company. A Cap Gemini Ernst & Young report issued in 2000 concluded "brand power can account for 5 to 7 percent of the change in a company's

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

stock price." 3 A study of 220 companies identified that corporate brand image could be quantified with the following components:

Advertising spending 30%
Size of company 23%
Low dividend 10%
Earnings volatility 7%
Stock price growth 8%
Other

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

Professional from academic institutions, pharmaceutical industries, health care indust

factors* 22%

*(including marketing components such as events and publicity, industry affiliation,

product categories, message quality, etc.)4

Note that 52% of the factors influencing the brand image are those associated with ensuring that your brand message and pro

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

ise are effectively defined and clearly articulated. This brief analysis shows that effectively developing and executing a comprehensive company-wide brand strategy will contribute significantly to the value of the company. The steps that can be taken to accomplish th

.

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

is are defined and uniquely adaptable to any business. The results will be measured in the increased performance and innovation of every function of the company, leading to improved sustained profitable growth and continuing growth in stock equity.

1, 2 Tom Duncan, D

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

Companies that provide selfless information through particip

riving Brand Value, pg. 4. 3 "Name Brand Calculus or Imaginary Numbers?" US Banker, Volume 113, Number 6, Page 26, June 2003. 4 Ad Value, Leslie Butterfield, ed., Butterworth Heinemann, Oxford, 2003, "How advertising impacts on share price," James Gregory, pgs. 17-25

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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Private detectives and investigators deploy many methods to determine the facts in a variety of matters. To perform investigations they may use various types of surveillance or searches. To verify facts, such as an individual's place of employment or income, they make phone calls or visit the workplace. In cases involving missing persons and background checks, investigators often interview people to gather as much information as possible about an individual. Private detectives and investigators may also assist attorneys, businesses and the public with legal, financial and personal problems.

Ever heard of non-disclosure agreements? Perhaps, you have heard them referred to as confidentiality agreements, or a similar term. In either case, how familiar are you with them? Are you aware that if you are in a specific business, a non-disclosure agreement can spell the difference between the proverbial life and death of your business, particularly, if your business has employees, contractors or interns?

Good corporate governance ensures better performance of a company and promotes healthy climate for investments. Whereas, the good corporate governance is a result of proper practice of accounting standards as the standards lead to the effective disclosure and provide a useful mechanism to restructure the core corporate values. In this context, an attempt has been made in this paper to discuss the practice of proper accounting standards for good corporate governance, as it is one of the important relevant issues of good corporate governance in the present competitive era.

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