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E-Folder - Top Ten Tips For Hiring A Senior Executive
There is no more important decision than choosing the people at the top or your organization. After all, they will hire or approve everyone else in the company, set the tome for values and make virtually all key decisions that will mean success or failure every business day.
A structured approach to hiring that includes all of the following items mu
A structured approach to hiring that includes all of the following items mu
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
st ALWAYS be followed for any senior level hire (VP and above), where the cost of mistake can often be a six-figure sum.
Understand the direction in which the Board of Directors wants to take the company over the next few years and how the requisite skills are represented or missing on the current management team. Understand and be prepared to provi
; 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
e the necessary resources for growth. These are not difficult to define at the macro level and the new executive will certainly fill in the details later. Consider the possibility of hiring a consultant to do a "quick and dirty" job on this to get it in the right ball park. This will be money well spent as it will define who you will want to recruit
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
nd without it you are basically shooting dice.
Develop a detailed job description, with specific attributes and personality traits, which will help the company to accomplish its goals over the next few years. If you do not a have complete vision/plan then you need to seriously consider an interim executive develop one, taking into consideration the
Develop a detailed job description, with specific attributes and personality traits, which will help the company to accomplish its goals over the next few years. If you do not a have complete vision/plan then you need to seriously consider an interim executive develop one, taking into consideration the
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
urrent management team's depth and skills. Specific personality traits and success at specific functions are the most important criteria, not education, name brand company experience, or popularity. Staying on track with these priorities is difficult and must be managed by the most senior person available.
Circulate this job description to obtain in
Circulate this job description to obtain in
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ut and comments from your Board and those senior executives that will have to work for or closely with this executive.
Decide on the interview process and order. Who will interview the candidate? Who will have final veto power or ultimate hiring authority? Who will interview as a courtesy, but not be a large factor in the hiring decision because the
Decide on the interview process and order. Who will interview the candidate? Who will have final veto power or ultimate hiring authority? Who will interview as a courtesy, but not be a large factor in the hiring decision because the
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 have the necessary experience to provide valuable input? Many companies fail here because they use people to screen without any experience in the skill set they are looking for. You should be leveraging your Board and network for people with the exact experience you are hiring during a FIRST interview. Recruiters generally only compare criter
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
a on paper, they have rarely done that job before and therefore typically can not give a very credible opinion on the candidate’s ability to perform. Senior executive should never be interviewed in depth by an HR or personnel person. This can discourage the best candidates who should not be made to think the organization is so political that they wou
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
d be beholden to the staff person in charge of coordinating candidates. This person should only coordinate interviews; they do not have the skill sets to screen high-level candidates.
Have the team meet immediately after each interview, by phone if necessary, to review their feelings about the candidate. Have the senior executive in charge of the fi
Have the team meet immediately after each interview, by phone if necessary, to review their feelings about the candidate. Have the senior executive in charge of the fi
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
al hiring decision structure the meeting and review process to focus on the key elements needed to make the executive successful in that position. The focus should not be on personality or other softer attributes they tend to dominate group discussions and opinions sometimes. While the chemistry must work, and there is a threshold here, the skill set
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
and personality type being appropriate to the specific position will be a larger success factor. For example, an accounting position usually requires a personality type with attention to detail and a conservation approach, while a sales position requires strong people skills, a personality that is not deterred by constant rejection and an ability to
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
manage their time and activity well to drive results.
Network first, and then consider an advertisement as a second resource. Make use of an executive recruiter as a last resort only after a first look at available candidates and if you do have not found several good choices. I have been recruited for a huge fee after that same company got my resume
Network first, and then consider an advertisement as a second resource. Make use of an executive recruiter as a last resort only after a first look at available candidates and if you do have not found several good choices. I have been recruited for a huge fee after that same company got my resume
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
and a direct phone call first. That was a wasted $50,000 fee by the company! Remember, less than 15% of positions are filled by executive recruiters. You can easily conduct a confidential search on your own using a PO box, directors' homes for interviews, non-disclosure agreements as well as other easy and convenient techniques.
Interview until you
Interview until you
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
ave at least 3 strong candidates, but compress them into as short a time span as possible because the best candidates will become unavailable the quickest. Using an interim executive can allow you to say "We do not have a GREAT candidate yet" and will allow you to wait for a better set. Repeat this process as long as necessary until the right candida
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
e is found. Compromises here are very costly so you do not want to be under the gun.
Check references, less for the reference itself and more for a hint on the candidate’s strength and weaknesses and an understanding of how to work with and/or manage them later. Also get referrals to references the candidate did not give you through your own rolodex
Check references, less for the reference itself and more for a hint on the candidate’s strength and weaknesses and an understanding of how to work with and/or manage them later. Also get referrals to references the candidate did not give you through your own rolodex
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
or from the references they did give. These are MUCH better reference checks as they are not friends, prepped or hand selected for the best or ideal work experience and perception. We all have weaknesses, if the reference is not providing you with any they are not a good reference.
Take your time to negotiate a package. The best candidates are going
Take your time to negotiate a package. The best candidates are going
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
to want the best packages as they know what they are worth in the marketplace, not matter what the current conditions may be. You do not want someone working for your company as an executive that does not understand their worth in the marketplace. If they don't negotiate the best deal for themselves how could they do it for your company? -- The table
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
will turn the minute they join the company and you will get back 10 fold on those negotiation and market knowledge skills, so be patient and be prepared to pay fair market value, at a minimum, to acquire the best quality candidates.
Don't be rushed by day-to-day problems and compromise. If you get this right, everything else will begin to fall into
Don't be rushed by day-to-day problems and compromise. If you get this right, everything else will begin to fall into
.
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
lace. However, if you get it wrong there is NO WAY you can be successful. Use a temporary solution to fill the vacuum with a plan to allow 3 to 6 months for the person to start.
Too many people ignore behavior, attitude, ability to learn and other unchangeable factors in the selection process because these are harder to discern during an interview.
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
However, in the long term these are the most important indicators of success.
Knowledge and Experience are a Must For Certain Positions, But Behavior is where Exceptional long-term results can be created.
Intelligence, work ethic, self-motivation, ability and desire to learn make great long-term employee characteristics, not experience or knowledge
Knowledge and Experience are a Must For Certain Positions, But Behavior is where Exceptional long-term results can be created.
Intelligence, work ethic, self-motivation, ability and desire to learn make great long-term employee characteristics, not experience or knowledge
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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