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Useful Advices - How To Create An Effective Business Development Strategy
The Business Development Strategy is used to underpin your main Business Plan and essentially it sets out a standard approach for developing new opportunities, either from within existing accounts or by proactively targeting brand new potential accounts and then working to close them.
This doc
This doc
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
ument highlights the key issues you should consider prior to compiling your own plan and will hopefully guide you logically through a proven framework.
The key word is ‘Strategy’, because you are creating a workable and achievable set of objectives in order to exceed your annual target.
Yo
The key word is ‘Strategy’, because you are creating a workable and achievable set of objectives in order to exceed your annual target.
Yo
; 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
r Starting Point:
The key words are Who? What? Where? When? Which? Why? How?
For example:
Who - are you going to target?
What - do you want to sell them?
Where - are they located?
When - will you approach them?
Which - are the appropriate target per
The key words are Who? What? Where? When? Which? Why? How?
For example:
Who - are you going to target?
What - do you want to sell them?
Where - are they located?
When - will you approach them?
Which - are the appropriate target per
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
onnel?
Why - would they want to meet with you?
How - will you reach them?
If you have conducted regular account reviews with your key accounts during the previous twelve months, you should be aware of any new opportunities that will surface during the next twelve months. You wi
Why - would they want to meet with you?
How - will you reach them?
If you have conducted regular account reviews with your key accounts during the previous twelve months, you should be aware of any new opportunities that will surface during the next twelve months. You wi
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
l also, when assessing what percentage of your annual target usually comes from existing accounts, need to review data over the last two or three years. (It is likely that you can apply Pareto i.e. 80% of your business will probably come from existing accounts and in fact 80% of your total reve
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ue will come from just 20% of your customers/clients)
You will be left with a balance – i.e. “20% of my business next year will come from new opportunities” – therefore you can then begin to allocate your selling time accordingly.
Ideal Customer Profiling:
Pro-active business developm
You will be left with a balance – i.e. “20% of my business next year will come from new opportunities” – therefore you can then begin to allocate your selling time accordingly.
Ideal Customer Profiling:
Pro-active business developm
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
ent demands that we create an ideal target at the front end – i.e. an Ideal Customer Profile. The essential characteristics you will need to consider are:
- Industrial Sector
- Geographical Location (Demographics)
- Size of organisations (Turnover, number of employees etc)
- Financial Trend
- Industrial Sector
- Geographical Location (Demographics)
- Size of organisations (Turnover, number of employees etc)
- Financial Trend
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
- Psychographics – i.e. Philosophical compatibility
Many strategic sales professionals merely profile their best existing clients and try to replicate them – there’s nothing wrong with doing this but we should always remember that we are seeking an IDEAL and we can always improve on what we
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
lready have.
‘New’ Opportunities From Within ‘Old’ Accounts:
Because it costs approximately ten times as much, to first locate and then sell to a new customer as it does an existing one (although these costs are rarely reflected in the cost of sales), it is essential that we fully deve
‘New’ Opportunities From Within ‘Old’ Accounts:
Because it costs approximately ten times as much, to first locate and then sell to a new customer as it does an existing one (although these costs are rarely reflected in the cost of sales), it is essential that we fully deve
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
op our existing accounts working upwards, downwards and sideways, thus making the most of the (hopefully) excellent reputation we have developed already.
Most corporate accounts have several divisions, departments, sites, even country offices and you must satisfy yourself that you have exhaust
Most corporate accounts have several divisions, departments, sites, even country offices and you must satisfy yourself that you have exhaust
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
d every possible avenue. Don’t be afraid to ask the question “Who else should I be talking to in your organisation”?
Developing New Opportunities:
There are a number of ways in which we can target new opportunities e.g.
• Direct Mail
• Telephone Canvassing
• Researching Archived Fil
Developing New Opportunities:
There are a number of ways in which we can target new opportunities e.g.
• Direct Mail
• Telephone Canvassing
• Researching Archived Fil
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
es For Customers Who Used To Buy From Your Company
• Exhibitions
• Seminars
• User Groups
• E-Mail Campaigns
• Referrals
• Qualified Leads
• Advertising
Not all of these will be appropriate to your particular industry, but you should not be afraid to experiment – i.e. challenge the para
• Exhibitions
• Seminars
• User Groups
• E-Mail Campaigns
• Referrals
• Qualified Leads
• Advertising
Not all of these will be appropriate to your particular industry, but you should not be afraid to experiment – i.e. challenge the para
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
igm – and do not accept that just because a particular idea has not worked in the past that it will not do so in the future. (Remember when you were learning to walk – it didn’t work first time then!)
The important thing is to make an early decision in terms of what you are going to try and th
The important thing is to make an early decision in terms of what you are going to try and th
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
n build this (those) ideas into your master plan.
A Typical Business Development Plan:
You should plan out the whole year and review / revise quarterly.
• List your existing accounts and plan what activities / actions need to be completed in order to fully exhaust all opportunities. Y
A Typical Business Development Plan:
You should plan out the whole year and review / revise quarterly.
• List your existing accounts and plan what activities / actions need to be completed in order to fully exhaust all opportunities. Y
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
u may for instance, plan to cover more bases within the decision making unit or contact associated companies or offices. The Strategic Account Profile can be used as a prompt.
• Begin to target new accounts using business directories etc. and set targets per week / month / quarter i.e. I norm
• Begin to target new accounts using business directories etc. and set targets per week / month / quarter i.e. I norm
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
lly allow for eight hours per week as a minimum (Don’t forget to continually refer back to your Ideal Profile)
• Then build in what assistance you need from your marketing function – i.e. qualified leads, seminars, exhibition attendance etc.
• Finally share your plan with your manager and the
• Then build in what assistance you need from your marketing function – i.e. qualified leads, seminars, exhibition attendance etc.
• Finally share your plan with your manager and the
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
n commit to it.
You should also measure it against S.M.A.R.T.E.R. i.e. is it.
S.pecific
M.easurable
A.chievable
R.elevant
T.imed
E.xciting
R.ecorded
Linking With Your Commercial Plan:
I have suggested that your Business Development Strategy, would link with your Master B
You should also measure it against S.M.A.R.T.E.R. i.e. is it.
S.pecific
M.easurable
A.chievable
R.elevant
T.imed
E.xciting
R.ecorded
Linking With Your Commercial Plan:
I have suggested that your Business Development Strategy, would link with your Master B
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
siness Plan but logically you should also integrate it into your Commercial Kit(this is a document that outlines your monthly,quarterly and annual targets) – specifically the areas that deal with new business generation, account management and development, four tier account lists etc.
These th
These 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
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
ee documents when combined should drive and guide you through the next twelve months and beyond.
Summary:
As I have said often enough “People do not fail because they planned to fail but rather because they failed to plan”
The man who knows where he wants to go is more likely to get t
Summary:
As I have said often enough “People do not fail because they planned to fail but rather because they failed to plan”
The man who knows where he wants to go is more likely to get t
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
ere, he just has to decide how to get there. All plans are essentially maps and guides; the strategic element is the ‘How’.
Do be prepared to change course, flexibility is key, and don’t be afraid to experiment, look outside the square.
Copyright © 2006 Jonathan Farrington. All rights reserve
Do be prepared to change course, flexibility is key, and don’t be afraid to experiment, look outside the square.
Copyright © 2006 Jonathan Farrington. All rights reserve
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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