Useful Advices - Business

In today’s day and age a lot of senior managers and sales managers struggle with maintaining their top line growth performance because they neglect their fundamental duties when it comes to managing the performance

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

of their sales team.

If you want to take your team to the next level, consider developing a sales performance management system that includes the following elements;

First of all, assess your current sales team to

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

Examples of combination products may in

understand the performance of your individuals and objectively analyze which of your people are capable of producing their numbers and which aren’t, and then prune and tune that existing organization to make sure th

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

at you weed out poor performers and take corrective action of those who do have a chance of performing well.

Second, learn how to hire and recruit “A” players for your sales team. This requires a rigorous attentio

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

to detail as it relates to specifying your job description, developing a recruiting process, broadcasting your job postings to available candidates and then going through a very rigorous interviewing, screening and

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

Combination pro

reference checking methodology.

The third element in effective sales performance management system is to establish good measurements and to measure and monitor the performance of your sales teams. With today’s CRM

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

tools and sales force automation tools it’s very easy for you to get clear and concise activity and pipeline metrics that you can evaluate on a daily, weekly and monthly basis. Developing those measurements and th

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

n integrating them into regular meetings with your sales teams, both collectively and individually will help you to develop a sales performance management expectation with your employees and a culture of accountabil

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

ty.

Fourth, work on developing a standard corrective action plan for under-performers on your sales team. A corrective action plan should be a standard approach to correcting sales performance that is well underst

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

ood and documented and accepted by everybody on your team. Sales people should know that when they fail to hit their numbers or achieve their sales quotas for a defined period that they will be put on corrective ac

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

ion, which will define a series of steps that are required in order to improve performance within a finite period of time, with a clear understanding of what the consequences are for not improving sales performance.

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

Following aspects would a

Fifth, make sure that you have the proper investments going on in sales training both product as well as sales technique. Also, make sure that you have a sales training system that is systematic and ongoing with y

dd to the challenges in developing combination products:

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

our sales team.

Sixth, make sure that you understand the importance of coaching your sales team to success. The CEO or sales manager’s job is to develop a coaching system to make sure that sales people are well at

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

uned to. It is important that the CEO or sales manager has an engaged active relationship with each team member and that each team member receives regular honest open feedback on their performance, and suggestions

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

n how to improve. Sales people need attention just like anybody else on your company’s team, and so part of your sales performance management system should focus on coaching your people and making sure that they un

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

derstand where they stand in your organization.

Finally, a good sales performance management system includes incentives and rewards; those include commission / bonuses, financial incentives as well as recognition p

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

Professional from academic institutions, pharmaceutical industries, health care indust

ograms. Many companies fail to recognize the power of non-cash incentives when it comes to motivating their sales team. Sales people come to work just like everybody else, for both financial wages as well as psych

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

c wages. It’s important to recognize the non-cash component when it comes to recognition. It’s easy to recognize the efforts of your sales team through contests, awards, atta-boy’s, regular hi-fives with people wh

.

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

o’ve just closed deals, recognition in front of company meetings, all of those things can add a powerful component of recognition and incentives to your overall incentive program. So, if your company is interested

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

Companies that provide selfless information through particip

n accelerating its sales and taking its sales team’s performance to the next level, consider building a formalized sales performance management system that includes all of the elements that I’ve just mentioned about

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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