Useful Advices - Business

1) Identify Your Essential Competencies and Performance Metrics

If I asked you to list all the essential competencies that YOU are in control of - the ones that are absolutely critical for you to be successful in yo

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

ur sales position…could you do it?

For example…

Essential Competency or not?

" Converting conversations to appointments? (yes it is)
" What about filling out paperwork? No! (That's a related task)
" Wha

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

Examples of combination products may in

about closing ratio? (Sure it is.)
" Degree of success in turning a first appointment into an opportunity? (absolutely)

Get the picture?

Now, if you truly want to adopt a self-management system that will work

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

FOR you - not against you, you first have to "access" what is an essential competency and what's merely a related competency.

To do this, sit down and list any sales metrics and performance numbers inter-related to

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

your competency numbers and your desired revenue results. (Hint: "Sales Cycle" and "Average Revenue" per sale are two.)

2) Diagnose Your Business on a Single Sheet of Paper

If I ran into you on a train or in an ele

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

Combination pro

ator, would you be prepared to tell me what you do (and how it benefits me or those I know) - in under 1 minute…

That's called your 30-second commercial. Most people don't have one, yet everybody needs one.

One way

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

to understand more of the obvious benefits your products and services bring to the table is to start to view and diagnose your business more scientifically. You will also see how the numbers work and which areas are

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

most important to your short and long-term success.

Ask yourself…What happens if your closing ratio reduces by 30% and your average revenue per sale increases by $2500? How does that affect your desired results?

Wr

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

te your competency measurements and sales metrics on a sheet of paper. Calculate ratios in line with competencies and average numbers in line with your sales metrics. Assign your revenue object or quota. Play with th

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

e numbers and ratios to see how they are inter-related and how they affect each other.

3) Calculate your 'Magic Number'

"Not setting enough new appointments on a routine basis" is like a malignant cancerous growth

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

lowly eating away at the heart of most sales organizations - - Jeff Hardesty.

The reason for this is because most of us do not identify how many new appointments are needed on a weekly basis based on individual comp

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

Following aspects would a

tency numbers and performance metrics.

That's like diagnosing with blindfolds on.

Every one is different; we all have a 'Magic Number'. And it's personal to only you. If you routinely achieve it, you will routinely

dd to the challenges in developing combination products:

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

meet your desired results. Since it is a dynamic number that changes from week to week, it's important to understand how it is inter-related with other competency ratios, performance metrics and desired revenue resu

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

ts.

It's important to include your 'Magic Number' in your self-management system.

4) Train to the 'Napkin Rule'

The 'Napkin Rule' simple means, putting aside all those sales automation systems for 30 days and keep

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

track of your essential competency and performance metrics on a single napkin.

Compute updates daily. Store the napkin in your pocket. When the napkin fills up, transfer it to a legal pad to show month to date. Have

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

nothing else on the legal pad except your essential competency ratios and sales performance metrics. After 30 business days, transpose the legal pad metrics to your favorite computer software spreadsheet, and track

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

Professional from academic institutions, pharmaceutical industries, health care indust

t for 90 days.

This simple but powerful "Napkin Rule" will help you become the CEO of your business.

5) Run Your Numbers, Don't Run after Quota

Concentrate on your numbers NOT your quota so you can diagnose perfo

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

mance trends before a revenue crisis. Then you have the power to institute strategies and tactics for immediate recovery.

Here's why.

Reaching and exceeding sales quotas consistently has very little to do with prod

.

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

uct, pricing and competition. But it has everything to do with 'Process'.

Identify the core competencies that are necessary to be successful in your sales routine. Then train to Powerful Routines to increase your ra

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

Companies that provide selfless information through particip

ios of effectiveness. Document these meaningful business metrics and review them weekly. Build a simple but dynamic self-management system and outperform your peers and competition while assuring your revenue success

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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