Useful Advices - Business

Ever wonder what happens during a pit stop at a race track? How is it possible that four tires are changed, fuel added, windshield cleaned, and adjustments made all in less than 30 seconds? I

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

can’t even get off the couch that quick sometimes. Think about it, there is not much you can do well under 30 seconds, yet these guys win hundreds of thousands of dollars based on how effecti

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

Examples of combination products may in

vely they utilize that half a minute. Pit crews have almost perfected a technique called SMED. And guess what? The same technique can carry your sales to first place too.

Single Minute Exch

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

nge of Die (SMED) is a technique I used to use as a Management Consultant and was created years ago at Toyota by Shigeo Shingo. The concept started as a method to change out parts on high usag

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

e machines on shop floors. The problem that was being solved for was that often it would take days, sometimes weeks, to change over a machine in order for it to run the next product. This dow

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

Combination pro

time cost the company thousands of dollars. Toyota got to the point where these changeovers would take--you guessed it, a single minute.

Mr. Shingo had discovered that there were two differen

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

t types of activities occurring during any changeover--external and internal. External activities, were those that could be performed while the machine is running (making money) and the intern

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

al activities, were those that could only be performed while the machine was off. By breaking the process down into these discrete activities, the machine only had to stop running for the shor

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

est amount of time possible, a single minute. Pit crews perform this same way and can achieve the same quick turn. They only do the activities that have to be completed when the wheels are stop

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

ped.

How does this relate to sales? For years, this was a technique primarily confined to manufacturing. Popular thinking was always that sales was “too unpredictable”, “too irregular” to mea

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

ure effectively. Well, I disagree. The SMED technique is exactly what sales organizations need to succeed. I have seen how applying the SMED technique to sales yields the same type of exponent

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

Following aspects would a

ial successes for those with the discipline to put it to work in growing their businesses.

The first step is to understand what is happening when the “sales machine” is running. When you are

dd to the challenges in developing combination products:

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

actively contacting, communicating, or attempting to contact a potential client, current customer, or lead- this is when your “machine” is running. Activities such as meetings, networking, cal

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

ing, emailing, or other communication methods are the internal activities that occur while the “machine” is running. Everything else is external. I am not sure if you caught the impact of tha

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

t last statement, so I will write it again. EVERYTHING else is external. What does that include? Research, finding prospects, writing contracts, creating new sales pitches, and filling out ex

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

ense reports--are you seeing the point?

Using this technique will increase your “uptime” to at least 8 hours per day. Imagine how many calls or emails you could make if they were the only thin

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

Professional from academic institutions, pharmaceutical industries, health care indust

gs you were doing “while the wheels are turning.” Your contact rate and ultimately your client list will go through the roof!

The key is moving activities you insert in as “part of your day” t

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

hat don’t contribute to your sales success. Move them to times when your prospects are unavailable, like early mornings and evenings. Turn that new found time into more calls during your “uptim

.

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

.” What about researching the night before you call your leads so that instead of making 3 calls in an hour, you can make 10-15?

I challenge you to SMED your sales. Find a tool that will hel

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

Companies that provide selfless information through particip

p you organize your opportunities and assist you to increase your call volume. Determine what you can do externally, leaving your eight hour day to do what makes money in sales--talk to people

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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The old and standard business administration concepts included in any current MBA program are very important, but today the companies are very different.

Bookkeeping is one of the important aspects of business that has to be taken care of. The professionals have to be certified professional accountant or have the required qualification to handle the task effectively.

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