Pharmaceutical Drug Launches – Something Needs to Change

By Manish Sharma, CEO, TikaMobile

I came across this great article by Bain & Company, How to Make Your Drug Launch a Success, that had an alarming statistic: “Our research shows that nearly 50% of launches over the past eight years have underperformed analyst expectations, and more than 25% have failed to reach even 50% of external revenue forecasts.” We’re in the midst of a sea change in the life sciences industry and it’s being driven by a few trends, which include:

  • Competition is fierce. The Bain & Company article points out that, “the average window of time in which a drug remains on the market before competing products arrive has fallen to four years, down from eight years.”
  • Decision makers continue to shift. This includes the fact that some purchasing decisions now require multiple decision makers.
  • The industry is moving quickly. Information is getting stale faster than ever.

The Bain & Company article goes on to give some great advice for drug launches, which includes creating “broad customer advocacy via a superior customer experience,” “organizing drug launch as a micro-battle,” and creating a reliable feedback loop between frontline field sales reps and home office teams.

How can pharma companies adopt these practices? We’ve all heard the famous quote attributed to Albert Einstein: “The definition of insanity is doing the same thing over and over again and expecting different results.” Something needs to change.

As you develop a new launch strategy, question everything. The answer to the question, “Why do we do it that way?” should never be, “Because that’s the way we’ve always done it.” Everything needs to be questioned in order to uncover problem areas and root causes, and to then create a stellar product launch strategy.

For many organizations, a big challenge is getting people to work together. How can you break silos and get people to communicate better and work together? Many times, it comes down to incentives. Are the groups and people in your organization incentivized to execute on your latest and greatest product launch strategy? Or do their incentives keep them tethered to legacy processes? Once you develop your winning launch strategy, you must work on aligning everyone to it.

The right technology can drive this alignment. The life sciences industry has spent significantly on sales enablement technology, but those technologies tend to focus on satisfying regulatory requirements and otherwise just forcing reps to capture activities. They don’t provide the reps with any real value, they don’t unite the broader organization and they don’t increase the capacity of pharma companies to successfully execute their strategies.

The industry has been using the proverbial square peg to fit into the round hole. As we can see, it’s not working because the statistics for drug launches keep getting worse and worse.

At Tika, we are reimagining how a sales enablement program should operate and we designed our technology to work hand-in-hand with that vision. As the Bain article points out, we strive to help our clients provide a superior customer experience. One of our key focal points is providing the sales rep with the most updated information available  – critical, timely, actionable business intelligence imported from multiple sources into our single platform. And we line that intelligence up with their accounts, targets, Key Opinion Leaders (KOLs), and other stakeholders. This information allows sales reps to be more prepared and also to make better decisions and become more strategic with their use of time. We have created something that’s different from most CRM tools, which are one-way streets – the reps just relunctantly and begrudgingly logging their activities.

This brings us to another important element that we factor in: the feedback loop. Our platform captures information from the reps – and also from other commercial silos – and shares it with the appropriate people and teams in real-time. Tika also creates alerts for follow-up actions for anyone using the app. Everyone stays connected and communicates better – in real-time – which results in better customer service and more revenue.

We also factor in people in the home office – Sales Managers, Marketing, Medical Affairs, Training, Market Access, etc. Managers receive more real-time information about their reps, including where the trouble spots are. They can better coach their reps and make more accurate forecasts based on their activity and feedback.

For Marketing, we made it easier to share the right materials with sales reps and managers. And we made it easier for Marketing to receive feedback, which can be used to adjust positioning, messaging, collateral, etc. We must continue to break down the silos and share intelligence to drive the overall corporate strategy.

Lastly, we knew that we needed to make the tool visually appealing, interactive and easy-to-use. People need to want to use it, and they’ll want to use it if they gain benefit from it (i.e., all of the actionable information and business intelligence I previously discussed) and if it’s easy to use. There’s nothing worse than investing in a sales enablement tool that gets under-utilized. This is a big problem area in the industry. We addressed this with a mobile-first and user-friendly design. So much is available and accomplished through a swipe of the finger. Our clients’ average utilization rate is 92%.

This is the future. A new strategic approach and better sales enablement technology to address these drug launch issues that we’re seeing in the life science industry. Let’s stop the insanity. Let’s make it easier for field sales reps, sales managers, Marketing, Market Access, Training, Medical Affairs, and everyone on the drug launch team to provide that superior customer experience and execute a reimagined drug launch strategy.

Reimagine drug launch

Reimagine your drug launch strategy.

 

Insights from MedForce 2018

Insights from MedForce 2018
By Manish Sharma, CEO, TikaMobile

TikaMobile participated in MedForce 2018 in Boston, MA. I was Chairperson for day 1 of the conference, kicking off the proceedings with a keynote presentation and then facilitating various discussions. Throughout the conference, the TikaMobile team met with marketing and sales executives from America’s leading medical device companies, as well as pharma companies to network, collaborate, and learn from one another’s experiences.

Here are a handful of the points that we discussed and the key takeaways we gathered from some of the summit’s speakers, such as Jay Graves, Neil Gomes, Nick Ruth, Jim Yearick, Mary Beth Moynihan, Jeff Sullivan, Terry Coutsolioutsos and Kasia Hein-Peters:

  1. You must see the future in order to compete — reimagining is essential. 
    1. If you do not anticipate future changes to the life sciences industry, you will fall behind the curve. We are all aware of the problems that exist in the industry, but what are the effective and innovative solutions to address them? Companies must think about what a new commercialization model should look like and how to enable collaboration between different silos within the organization in order to establish positive change.
  2. Every successful movement requires not only a leader, but also impactful initial followers.
    1. Being a visionary is vital, but that alone it is not enough. When creating a vision for your company, you must construct a change management plan to support and drive your vision. Build bridges, create win-win scenarios, incentivize people and bring them on board to achieve the mission. In doing so, lasting advancements will prevail.
  3.  Create a differentiated product strategy based on life cycles.
    1. The medical device industry needs to think like technology companies and understand where the product is in its lifecycle. Getting an innovative therapy to standard of care is a process. Expansion should only be done when the time is right.
  4. Patient-centricity leads to innovation.
    1. We try never to forget that medicine is for the people. It is not for the profits. The profits follow, and if we have remembered that, they have never failed to appear.” — George Merck. Innovation must provide an added value to both the company and its customers. Profit will automatically follow.
  5. Change management is difficult but it is vital to survival.
    1. Change management is difficult as current incentives are aligned to maintain the status quo. At least sixty five percent of managers need to be onboard for a new plan to succeed. It is crucial that your company initiates and implements change as soon as problems arise. Instituting change is challenging, as it requires time, resources and the willingness to change across the entirety of the company. However, it is imperative to be innovative and to take advantage of available resources now so that the company doesn’t find itself playing catch-up later.
  6. Sales teams need to focus on value.
    1. The top performing sales teams strive to add value to the system. Most traditional teams with core performers focus only on relationships. Recent independent research showed top performers have a clear purpose, utilize data, anticipate any barriers they may face and are constantly learning.  Focusing on value is what separates top performers from core performers, and teams with top performers operate more efficiently and effectively.
  7. Align commercial model changes with lifecycle.
    1. Intense competition is leading to commoditization but new models have to be found in order to articulate the value of the product. Changes in reimbursement patterns and more focus on patient pay models, while a challenge, are also opportunities. As companies are exploring new patient pay models, some medical device companies have successfully explored strategies to charge more for a premium patient experience with spectacular results.

These key takeaways must be incorporated into companies’ strategy plans in order to pave the way for future success.

Innovation

ZS Pharma selects TikaMobile as their Mobile Intelligence and Analytics Platform

TikaMobile, Inc., a cloud-based mobile and analytics software provider for the life sciences industry, today announced that ZS Pharma, a member of the AstraZeneca Group focused on using its proprietary ion-trap technology to develop new treatments addressing unmet needs in the pharma and medical community, will deploy the TikaPharma solution to help launch their new product ZS-9 as a new therapeutic option for hyperkalemia.  TikaPharma will provide the ZS Pharma sales team with actionable intelligence and analysis at the customer and territory levels accessible via both iPad and web to help them drive revenue.

With its world-class team and extensive requirements, ZS Pharma required a robust solution to deliver on its vision to have a profound impact in the hyperkalemia market. This relationship with TikaMobile helps address ZS Pharma’s unmet analytics and mobility needs.

Yasser Ali, Vice President, Business Analytics at ZS Pharma said, “At ZS Pharma, we’re dedicated to leveraging innovative approaches to transform patient care.  We’ve adopted this mindset within the Commercial team when it comes to the analytics we provide to our sales team.  In TikaMobile, we found a partner equally dedicated to innovation in mobile intelligence and analytics.  New Biopharma drug launches require near real-time insights on new diagnoses, reimbursement challenges, source of business, etc. .  We feel that the TikaPharma platform is ideal to deliver this intelligence due to its agile nature and exceptional user experience.”

Implementing TikaPharma will help maximize the effectiveness of ZS Pharma’s go-to-market efforts by providing their sales reps the actionable insights they need to stay one step ahead of their competition. “We are excited to work with the ZS Pharma team”, said Manish Sharma, CEO at TikaMobile. “Our vision is to be the leading provider of mobile intelligence and analytics solutions that deliver real-time, on-demand access to the business insights that life sciences sales teams need to drive revenues and be market leaders.”

About TikaMobile

Tikamobile Inc. is leading innovations in cloud based mobile and analytics SaaS solutions for the life sciences industry. Dedicated to customer success, TikaMobile’s real time recommendation analytics  go beyond CRM to give commercial teams and field sales ongoing actionable intelligence. Our powerful, yet agile applications for Pharmaceutical and Medical Device organizations are easy-to-use, easy to deploy, and can accommodate companies of all sizes. For more information visits us at www.tikamobile.com

 

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Contact:
info@tikamobile.com

NeoTract Selects TikaDevice™ as an End-to-End Mobile CRM Solution for its UroLift® System

Neotract-2

TikaMobile, Inc., a cloud-based mobile and analytics software provider for the life sciences industry, today announced that NeoTract, a developer of innovative, minimally invasive urology devices, will deploy TikaDevice across its sales force.

TikaDevice is TikaMobile’s CRM and data analytics platform for medical device launches. By enabling personalized recommendations and alerts on the latest available customer and product information, TikaDevice eliminates tedious preparation time for sales calls.

“By choosing TikaDevice, we’re confident that we’ve provided our sales team precisely what they need to target, inform and educate urologists across the country about the many advantages and benefits of the UroLift system,” said Dave Amerson, President and CEO of NeoTract, Inc.

“This is an exciting time for us at NeoTract, having just announced favorable clinical data and coverage decisions on our UroLift system,” Amerson continued. “We like that TikaDevice is easily customizable, and will save us both time and money. Last but not least, TikaDevice can easily scale as we grow.”

“We’re honored to be chosen as the platform of choice by the NeoTract team to help execute sales and marketing strategy for their pioneering medical device system,” said Manish Sharma, chief executive officer at TikaMobile. “TikaDevice integrates CRM, ERP, and physician targeting capabilities into one mobile application with insights and recommendations. This will help NeoTract get real-time access to business intelligence, allowing them to scale with confidence.”

 

About TikaMobile

Tikamobile Inc. is leading innovations in cloud based mobile and analytics SaaS solutions for the life sciences industry. Dedicated to customer success, TikaMobile’s real time recommendation analytics go beyond CRM to give commercial teams and field sales ongoing actionable intelligence. Our powerful, yet agile applications for Medical Device and pharmaceutical organizations are easy-to-use, easy to deploy, and can accommodate companies of all sizes. For more information visits us at www.tikamobile.com

 

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Contact
Cliona Barry
info@tikamobile.com

New Product Launch in the Medical Device Industry

TikaMobile solution is particularly well suited for new product launch in Medical Device Industry

It takes about 3 to 5 years for FDA to approve any new device in the medical field. Millions of dollars are invested in the research and resources by medical device organizations before the final launch day of the product arrives. New Product Launch is a major investment for any company. A successful launch can bring revenue as well as great customers for the company. A clear launch goal has to be set to understand the objectives and identify the market for the product. Below are the factors that need to be considered in a new product launch in the Medical Device Industry.

       Setting objectives

Coordinating your sales strategy with your sales reps is becoming increasingly important to organizations. It is important to set clear and measurable objectives to work with. Some key objectives while launching a new product in an innovative field such as Medical Devices are:

  •    What should be the essential customer documentation?
  •    How will the physicians and medical departments react to it?

New product launch is a complicated process and without a clear set of objectives it can get tedious and confusing. It is imperative to know the value proposition behind the product and its market need. The potential use of the product has a deeper influence against competitor products in the market.

       Sales Strategy

You have spent years creating your product. The question that concerns is; how are you going to align your sales strategy with your launch objectives? Providing the sales team with accurate product documentation and tools is extremely imperative. A well-defined sales strategy includes:

  •    Creating a compelling messaging or value proposition weeks before the final launch to ensure brand awareness
  •    Utilizing sales connections
  •    Developing training material for the sales reps
  •    Establishing training programs and collateral for new customers
  •    Identifying the key channels that would work the best (e.g. direct selling, distribution, contracting models)

 

Companies need to identify what would work the best for their product and create effective communication with the target audience during the launch. Digital can influence everything today. Leveraging the new product launch by having a digital presence can create a big difference in the sale strategy and final execution.

        Challenges

There are many challenges that the medical device companies can face while doing a new product launch. Any failure in a new product launch can cost millions of dollars to the company. Inadequate resources for the launch process, insufficient data and collateral for the sales reps, lack of communication between various units of the organization can add up to the challenges a medical device company can face while strategizing for a new product launch.

Core challenge for medical device organizations is setting up an accurate distribution channel. Key distribution channel functions would include: Making sure the product is available when it is time to launch, aligning your sales team with your product launch sales strategy, getting near real-time visibility into the performance of your launch, is your product selling? United States is a vast country and planning your distribution channel well in advance is critical. TikaMobile solution makes it possible for you to access all this information in real-time to ensure that your sales and marketing teams are better equipped to execute the launch strategy.

       The TikaDevice Solution

The TikaMobile solution is an effective solution for New Product Launches in the Medical Device Industry. TikaDevice is built for medical device. It eliminates costly and timely customization of non-industry specific solutions. Designed with best practices, TikaDevice can be easily adapted to your workflows, preferred metrics (KPIs) and available data which guarantees your sales team will be aligned to your sales strategy. With TikaDevice your organization will enjoy more streamlined and effective product launches and promotional campaigns – ahead of your competition.

TikaMobile helped one of the most innovative and global medical device company with a great product to launch successfully and roll out a cutting edge mobile BI solution in weeks, not years. So what was the end result? A transformation in how they conduct business worldwide. The TikaMobile solution can help your sales strategy to execute effortlessly when the time comes. All the information about aligning your distribution channel is now accessible to you now 24*7.

Our ability to do mid course corrections is the difference between success and failure of your product launch!

TikaMobile is sponsoring the upcoming MedForce Conference in Minneapolis

We are proud to announce that we will be exhibiting, presenting and sponsoring theScreenshot 2016-05-26 10.21.58 upcoming MedForce Conference in Minneapolis June 6-8. 

The MedForce Summit brings together over 150 marketing and sales leaders from medical device and diagnostics manufacturers. MedForce 2016 is an opportunity to learn how to bridge the gap between the sales and the marketing leaders in the medical device industry.

TikaMobile Inc. is a leading cloud-based platform for medical device commercialization.  With four key products: TikaCRM, TikaDevice, TikaPortfolio and TikaSurvey, our product suite streamlines the sales and marketing activities for launching and growing medical devices in the market. We provide field reps and management best in class tools for targeting and customer segmentation, call planning, CRM, customer business review, forecasting and case tracking. Having enabled numerous successful product launches on our platform, we provide the innovation needed for an accelerated path to product growth in today’s complex, outcome driven market, succeeding where traditional CRM deployments fail.

Find us on Twitter @tika_mobile

For more information feel free to email us: events@tikamobile.com

Mobile: Bridging the gap in Pharma Industry

 

 

sales and marketingLeading organizations today are finding solutions to essentially do one thing: eliminate the structural gap between sales and marketing departments in their business. Sales and Marketing departments of any organization are fundamentally different but highly inter-related. To achieve the sales goals of any business it is important that the value proposition communicated to the target customer by both sales reps and marketers is the same.

The centre point of discussion of this post is how mobile is revolutionizing and trying to eliminate this gap between sales and marketing in pharma industry. Statista research shows that globally till date users have downloaded 102,062m mobile apps. That number is definitely way too high to be ignored. The proliferation of mobile in people’s lives worldwide is something extremely significant. Below is a graph from eMarketer‘s latest study which shows that the digital spending in pharma industry which has been steadily increasingsepnding in pharma  since last 5 years. In 2014 out of the digital spending $373 million was spent on mobile. Organizations are realizing technological advancement in this area is fast paced and sales goals need to align with the organization’s visions. Effective knowledge management for sales reps can have huge impact on the sales performance. Pharma sales reps are constantly on the move with the wide spectrum of customer demographics. Understanding what it takes to close a deal instantly is key in this competitive market. A mobile app that functions both as an analytics and a data management tool is the answer to this problem.

At this point; you would wonder what will a Mobile CRM app do here? Well; to begin with it can align your business’s planning, marketing, improvement and product goals. And in addition it will act as a hassle free and seam less customer engagement tool for the sales reps. One of the many reasons the sales reps and marketers are unable to effectively communicate is because the communication is generic and not targeted. A tool that segments all your data into the verticals it needs to be can help improve the sales performance and reduce the pressure on your marketing team. Imagine your sales rep having personalized information at all times even when he is on the go! That is the power of mobile today. The tool can enable real time alerts and notifications to facilitate patient engagement.

A forward thinking CRM tool can help you:

  • Effectively monitor marketing ROI of the business
  • Efficiently manage pipeline
  • Create communication channels between the sales rep and the customer
  • Promote knowledge
  • Accelerate patient engagement
  • In agile pre-calling
  • Improve team performance to meet organization goals together

With our TikaPharma product  you can actually customize entire platform with your organization’s inputs and needs. We believe in driving the competitive advantage for your organization to improve and achieve performance goals.

Don’t forget to comment your thoughts on this post.

Stay updated with our latest stories on Twitter @ Tika_Mobile

 

 

Moving beyond (traditional) CRM in Medical Devices Sales


Innovations and changes in Medical Devices industry are rapid. Mobile technology is revolutionizing medical devices industry today. In the medical device industry sales reps are not mandated to record every conversation with physicians, hospitals, doctors unlike a pharmaceutical company which makes keeping a track of records, data and conversations difficult. But a customer relationship management (CRM) software can have a massive impact on operational efficiencies of sales reps and it gets better; a CRM can help you track every conversation a sales rep would ever have with physicians. Research shows that about 5.9% of the total health expenditures are spent on medical devices. Spending on medical devices has increased by 6% since 1990s. The opportunity for CRM systems to manage and consolidate data for medical devices industry is now more than ever.

3 ways a CRM platform can improve your medical device sales:

  • Engagement

Why does a medical device sales rep really need the CRM? Well, this list could be endless but businesses globally are now trying to close the gap between the customer and the quota. A tool with capabilities beyond CRM functionalities can not only help sales reps to engage with the customer but also create transparency in terms of communicating information with the management. An omnichannel and all access approach for customers and their reps will help build performance doctor tabletstandards that can leverage the business’s growth. 57% of customers are willing to switch to new businesses or brands just to get a better customer service. Now that’s a number worth taking a look at when it comes to engagement and fulfilling customer expectations. Adding value and a personal touch to every customer intearction is a driving force to the businesse’s revenue growth. In an industry like that of Medical Devices delivering sustainable solutions and driving growth is a must to be ahead of the game.

  • Leveraging data

Unlike pharma companies data challenges are particularly unusual in medical devices companies. CRM systems that support data analytics is the exact technology that medical device industry needs at this point. Relationships between sales reps and physicians is strategic and unique in this industry. One which requires constant which requires constant decision making. Organizations have started to understand the importance of data analytics for sales reps to enhance their knowledge base when it comes to communicating with the physicians or hospital administrators. Having key information about market places and customers in a single tool can help medical device reps identify priorities and opportunities.

  • Improve medical device product sales

Saving hours of email and phone conversations to collate all the meetings data can cause a significant waste of time for the reps. CRM technology can help you automate workflow and business processes in turn eliminating the time spent medical device blogphysically by the reps. Medical device sales can see a significant improvement with the use of capabilities that go beyond the typical use of CRM systems. Technological advancements in mobile is changing the way reps and physicians interact in this digital age. A mobile CRM has the ability to perform tasks completely paper-free and online. A neat way of having access is A survey conducted by What Physicians Want stated that 80% of physicians are embracing mobile technology for professional use. With mobile technology getting hands on in this industry sales reps are required to have more knowledge about what they are selling and who they are selling to.

The technology at Tikamobile can help deliver all these goals as a by product of putting such a system in place tremendous productivity can be gained. To know more about us and our offerings please feel free to write to us at sales@tikamobile.com

Also check out our Twitter Page for latest stories on Mobile Solutions for Healthcare and Medical Devices @ Tikamobile