5 Steps to Improve your Overall Sales Strategy

How to Improve Sales Strategy

As a company builds and develops, adjustments may need to be made in order for your growing sales team to thrive. Whether it’s realigning Key Performance Indicators, zeroing in on customer trends, or coaching your team to go in a new direction, there’s always room for improvement. Here are some quick tips to realign your sales force.

Improve your Overall Sales by evaluating your market1. Evaluate your market

In order to make a change in sales projections for any product, it is necessary to evaluate the market that you are looking to penetrate. Identifying trends within territories, between accounts and across your product portfolio will provide insight into your potential for growth. A few research tools to consider include interviews, surveys, questionnaires, and focus groups. These tools can help identify critical information about the importance of price or product features, as well as the strengths and weaknesses against competitors in the market.


Improve your Overall Sales strategy by setting Strategic Goals2. Set Strategic Goals

Aside from knowing where and when to play, setting the goals and processes in place that are needed to be successful is the next crucial step for improving effectiveness. Traditionally, any results driven goal should be Specific, Measurable, Actionable, Realistic, and Timely (SMART). It is known that documenting and revisiting these goals increases the likelihood of reaching them. In fact, a Harvard Business Study found that the 3% of graduates from their MBA who had their goals written down, ended up earning ten times as much as the other 97% put together, just ten years after graduation.1 So when you are setting your strategic goals to penetrate the market, be specific, secure measurable parameters, ensure actionable and trackable tasks, always be realistic, and set a time that can be accounted for when the goal is reached.


Improve your Overall Sales strategy by Team Alignment3. Align your Team

When everybody does well, the organization does well. It is imperative that the strategies that are developed are thoroughly communicated to all teams so they have a clear plan in place to move forward. According to a report published by McKinsey, workers spend an average of 14% of their workweek in communicating and collaborating internally. The study showed that improving the internal collaboration through social tools could help raise the productivity of interaction by as much as 20 to 25%.2


Improve your Overall Sales strategy by Investing in Influential Technology

4. Invest in Influential Technology

The technology your company uses to stay on task, communicate and track progress can be detrimental to your sales force. Excel spreadsheets, desperate emails, and silo portals deny the existence of a collaborative environment. As McKinsey stated, collaborative tools and technology can influence productivity by 20-25%. What your company needs is a piece of technology that combines all of your needed features into one. For instance, TikaMobile saved National Account Management teams 3 hours a day by enabling better communication and proposal management with the internal contracts team, providing automated pricing quotes and proposal generation.3


 making time for Team Feedback5. Make time for feedback

If you don’t take time to regress every now and then, there is no way to truly evaluate if you are staying on track in reaching your goals. It’s important for the individual and the company to realize success and be honest where there is room for improvement. According to Queens EDU, about 75% of employers rate teamwork and collaboration as “very important”, yet only 18% of employees get communication evaluations at their performance reviews.4 To keep the team accountable, TikaMobile’s TikaCoach allows teams to track goals and communicate with management on progress and success. Periodic reviews are scheduled and tracked, and team’s are provided with a 360 degree view of their performance.


Fortunately, TikaMobile Inc. can help you and your team with a lot of these steps. Our cohesive application and proven workflows bring all of the necessary tools into one place, allowing you to organize, track, and analyze to improve productivity throughout the organization. To learn more on how our product has empowered commercial teams throughout the life sciences, visit our website www.tikamobile.com.

For more information on TikaMobile, let us hear from you.

Citations:

  1. https://sidsavara.com/why-3-of-harvard-mbas-make-ten-times-as-much-as-the-other-97-combined/
  2. https://www.mckinsey.com/industries/high-tech/our-insights/the-social-economy
  3. https://tikamobile.com/nationalaccounts_cs/
  4. http://online.queens.edu/resource/business-leadership/infographic/communicating-in-the-workplace

Breaking Down Silos; the False Construct of Silos in the Pharmaceutical Industry

What is an industry silo?

In the pharmaceutical industry, silos are described as functions of a business, both internal and external, that are separate and without integration. The silo mentality occurs when departments do not communicate their ideas, goals, tools or priorities with one another in order to achieve business goals. The company’s way of thinking is straight up and down, like a silo, causing implementations to be uncoordinated, duplicative and the opportunity for true end to end optimization becomes difficult.

Silo’s are common and can live internally and externally throughout the industry. 

They form due to many reasons, but often because teams are hyper focused on achieving their goal within their budget, on their timeline, and lack the visibility and coordination skills to holistically optimize business processes across the organization. The scenario when Marketing purchases an asset management system that doesn’t integrate with the CRM that the Sales team uses to showcase approved marketing materials to clients, or the variation of HCP and Pharmacy lists that are independent and specific to each group interacting with it, are prime examples of silos affecting internal business. 

By and large, when silos are present and disruptive inside an organization, they become visible to external business relationships and cause similar issues outside of the organization. 

Breaking down silos

Eliminating silos within an organization provides companies the opportunity to capitalize on current investments and drive value across operations. In order to eliminate these silos, companies must begin by determining where the problem is occuring. The ability to analyze the interactions between internal and external functions to understand where the disconnect in communication occurs is a good first step to removing a silo. Ensuring that all key stakeholders of each silo are involved enables integrated approach and will provide a cross-functional way to transform into a productive organization.

Introducing…Multichannel

To really experience your multifaceted organization through and through, introduce the industry adaptation of multichannel. Multichannel shatters any idea of silos by immersing integration within an organization. In the pharmaceutical industry, the tradition of silos was severely misaligned, and the introduction of a multichannel approach has readjusted the industry both internally and externally.

Cross-functional approaches sparks proper collaboration and new phases within a company. Patrick Lencioni is quoted calling silos a “waste of resources, (that can) kill productivity, and jeopardize the achievement of goals.” Multichannel is the approach that creates synergized silos that work together and benefit each other mutually. They look at stakeholders and analyze the interactions of multiple channels and the way they produce outcomes when they are integrated. Due to the synergy of multiple channels instead of direct top-to-bottom approaches, multichannel is a more efficient implementation against silos in the pharmaceutical industry.

Eliminating the use of industry silos and integrating the use of multichannel seamlessly enhances overall productivity and communication in the workspace. Better company collaboration leads directly to better decision-making. A number of high-level and high-return benefits come from the introduction of multichannel.

With the help of advanced analytics and Customer Relationship Management, your company can shatter silos and be connected with one another. Contact TikaMobile Inc. to see how we can help you and your colleagues with multichannel integration, through the use of our cloud-based computing applications.

 

Our World is Going Mobile, and CRM is Adapting with it

In the past decade, there has been a mass shift from the use of desktops to mobile devices as the primary source of information.

Because of this, many people expect real time information at their fingertips at anytime and anywhere. In 2019 there are over 5.1 billion unique mobile internet users, up 2% from the previous year. On top of that, 50% of the time individuals spend on digital media is on mobile apps. With this increase in usage of mobile devices, it is imperative that life sciences companies match this immense growth and utilize mobile. 

Why is a mobile platform important to a company’s success?

As life sciences companies witness this change in source of information, they must adopt mobile platforms to stay on the cutting edge. The days of utilizing spreadsheets on desktops and handwriting notes during meetings with doctors are dissipating. There are countless reasons as to why smartphones and tablet sales have surpassed desktop sales. The immense speed of mobile applications, the availability of advanced analytics at one’s fingertips and increased flexibility enables teams to boost their overall efficiency.  Researchers at iPass have found that companies with employees using mobile devices for work-related purposes possess the potential to acquire an extra 240 hours of work annually from employees.

What is a mobile first design and how can it benefit a user?

A mobile first design is when a platform is created for the smallest screen first, such as a smartphone or tablet. As users spend, on average, 69% of their media time on smartphones, it is imperative that applications and platforms are designed for the smallest devices first.  This leads numerous advancements in platforms, in turn establishing increased efficiency and overall team success. Because the platform is designed for the smallest screen possible, it emphasizes the most crucial components needed for success and does not include any unnecessary data or information. A mobile first design also leads to faster loading times and decreases frustration with the tool. In fact, a UK newspaper, the Telegraph reported that a study found that slow loading speeds on applications causes slightly more stress than a thriller movie, with heart rate jumping 38% when delayed loadings occur.  All of this leads directly to the improved user experience component of a mobile first design. These platforms tend to be more user friendly, as they possess the needed information, process it at quick speeds and provide the employee with more flexibility. 

What benefits does mobility provide an entire organization with?

Mobility is everything for a company. Overall team productivity significantly increases, ultimately driving increased revenues. Here are some of the benefits of mobility for an organization:

  • Increased sales with a shortened sales cycle
  • All of your files are in one application, facilitating ease while sorting through data and information
  • Production and planning are immensely faster with up to date information at one’s fingertips
  • Improved information insights with advanced analyses of vast data 
  • Heightened collaboration as the mobile application allows access to every team, anywhere, leading to more transparency across the organization
  • An organization’s strategy plan is easily constructed and visible to all different teams 
  • Ability to access and update leads and communicate with team about these lead

How can a mobile platform improve the customer’s experience?

In the life sciences industry, the patient-centric mentality is vital to overall success. With increased business intelligence and more productive meetings between sales teams and doctors, patients are being provided the best health care possible, at all times. Most importantly, mobility allows sales reps, as well as other teams within an organization, to ensure they are adding value to the system. 

These are just some of the advantages and capabilities an organization can possess with a mobile platform. TikaMobile’s platforms possess more capabilities than listed above. To find out more about our platforms and their capabilities, please contact info@tikamobile.com.

Focusing on High Quality User Experience in Life Science CRM Applications

What is UX?

As the use of mobile devices continues to increase, so do people’s preferences for using their mobile devices to access websites, apps and content. These shifting preferences, and the fact that people are accessing websites, apps and content through multiple devices, have intensified focus on the user experience (UX) in software design. Here are several key factors that go into ensuring an optimal UX:

  • Design 
  • Utility 
  • Accessibility 
  • Usability 
  • Ergonomics 
  • Performance

How does UX design play a role in the life sciences industry?

As patient centricity becomes increasingly prominent within the life sciences industry, a strong emphasis on positive user experience is crucial for business intelligence and CRM platforms. From sales reps to Medical Science Liaisons (MSLs), each team’s end goal is to lay the groundwork for the most positive patient experience. Ergonomics, the study of people’s efficiency in their working environment, is the driving force behind UX in the life sciences industry because without maximum efficiency in all aspects of a CRM platform, patient-centricity becomes lost.

From contracts to the price of a drug or device, life science companies possess massive amounts of data. If a company’s platform does not have a strong UX design, then reaching the highest levels of efficiency is a daily challenge. In turn, prioritizing the creation of the best possible experience for the patient becomes more difficult. If unnecessary time is added to sales reps’ daily tasks, they might switch their focus from ensuring quality meetings to ensuring a greater quantity of meetings. As a result, their incentives become unaligned with their company’s strategic plan, ultimately disrupting the patient’s journey. 

What will a strong UX designed platform look like for your life sciences company?

Here at TikaMobile Inc., we know that a device or platform with a UX focused design should benefit teams across the board so that all parties involved seek to utilize it. In fact, approximately 92% of our platform users voluntarily utilize our applications daily. This success stems from Tika’s “mobile-first” design, which ensures that the platform has a user-friendly design across various devices. Applications are created to be simple on the user-end, while the complexity lies with the data processing side, or the back end of the platform. The minds behind the creation of a life sciences CRM/BI tool with optimal UX design must possess extensive knowledge and experience in the industry and constantly seek advice from MSLs and sales reps to ensure all of their needs are met with the best possible design.

This is a key factor that we have embraced. Our designers have worked in the industry. They know what it’s like, they know the pain points and they know what best-practices look like. All of this experience gets coded into the platform. In addition, we conduct rigorous interviews with our customers in order to paint day-in-the-life pictures of each type of person that will use the platform. 

Creating a positive user experience will not be the same for all customers because some users require certain features specific to their company’s business models and strategies. The ability to personalize the platform’s features for a customer’s needs is pivotal. Your platform provider must have the tools and resources available for customization and to readily improve your system if changes are required or issues arise.

With a design focused on user experience, efficiency increases, people get value out of the platform, and so utilization of the application becomes voluntary. Increased usage of the platform benefits the entire organization. All the necessary information is on one, easy-to-use application, allowing processes to run much smoother, enabling the organization to be aligned and customer-and patient-centric. 

Ready to learn more about how TikaMobile incorporates UX? Click here.

5 Ways to Improve your Sales Calls in the Life Sciences Industry

Many life sciences sales reps can avoid cold calling because they have a targeted list of accounts that know their company and what they sell. But some life sciences sales reps find cold calling vital for developing new relationships and expanding their network. Whether the company is new, they launched a new product into a new market, or they’re forging a path into new geographical territory, cold calling is a vital part for new sales.

Cold calling can be intimidating, and sometimes talking on the phone just generally feels awkward. Establishing or polishing up a solid base strategy will make the conversation more casual, making you and your prospect more comfortable. 

Keep these 5 tips in the back of your mind during every call:

    1. Smile!
      Believe it or not, you can hear a smile. Smiling while speaking on the phone makes you sound more engaged. The person on the other end can hear a difference in your tone if you are moping on the call. In order to show your interest in the conversation, take a deep breathe, and smile as you speak
    2. Have a script.
      Your cold calls don’t have to be ice cold…have a plan! Before each call, review your goals. Who are you calling? Why are you calling them? What is the desired outcome of the call? You should keep notes in front of you during your call.
    3. A genuine greeting.
      Start with a warm, meaningful “hello” and build out the conversation from there. As you get to know your prospect better, ask about things you have learned. Ask about their medical practice, or their kids or spouse, or how their vacation was. This makes the conversation more personable, making both of you feel more comfortable.
    4. Be clear on your offer.
      As you get into your ask, be extremely clear what you are offering, as well as the benefits. Additionally, be prepared to answer any questions they may have.
    5. Follow up.
      After the call, compose an email to thank the prospect for their time, and reiterate any discussion you may have had about prices, deals, or a follow-up meeting you will be having in the future. Don’t forget to say thank you

Remember: each call is a unique opportunity. Treat it as such and focus on following the tips above for optimal success.

Good luck!

TikaMobile
Smart selling starts here.
+1 (646) 713-2024

Converting Data Into Actionable Information With an Intelligent CRM

In the life sciences industry, “too much data and not enough information” is an ever-present issue.

While many people within life sciences understand this as a challenge hindering success, many companies have not yet taken the necessary steps to implement change, starting with adopting a solution that addresses this problem. As our ability to collect more data increases, the complexities to create actionable intelligence will only become more challenging and critical.

Advanced analytical tasks involved in a data lake, such as reporting, visualization and machine learning are compiled into data that can be semi-structured, structured or binary. Data can be considered raw numbers, measurements, statistics or input collected and recorded but not yet interpreted. In our technology-centric world, data is readily accessible for companies to data mine.  All of that data, however, is meaningless and difficult to cohesively apply unless integrated technology can streamline and distribute these findings quickly.

Analytical tools, as well as a strong understanding of the overarching corporate strategy, are necessary to turn data into information that can be used to take action with confidence.

Before data is processed, organized, and structured, companies cannot use it to strategically grow and change their operations and analytical maturity level. Once data is evaluated, and sophisticated algorithms have been applied, it then becomes dynamic actionable intelligence that can help organizations better understand the driving forces behind their successes as well as shortcomings.

A CRM platform is a useful tool for companies to collect their data from employees and other sources in an automated and efficient way. However, a legacy CRM system merely collects field data and does not consider, nor turn it into actionable information. A sales rep may spend hours sorting through and deciphering  data in their CRM applications when they could be receiving and discovering insights from the information in seconds if they had access to a CRM system with business intelligence capabilities.  An intelligent CRM platform is able to cohesively compute the collected data and information throughout the commercial organization in order to evoke more informed strategic decision making.

Gartner’s Peter Sondergaard noted that “Information is the oil of the 21st century, and analytics is the combustion engine.” The right business intelligence can reduce hours of meeting preparation to just a few minutes. Inefficient systems make more work for you and your team, sifting through data and organizing found information into worksheets, as well as other disparate, inefficient tools. An efficient system should automatically convert the data into actionable intelligence, aiding users in making real-time, strategic decisions.

Companies need to invest in newer all-inclusive CRM solutions that possesses the capability of processing big data and producing real-time opportunities and insights to give all field teams numerous competitive advantages.

As CRM systems become more integrated, they will ultimately speed up processes and make for more high performing teams. Traditional CRMs are not designed for the complex and evolving needs of today’s life science organizations. Overall, an application able to combine everything the end-user needs into a single solution will ultimately increase productivity and overall corporate success. TikaMobile Inc., a New York-based life sciences technology vendor, combines advanced analytics, business intelligence and CRM to make all commercial and medical sales teams smarter, more strategic, and better-equipped to provide value-added solutions to existing and prospective customers. An intelligent CRM should cohesively brings disparate tools into a single platform with an optimal user experience. A two-way transfer of intelligence integrated within the CRM system provides the framework to guide strategic decisions across the entire organization. A platform that encompasses these tools and provides their users with them at top speed will help life sciences companies become or remain leaders within the industry.

About TikaMobile, Inc.

TikaMobile, Inc. is the premier leader in cloud-based business intelligence and CRM software for the global life sciences industry. By combining many disparate sales and marketing tools into a single easy-to-use application, Tika is transforming and optimizing sales organizations for pharmaceutical and medical device companies. Tika is committed to innovation, product excellence, and customer success and works with organizations of all sizes. Headquartered in New York City, Tika has offices in the United States, Europe and India. To learn more about how TikaMobile and its CRM solutions can help you and your company achieve business goals, please contact the TikaMobile team at sales@tikamobile.com. Also, please explore our different applications and solutions at www.tikamobile.com

10x Medical Device Conference Interview with Manish Sharma

While attending the 10x Medical Device Conference in sunny San Diego, California, TikaMobile Inc. founder and CEO, Manish Sharma was approached and asked to be a part of a brief interview with Joe Hage, the host of 10x and founder of Medical Device Group. Joe conducts a “speed round” of interviews at the conference with founders titled “5 Companies that can Transform the Device Industry.” Below is Sharma’s interview with Hage.

 

To read more about or attend the next 10x conference, click here.

For more information on founder and CEO, Manish Sharma, click here.

To learn more about TikaMobile and the products we have to offer, click here.

Innovation and Success; A Conversation with our CEO

In an introductory meeting at TikaMobile’s New Jersey office, Manish Sharma, our founder and CEO spoke to our summer interns about the keys to success in a rapidly changing, technology-focused world.

An Indian Institute of Technology and Leonard N. Stern School of Business graduate, Sharma credits his success to thinking ahead. According to Sharma, innovation and the development of new technology should be considered on a “five year plan.” Trends run about five years at a time; if you generate a business idea that you believe would be successful in the markets now, there is potential that by the time you develop software and prepare a product for commercialization, technology will have surpassed the need for your business. “Based on trends now, look ahead and think five years from now. Create that, run with it, and by the time you’re prepared, the world will be ready for your product.”

Sharma also highlighted the importance of working hard and striving toward a goal. “Dress for the job you want, and carry yourself like it, too,” Sharma tells Tika’s new interns. As a young intern himself, Sharma worked as hard and as efficiently as possible, continuing to ask for more work to prove himself as a valuable contributor early on. He loved to help divide assignments, and found joy in giving himself the most challenging workload. 

“Challenging yourself to expand your knowledge will contribute to your overall success,” our CEO tells the room. One way Sharma likes to engage himself is by asking questions, attending conferences, and by reading business and leadership nonfiction. He referenced The Third Wave by Steve Case, which delves into the next generation of technology. Sharma highly values the works of Malcolm Gladwell, especially his New York Times bestseller, Outliers, in which Gladwell investigates the attributes that are responsible for the highest possible degrees of success in any field.

The meeting closes after Sharma discusses his goals and anticipated trajectory for Tika in the next few years. To stay ahead of the rapidly advancing state of technology, Tika hopes to revolutionize CRM software with incorporation of Artificial Intelligence and data lakes in the next few years.  Designed specifically for the life sciences industry, Tika’s innovative solutions integrate business analytic software with a CRM platform, empowering sales organizations of all sizes to perform their best and gain an edge on their competition. 

Manish sends his employees home with this: “To be successful is not a goal or a lifestyle; it’s an attitude. Incorporate this attitude into your everyday life and you will see a change.”

To learn more about Sharma and the rest of our team click here.

To explore more about TikaMobile and what we have to offer, click here or email info@tikamobile.com.

Interested in an internship or job opportunity with us? Email rthomas@tikamobile.com

Smart selling starts here.

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.

Breaking Down Silos

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.

Investing in the Right Technology

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 re-imagining 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 reluctantly and begrudgingly logging their activities.

The Feedback Loop

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.

Home Office

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.

Marketing

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.

The Importance of Experience

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

By Manish Sharma, CEO, TikaMobile

InnovationTikaMobile 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:

You must see the future in order to compete — reimagining is essential. 

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.

Every successful movement requires not only a leader, but also impactful initial followers.

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.

Create a differentiated product strategy based on life cycles.

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.

Patient-centricity leads to innovation.

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.

Change management is difficult but it is vital to survival.

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.

Sales teams need to focus on value.

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.

Align commercial model changes with lifecycle.

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.