Digg It - Business

Bench Marking

What is bench marking all about? Benchmarking is the process of observation and validation of procedures and practices that the most successful companies employ. They set the standard for success. Who has the best cust

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

omer service, inventory management, pricing systems, logistics, warehouse management or sales effectiveness process? Any business process can be benchmarked. Once we identify the winners, benchmarking is the means to figure out how th

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

Examples of combination products may in

winner got to be the best. This provides insight to help determine what we have to do to reach those standards. Bench marking is a best practice. Best practice is not about opinions. You have a bunch of opinions on best practices,

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

I have opinions on best practice and I have the confidence of my convictions. I am an old sales guy. I know that I am right. Why? Because it just feels right. That is not what Best Practice is about. Best Practice bench marking s

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

ys -- I am going to go out and compare myself to businesses that are similar to mine and look at somebody that does better then I. I am going to take a look at what they do and if I find a Best Practice, I’ll bring it back and apply i

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

Combination pro

t. Most business processes are common and very similar throughout wholesale distribution.

“Benchmarking is a best practice tool. It is the process of identifying, understanding and duplicating proven practices from organizations tha

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

have consistently performed in the upper quartile of performance to improve your own businesses performance.”

So, who do you bench mark against?

A common mistake many people make when beginning a bench marking initiative is that 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

ey only look within their own industry to find a benchmarking candidate. This in itself will not negate your effort to the point of making it valueless. You already have a tremendous amount of knowledge about your own industry. The be

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

chmarking objective should be to find a company or companies that have a proven record of success specifically in the area that is the subject of your benchmarking activity. This means that you must focus on a specific area, process o

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

r practice that you are trying to improve. Bench marking an entire company, although interesting and helpful, will not allow you the time or focus to specifically address issues, processes and practices that are specific areas of desi

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

ed improvement within your company.

Peter Drucker described Wholesale distribution as a dark continent of the American economy. It is the main thing that made us different then communism. Wholesale distribution wasn’t even legal in

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

Following aspects would a

the Soviet Union or Russia until Boris Yeltsin was elected president. Seven percent of our GDP, 1 out of every 20 jobs in the United States is an employee of a wholesale distributor. So, don’t go thinking that distribution is like s

dd to the challenges in developing combination products:

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

ome little second string thing, just the middle man, Five percent of all the employment in this country is involved in wholesale distribution. Distribution is not in the backwater of the economy. We are the Dark Continent. We aren’

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

some invisible thing because wholesale distributors touch everything.

There are 300,000 firms with an average size of $8 million in revenue. The companies that you need to bench mark against should be companies of comparable size.

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

It is not the product, it is not the industry, it is companies in wholesale distribution of similar size and scale. You have very different problems once you have multiple branches then you do when your warehouse is staffed by a ma

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

and a dog. So, first of all if you are going to do bench marking, against what do you bench mark yourself? Secondly, out of 300,000 firms, how do you decide who are the good guys and who are the bad guys? ROTA is probably one of t

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

Professional from academic institutions, pharmaceutical industries, health care indust

he measurement terms that cuts across all lines of wholesale trade. ROTA is the Return On Total Assets. In other words, you could grow sales a lot if you doubled your inventory. How about if you made your terms 30/60/never? You wou

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

d probably get a lot more sales, but what happens to your assets? Your assets explode. The effectiveness of a wholesale distributor fundamentally is measured by their financial return.

If you plan to initiate a bench marking proces

.

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

s in your organization your biggest return in the shortest period of time might be to focus on three specific areas that are generally the most complex for distributors that are growing. Those three areas are:

* Markets

* Customers

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

Companies that provide selfless information through particip

* Segmentation

Much can be learned about operations, logistics, technology, purchasing and inventory management but the biggest bang for your buck on your first bench marking adventure lies in focusing on the three categories listed

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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Career advancements go to those willing and able to make decisions. But the human tendency is to avoid the risk of making decisions. This creates a vacuum of opportunity who are willing to step up to the plate.

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