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Digg It - Cost Cutting With Six Sigma
Hospitals, manufacturing industries, and services industries are all experiencing tremendous pressure on the cost front. For hospitals, if it is not th
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
e declining reimbursement from insurance companies, it is the overall decline in revenue due to increased competition and the ever-climbing costs.
How
How
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
Does Six Sigma Contribute To Cost Cutting
Although Six Sigma was never perceived as a cost cutting tool, it nevertheless contributed to that end. Six
Although Six Sigma was never perceived as a cost cutting tool, it nevertheless contributed to that end. Six
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
igma went about cutting cost in unique ways in all aspects of business operation.
1. First, the voice of the customer helps in defining not just the a
1. First, the voice of the customer helps in defining not just the a
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
propriate quality but also quantity, which cuts down on wastage such as over and under-utilization of capacity.
2. Stabilization of process variation
2. Stabilization of process variation
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
aves a lot on the material conversion which results as improved productivity and quality and reduced cost of reworking and rejection.
3. In graduating
3. In graduating
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
from 3 or 4 Sigma to Six Sigma, the overall reduction in COPQ is tremendous taking into consideration the huge saving originating from almost no reject
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
ion.
Take for example the case of a hospital, which after implementing Six Sigma in its cardiology department, could effectively cut down the overall
Take for example the case of a hospital, which after implementing Six Sigma in its cardiology department, could effectively cut down the overall
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
rocess time required for admission. This produced a double-edged advantage; one, the reduction of 45 minutes meant less labor costs and two, the depar
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
ment could accommodate more patients due to increased productivity.
In a generalized context, Six Sigma can be easily mistaken for a quality control t
In a generalized context, Six Sigma can be easily mistaken for a quality control t
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
ol in the traditional mold, which leads to thinking that quality always means higher expenditures and costs. However, the rational approach and some pr
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
ctical cost saving efforts by Master Black Belts and Black Belts turned the tables in Six Sigmas favor. You should not forget to acknowledge the basic
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
enets of Six Sigma lies in its core philosophy of increased ROI and Total Customer Satisfaction.
Now, lets see how this is approached by the implement
Now, lets see how this is approached by the implement
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
tion team:
1. Systematic innovation to generate and evaluate ideas aimed at market and safer cost control
2. Better risk management by early identifi
1. Systematic innovation to generate and evaluate ideas aimed at market and safer cost control
2. Better risk management by early identifi
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
cation of risk factors provides opportunities to devise risk mitigation plans and execute.
3. Higher yield from project portfolios can result from opt
3. Higher yield from project portfolios can result from opt
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
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
mized loading of resources by resolving occurrences of low intensity risk/gain combination from being pursued at the cost of better ones.
The Big Chal
The Big Chal
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
enge
The biggest challenge that Six Sigma faces today is from off-shoring of business processes. The rise of developing third world countries with the
The biggest challenge that Six Sigma faces today is from off-shoring of business processes. The rise of developing third world countries with the
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
r lower cost structures is offering large corporations with the opportunity to improve their ROI. This is a major area of concentration for medium and
.
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
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
maller companies after larger corporations, having tested the model with considerable success.
The challenge of efficient utilization of capital exist
The challenge of efficient utilization of capital exist
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
in the western world because of a different socio-economic equation unlike in the developing world where market forces just dictated the cost of labor
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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