Medical Pharmaceutical Insights- Established US-based firm
Medical Pharmaceutical insights represent one of the most valuable information that the Medical Affairs team can provide within the Pharmaceutical Industry. The medical industries continue their fast-paced digital evolution while geopolitical and economic forces present hurdles that require a fine-tuned strategy throughout the supply chain. Today, more than in the past, pharmaceutical organizations are facing new challenges due to the high complexity of the environment, social-economical hurdles, market access and budget constraints, stringent regulations, crowded markets, and high competitiveness levels. What do you do when a worldwide pandemic threatens the health of millions, shuts down activities for months, and shakes up the global economy.
If you are a leader, you innovate, responding to unexpected customer needs at unprecedented speeds, leaving the competition far behind
With 19 years of establishment, our client for this project is a leading distributor for medical devices under famous brands like Baxter and Cardinal for the healthcare and transportation industry. The company offers a range of products, from disposable devices to equipment used for surgeries. Based in the United States, the company serves almost 500 hospitals worldwide.
With more than thirty years of sales experience, Joe Karrellum understands that his team of ex nurses can be the bridge between his company and his corporate clients leading to soaring success in order to increase profit margins. That’s also why he knew his pharmaceutical company had a big problem on its hands. “When I started from scratch, we (my shareholder and I) had to show the world that we are providing the closest to heart services to the doctors in hospitals by understanding their needs and concerns,” says Karrellum, now the company’s CEO.
As Karrellum points out “My team and I really need a solution to help us better grow our distribution services with existing resources.”
Purpose and Mission serve as a compass for innovation
There are tons of work to manage the medical inventory and the regulations to hold the inventory to prevent the expiry of the delicate disposable medical devices while keeping the sales stocks available. It would fall far short and jeopardize his success. Karrellum began to search for a customized business strategy that would have an immediate impact on the company. He had been taking lots of training and engaging an accountant to manage these. Joe did not understand the jargon as he has been in healthcare nursing all his life. The accountant had managed to keep the accounting system up and running. There is no forward-looking information to make proactive decisions. Every day has been fire fighting for him and his active shareholder.
After considering the value against the cost of investment set by various options, Karrellum selected Crestpoint Consulting, personalized for his company with tailored-made business strategy- the right medicine.
There is one new Twitter post tagging #profit in every 5 minutes while #business in every 5 seconds. Karrellum realized that he needed to be at the top of the game and had to break through the stagnant stage of his business. His family and his employees depend on him. He was determined to set things right.
Crestpoint Consulting stepped into the picture and reviewed the current working process with Joe. Our medical experts saw paradigm shifts that fundamentally created opportunities for using data in a different way and ways of collaboration. He had gained insights to succeed was to go on an unexploited low competition market with the medical company’s core strengths.
Those that are willing to challenge the norms gain the benefits of being able to move fast with a very customer-centric, disruptive approach to developing innovation in a way that leverages the full might of the organization.
In addition, the experts in the medical industry have identified a few areas: his reordering system back to back between customers and suppliers, his warehousing and delivery system.
New contracts between the suppliers are renegotiated for Joe’s advantage. Demands for the products are sharpened with a trend analyzing system just for his medical devices’ distribution company.
Regular feedbacks have been collated from his direct customers while doing the parallel runs on the system. Building a relationship with those customers is of paramount importance. Where there are spikes in a sudden demand for products like more surgeries scheduled, suppliers are activated to deliver without extra cost.
Warehousing & Delivery System
The warehouse had been in a mess. With the regulation on the proper storage and administration, there had been no compliance without proper disposal of expired or damaged medical devices. The storekeeper and delivery personnel do not know where to received and which area is the stocks being set ready for delivery. Delivery schedules are not fully adhered to and Joe had received complaints from his top customers. This was one of his top worries.
Crestpoint Consulting set up a list of store administration and implemented the warehousing system for the storekeeper and delivery personnel. They are trained and optimized for more efficient handling of usual and contingency situations.
The delivery schedules are better planned on the routes, saving petrol costs and freeing more time on the delivery operations. Staff morale has improved dramatically.
Unexpected Increase in Service Niche
Opportunities knocked at Joe’s door when his competitor Bob placed a large order to be delivered to important clients. This set Joe thinking really hard. This could be a good opportunity to work on since the delivery staff has more free time. After running through the strength and worked at the areas of improvement, Joe is really to take up this piece of the pie. Soon, the delivery services niche becomes a sizeable activity as credibility. Trust has been established over time. Crestpoint Consulting suggested insights like extending globally to Asia which Joe considered seriously before extending his wings to set up subsidiaries with a positive outlook reflected in the customer feasibility analysis results.
Joe was able to increase the volume of leads generated by more than 27X and reached an ROI (Rate of Investment) of 5. That means that for each 1 dollar invested the client got a return 5 times higher. On-time delivery % has improved from 67.3% to 100%.
Crestpoint Consulting hasn’t just helped Joe to build a successful pharmaceutical business with more of his Return on Investment (ROI) and 30% time has been freed up for more opportunities that increase profit margins.
With COVID-19, the new normal is a great world where suddenly things that would have taken decades to create took only a couple of weeks. Everything now takes a different meaning. It takes trust and belief in people for innovation to run on.
About Crestpoint Consulting
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