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Main Subject - Team Leadership: Does Your Leadership Team Really Talk? Part 2
It’s the ability to engage in quality conversations that sets high-performing teams apart. And there are significant commercial advantages, too – not least, better decision-making, improved efficiency and delivering organisational change more effectively. Team Performance expert Philip Houghton has come up with the key questions leaders must ask their te
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
ams.
SUMMARY OF THE ISSUES FROM PART 1
SUMMARY OF THE ISSUES FROM PART 1
- Success for today’s companies requires more than the brilliance of any individual.
- Leadership teams full of strong individuals do not produce high quality teamwork. If each individual just delivers on his or her own competencies, however effectively, the team is not truly functional. ; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may inli>- ‘Synergy’ created between talented individuals – tapping collective potential – lies at the heart of successful leadership teams.
- Research shows: 70%1 of executive teams lack clarity on what they are aiming to deliver to customers, effective strategy implementation remains a key concern for most CEOs2, and trust is a real issue in 65% of teams3.
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.g>THE BIG QUESTIONS- Are you having the quality of conversations to make a significant difference in your business and markets?
- Does your team realise the commercial value of its collective thinking, or only its individual thinking?
- And, how could you ensure the time you spend together is transformational, rather than just transactional? <
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe/ul>THE SOLUTION- The ability to engage in high-quality conversations sets high-performing teams apart.
- Teams who engage in regular, quality, focused debate about their strategy, capabilities and behaviours are significantly more successful than those that don’t.
- The job of leadership is to ask and answer the right qu
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination proestions. As discussed in part 1 of ‘Team Leadership: Does Your Leadership Team Really Talk?’, the job of leadership is to ask and answer the right questions about strategy and purpose. In part 2, we discuss the conversations about capability that leaders must use to ensure their teams are high performing.
CONVERSATIONS ABOUT CAPABILITYucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been incg>- “What capabilities are needed to execute our strategy?” Clearly any conversation about strategy, working practices and resources also needs some objective discussion of team and individual capabilities. However, many teams fail to even consider these issues, let alone introduce objectivity into the process. This form of insularity, bred by
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combia lack of self-evaluation and internal challenge, often lies at the heart of team underperformance. And even with the spotlight on important strategic capabilities, leadership and management teams rarely receive sufficient, targeted, development. While it is the leader’s responsibility to bring the right type and quality of talent into the team, the ability of teams to subseqnation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economicallyuently identify and close important capability gaps, as business conditions change, is crucial to ensuring effective strategy execution.- “Do we have sufficient diversity in the team?” Many leaders recruit in their own image, rather than positively seeking diversity. And many teams put the lid on acknowledging let alone actively discussing t
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 produeir differences. Both these approaches limit the potential for ‘synergy’. Whilst it’s a significant challenge for all senior teams to harness differences, the rewards are much greater when they do. Diversity of thinking style, experience and perspective can lead to more competitive products, services, strategies and business cultures. In practice, teams will need to considts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fier whether they have an effective balance of styles – for example ‘drivers’ (to push for results), more cautious thinkers (to play “devil’s advocate”), creative problem-solvers (to help with unexpected challenges), detailed planners (to re-adjust operational requirements) and relationship builders (to help manage stakeholders). A diverse team working collectively not only creding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would aates a balanced business but one with many more opportunities.- “Are we at the leading-edge of thinking?” Winning teams retain a high degree of strategic and tactical awareness that ensures they continually question their own approach and thinking. This type of self-challenge enables a team to determine whether it’s the right time to invest he
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prodvily in a new opportunity, withdraw from declining markets or continue its current approach. Teams that become too insular and self-absorbed can fail to recognise potential threats, challenge the status-quo or judge themselves by wider industry best-practices. A lack of up-to-the-minute commercial awareness can also contribute to teams losing touch with what actions drive resucts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combinlts, and lead to a slow but inevitable decline in performance. Case Study: A leading brand FMCG company was facing increasing competition in their core markets - leading to constant pressure on prices and an inevitable decline in margins. With new products some way off they needed to find a way of increasing thtions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmene profitability of their traditional business, while driving greater productivity from their operations. Following a series of off-site working sessions to determine strategy, the leadership team decided to adopt a customer-intimacy approach that would involve them closely partnering with chosen multiple retailers. The core of the strategy involved driving up brand equity andt?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of develprices, and sharing margin improvements with their chosen distributors. Success required a strong marketing and relationship strategy, supported by their ability to deliver a new, marketing-led, economic model for the business. Short-term success was good with the majority of major retailers supporting the new strategy. Extensive category-focused maping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care industrketing campaigns were developed and launched – with a combination of in-store and multi-media promotions – and the re-branded products were selling well at the increased prices. However, margins did not improve and in some cases got worse. Six months into the new strategy the CEO was becoming very concerned about financial performance, and called the team ty and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination productsogether for a major review. Discussions highlighted a number of unexpected challenges. Firstly, the business was failing to meet its efficiency targets – key projects to reduce costs were behind schedule. Secondly, marketing and sales were not working together effectively – causing inconsistent communications with key customers. And thirdly, some key customers hadn’t bought in.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the deo the new strategy at all. Following significant, impassioned debate about the causes of these various challenges, the CEO – in a quiet moment – realised that he had asked a traditionally ‘operations focused’ management team to execute a significant change programme. Despite their passion, enthusiasm and buy-in, they had not identified whether they had the capabilities to delielopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through participver.
Part 3 will discuss conversations about behaviour, and how a leader can create the environment for high performance.
REFERENCES
1: Kaplan & Norton: Having Trouble With Your Strategy, Then Map it? (2004)
2: Monitor Research Analysis: Survey of over 300 Senior Executives Across Industry Sectors (2006)
3: McKinsey: Teams At The Top (2004tion 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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