Continuing from Part One of this blog series titled, "5 ‘No-Tech’ Ways to Enhance your Gross-to-Net Performance", where we were discussing the first two of five elements that can help ensure the most effective optimization of your corporate GTN performance and provide a solid basis for future growth and profitability. Let us resume with number three.
3. Implementing a Corporate Communications Plan
A well-designed and carefully crafted communications plan can help you to eliminate organizational silos and establish more effective communications between divisions within your company. Identifying the areas of cross-functionality within your organization is only the first step toward improving communications; finding ways to break down barriers and foster collaboration throughout your corporate structure can allow improved control over a wide range of activities:
- Financial processes can be managed more effectively with cooperation between departments to ensure accuracy and speed of processing.
- Team projects can be monitored and streamlined with help from all parties involved, allowing a greater degree of collaboration on these corporate priorities.
- Contract management tasks can receive the attention they deserve from accounting, legal and sales forces within your organization.
By creating a comprehensive plan for communications and collaboration among all units within your corporate structure, you can achieve greater productivity and enjoy enhanced accountability for all company activities, projects and workflows. Remaining mindful of cross-functionality in your corporate environment can provide you with added insights when creating your organization's communications strategies.
4. Mapping Processes for Internal Consistency
Creating a set of best practices that can be regularly applied throughout your organization can ensure much-needed consistency in your corporate communications and practices. This can provide added clarity in your internal activities and can present a professional and positive image of your organization to vendors, current customers and prospective clients. Mapping workflows and processes can allow you to establish and enforce consistent standards for appropriate communications across a wide range of corporate activities. Ensuring proper oversight and accountability for these collaborative efforts and workflows can further increase employee buy-in and can provide valuable feedback on the progress made toward achieving consistency throughout your organization.
5. Adjusting and Adapting to Current and Future Challenges
The final stage of GTN optimization is an ongoing process that involves adjustments and changes to the established best practices in response to challenges already in play or on the horizon. Some of the factors that can necessitate changes to your existing GTN optimization strategy include the following:
- Reduced profitability
- Economic conditions
- Regulatory requirements for cash reporting
- Patent cliffs
- Increasing availability of generic products
- Biosimilar products in major markets
- Healthcare reform requirements
- Extensions of product life
- Increasing competition from specialty and boutique firms
- Moving into global emerging marketplaces
- Price erosion over time
An organic and holistic gross-to-net standard that is consistently applied throughout your organization can provide you with valuable insights into your current workflows and areas of concern within your corporate structure. It can deliver added opportunities for oversight and active management. Most importantly, establishing functional GTN standards can position your company to take advantage of opportunities and to meet future challenges in a proactive and effective way.