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Many consumer good (CG) firms are currently playing on a very rocky rugby field. With multiple business lines, diverse product families, a dizzying number of brands and highly decentralized operations, the planning and financial reporting process can easily become fragmented

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

. It’s not surprising then that each business unit, whether it be marketing, manufacturing, finance or purchasing, simply tries to keep a handle on its respective area. But, short-term vision and developing a comprehensive game strategy are very different goals.

Unifying

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

Examples of combination products may in

Applications for Greater Insight

To avoid departmental myopia, a sophisticated, yet simple-to-use application is needed to link bottom-up and top-down planning processes. The right business performance management (BPM) software solution can help consumer goods and reta

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

il companies to gain a much broader and more accurate view of their overall business performance as well as target specific areas where greater profitability can be achieved.

In addition to classic budget and financial planning issues in other industries, such as long cycle

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

times, limited workflow and version control, there are also industry-specific challenges in consumer goods companies which can be addressed by investing in a leading-edge business performance management system.

Modeling on the Fly

With a business performance manage

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

Combination pro

ment software application that provides one version of the truth, with data which is continuously updated, users can gain insight into projected and actual performance in multiple dimensions – by product, cost center, customer, country etc. By linking actuals, forecasts and

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

other non-financial metrics, management can easily identify which products, brands or business units are the most profitable. They can then model on the fly to assess projected performance when assumptions for drivers such as promotional spending, product pricing or orders i

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

the pipeline are altered with various scenarios.

Mastering Price Optimization and Trade Spending

In consumer goods companies, price optimization is an integral aspect of profitability. In fact, even the smallest changes in a company’s pricing policy can have an eno

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

rmous impact on margins and bottom line performance. BPM software can help understand which segments of the market are most sensitive to changes in prices, whether pricing tactics are in line with a company’s goals and how specific product categories are performing at the re

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

tail or distribution outlet level.

Allocating funds for trade promotional spending is another key area where consumer goods companies must make essential decisions with important consequences. Using a BPM software solution allows companies to explore different “what-if” sce

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

narios with ease to predict profitability based on different mixes of trade spending. This information in turn can be shared with sales and marketing to follow changes in consumer trends and competitors’ strategies to make the best choices.

Improving Supply Chain Efficie

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

Following aspects would a

ncy

At most consumer goods companies, inventory levels are still too high. Unless a company uses rolling forecasts, it is likely that their forecasts will be inaccurate, resulting in inventory levels which are unnecessarily high, or worse still, too low. BPM software in

dd to the challenges in developing combination products:

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

tegrates plans with rolling forecasts in a single application to bridge the gap between sales and operations, thereby enabling more accurate sales forecasts, which lead to more precise purchasing and inventory decisions.

All Adds Up

Beyond these consumer goods indus

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

try-specific needs, a BPM solution addresses more generalized planning and budgeting issues found in other industries as well. It should include a central data repository, version control, approval routing, workflow capabilities, real-time linkage to strategic plans, non-fin

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

ncial key performance indicators (KPIs), actuals and forecasts. By attaching supporting narratives to budgets and plans, users can draw direct comparisons between strategic plans and budgets or between budgets and KPIs, which gives a much clearer picture of specific areas t

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

hat need improvement or adjustment.

The stakes are high. Companies that do not implement a business performance management software solution are giving their competitors a significant edge by default. It’s time to level the playing field with the right analytical tools or r

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

Professional from academic institutions, pharmaceutical industries, health care indust

isk being left behind.

Discover the Cartesis Finance and Performance Management Suite

Provides best-of-breed performance management functionality built around a single Integrated Data Model
Unifies strategic, financial, operational, tax and legal inform

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

ation in one separate and protected database

Makes planning, modeling and analytic reporting an easy and flexible process that fits well with decentralized and multi-product types of organizations

Find out more about the suite’s key components:

.

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

Cartesis Finance, a powerful financial consolidation and management reporting application

Cartesis Intercompany, optimizing peer-to-peer intercompany reconciliation over the Web

Cartesis Planning, unifying modeling, what-if scena

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

Companies that provide selfless information through particip

rio analysis, bottom-up budgeting, rolling planning and forecasting

Cartesis Analytics, specifically designed as a performance management reporting and analysis application with on-demand access to actuals, plans, forecasts, KPIs and other metrics

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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A web-based time clock is a method of recording employees’ work hours without the need of paper timecards. Anyone can access the system from a computer that has an internet connection. That is the only requirement for the majority of web-based time clock applications that are available – internet access.

You need to determine the lifetime value of an average customer in order to determine your marketing budget.

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