The following drill is a great drill to develop the type of speed called reaction time. Reaction time is how fast you decide that you need to act and how accurate you were.
Begin this drill by having the students form two lines down the center of the floor facing a partner. Have one side toss a square punch target at the other students. The other side is to react to the pads being tossed by punching the pad back to other students.
Have the students toss the pad side ways so to decrease the surface area of the pad so the students have to react more accurately.