Main Subject - Business

Hey salesman, how much are you going to earn this week? You think it all depends on your luck?

So d

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

id I, once.

Then at the Monday morning sales meeting we had to attend, my Sales Manager put me wise t

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

Examples of combination products may in

this.

'Robert, how much do you want to earn next week?'

Not having a clue about what he was about t

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

o tell me and with a certain amount of bravado, I said, 'One thousand pounds'. This was 1980, so it wa

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

about 5 times an average wage.

Ian, the manager said, 'Ok, let's make sure that you do'.

Here is th

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

Combination pro

e process he took me through: 'What's the value of your average sale?' 'I replied, 'About 2,500 pound

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

'.

'And how much commission do you make on that?' I told him, 'My commission rate is 10%, so I'm paid

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

250 pounds on that order value'.

'Ok, so you need 4 sales this week to make 1,000 pounds commission.

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

But let's say it's five, just in case some of your deals are smaller'.

'What is your usual closing ra

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

te?'

I answered, 'I can usually get an order, one out of every three presentations'.

'So that means

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

ou need to do 15 presentations this week. In order to get an appointment, how much prospecting do you

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

Following aspects would a

need to do? How many people do you have to talk to?'

Looking at my reporting sheets, I was able to wo

dd to the challenges in developing combination products:

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

k out that on average I had to talk to 12 people to get an appointment.

'So if we multiply 15 by 12,

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

you need to talk to 180 people this week to make your big pay day happen. How many days are you going

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

o work?'

I told him, 'Six'.

'Then you need to speak with 30 people every day. Get started'.

So I di

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

d. That week I knocked on 180 doors - literally, talked to the people, made the appointments, went bac

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

Professional from academic institutions, pharmaceutical industries, health care indust

and did my presentations and, with a bit of hustling on Sunday, to bring in the last reluctant order,

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

I made the necessary total.

Next Thursday, my pay of just over one thousand pounds was deposited to

.

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

y bank account.

You can apply the same formula, too. What's luck got to do with it?

Download my free

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

Companies that provide selfless information through particip

eCourse 7 Deadly Closes

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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Main Subject - What's Luck Got To Do With It?

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