Main Subject - Business

It is a fact of life for most new sales people; they get the dream sales job with unlimited earning potential and expect to earn so much money that they

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

can now enjoy the fruits of their coming wealth. Everything seems perfect until they realize that before closing a sale and earning the big commission, 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

ey must first prospect for new customers (read, cold calls). Cold calling is hard to do. People hate to make cold calls and people hate being on the rece

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

iving end of them as well.

Prospecting is the most difficult part of the sales job. There are many ways to go about it but, for some reason, sales manag

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

rs preach cold calling as the only way for young sales people to generate leads. As someone who has been through it, I wish that these attitudes would ch

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

Combination pro

nge.

I recently read one of the best selling books on cold calling. In this book, the author stresses persistence. He uses the 15-3-1 rule. That is, you

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

need to make fifteen cold calls to make three appointments with prospects. Out of these 3 appointments you will close one sale. By being persistent and

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

aking fifteen cold calls a day, this will translate to, on average, one sale a day, five sales a week, twenty sales a month, etc. Further, the author exp

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

ains that he doesn't mind the rejection that he gets when he cold calls. The reason is that since it takes fifteen calls to get an appointment, that mean

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

s that he will hear the word "no" (rejection) fourteen times before he hears the word "yes."

This is simplistic and anybody reading this book may get ov

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

rexcited and think that this is easy. It's not easy and the author's arguments don't hold up in real life selling.

Take the fifteen cold calls a day rul

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

Following aspects would a

. Anybody reading this book will think that fifteen cold calls a day is nothing. If it takes 2-3 minutes to make a phone call, it shouldn't take more tha

dd to the challenges in developing combination products:

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

n 45 minutes to make your mandatory 15 calls. Then the rest of the day is spent selling in front of prospects.

But it doesn't work this way. If you've e

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

er cold called, you will know that it usually takes at least 10 phone calls to reach a decision maker. Think about it, executives aren't sitting in their

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

offices waiting for your call. They're either on the phone, in meetings, on vacation, or they just don't want to talk to you. So now, to talk to fifteen

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

people, you need to make 150 cold calls. This is not 45 minutes of work; this can take days.

Further, for someone to say that he enjoys hearing the word

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

Professional from academic institutions, pharmaceutical industries, health care indust

"no" because it means he is getting closer to a "yes" is just misleading. Although a select few people can take this kind of rejection day in and day out

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

most cannot. It is only human nature to be discouraged by so much rejection.

There are better ways to get sales leads and increase your sales. People b

.

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

uy from people that they trust. Your time should be spent networking with your friends, colleagues, and business contacts. Get referrals, get introductio

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

Companies that provide selfless information through particip

s, get testimonials and the sales will come. Not only that, your job will be better; nobody likes the rejection and time consuming nature of cold calling

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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Did you really want to come back to work this week? Did you dread the very thought of it? Maybe you should consider quitting and go freelance! Sound irrational? Not really... you just need a plan.

Within the corporate world, there are the ‘living dead’, which are the sick companies that go on a wretched existence, without any hope of turnaround.

Simplify and focus on these three areas. They are the real power driving business growth.

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