Main Subject - Business

It matters very little whether you are a selling rookie or a seasoned professional, sooner or later, you wil

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

l find yourself mired in a selling slump. There are a number of actions you can take to shorten the duration

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

Examples of combination products may in

of the slump, lessen the financial impact and reduce the emotional drain that a slump can cause you. This i

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

'Tip 5' in a series.

Selling slumps are as perennial as the seasons but they don't need t

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

o destroy your career. Understand that they are part of the marketplace and they always will be. They are ca

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

Combination pro

used by a variety of factors but always keep in mind that you didn't just wake up 'dumb' one morning. When y

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

u understand that fact, it will be easier to recognize that the situation is temporary. In old writings auth

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

ors often used the term, "it came to pass". They didn't use the term, "it came to stay".

Tip

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

#5: Build relationships rather than simply working to establish rapport. Many sales train

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

rs, sales courses and selling books teach the importance of establishing rapport with prospects to help redu

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

ce fear in his or her mind. While rapport is essential, it is only part way to the ultimate goal master sale

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

Following aspects would a

speople seek to achieve. Rapport seeks to establish common ground between the prospect and the salesperson.

dd to the challenges in developing combination products:

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

owever, relationship building goes one very critical step beyond.

Building a solid relationship early in th

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

e process can establish a higher level of trust resulting in a higher closing rate. Salespeople will become

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

the 'problem solver' for their client. That will shift the customers perspective away from

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

iewing someone strictly as a salesperson who might be seen in an adversarial position. The new prospective w

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

Professional from academic institutions, pharmaceutical industries, health care indust

ill be to view that same person as a 'selection specialist' who will assist them in elimina

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

ting the problem that the the customer is trying to solve.

This strategy will not only help end a selling s

.

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

ump more quickly but it will also reduce the chances of slumps returning. This is because properly built rel

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

Companies that provide selfless information through particip

ationships will result in long-term repeat customers and customers who will be regular referral contributors

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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What is the most valuable asset that your firm possesses? Is it your technology, trade secrets, credit line, or customer base? Although we realize the importance of these, most of us believe that our people or our leadership teams are most valuable to us. However, there is another asset that may be even more important as your business matures. A good name or reputation allows your firm to attract quality leaders, excellent employees, key customers, and financing.

chniques, and we definitely pay attention to the internet. Those of us who have other business-owner friends ask questions about what is working and what is not. We toss around a lot of ideas and try many different techniques before we figure out exactly what works for us… and inevitably something changes.

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