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Main Subject - Who is Costing You Money?
My wife and I recently needed to renew our mortgage for another term. The last time our mortgage was due, our bank called several months in advance and offered a good interest rate so we automatically renewed with them. This
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
year, however, was a bit different. We decided to do a bit of homework before speaking to our bank so that we would be in a better position to negotiate a better interest rate. We did some research and found a lender who of
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
fered an extremely attractive interest rate—almost two full percentage points below the posted rate of our bank.
Armed with this information, my wife called our bank directly but was transferred to a call centre. Here’s a s
Armed with this information, my wife called our bank directly but was transferred to a call centre. Here’s a s
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
ummary of the telephone conversation.
Call Centre Agent (CCA): Hi, may I help you?
My wife: Yes, our mortgage is coming up for renewal and the last time our mortgage was due someone contacted us several months beforehand b
Call Centre Agent (CCA): Hi, may I help you?
My wife: Yes, our mortgage is coming up for renewal and the last time our mortgage was due someone contacted us several months beforehand b
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
ut we haven’t heard anything from you yet.
CCA: No problem. What branch do you bank with? I’ll contact someone there and they can probably renew your mortgage over the telephone.
MY wife waited several minutes until the ag
CCA: No problem. What branch do you bank with? I’ll contact someone there and they can probably renew your mortgage over the telephone.
MY wife waited several minutes until the ag
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ent came back on the line.
CCA: I’m sorry ma’am. They don’t want to talk to you. Your mortgage isn’t due for six weeks so we can’t renew it right now.
Wife: I don’t want renew it yet. I just want to get some information.
CCA: I’m sorry ma’am. They don’t want to talk to you. Your mortgage isn’t due for six weeks so we can’t renew it right now.
Wife: I don’t want renew it yet. I just want to get some information.
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
CCA: There’s nothing they can do—it’s too early.
Wife: So no one will talk to me about this?
CCA: No ma’am.
Wife: My husband and I have received a quote from another mortgage company and they’re offering a good interest r
Wife: So no one will talk to me about this?
CCA: No ma’am.
Wife: My husband and I have received a quote from another mortgage company and they’re offering a good interest r
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
ate. Are you saying that we should go with them?
CCA: I guess so.
Wife: You really want us to transfer our mortgage?
CCA: There’s nothing we can do.
Wife: So you’re saying that you have no interest in keeping our busines
CCA: I guess so.
Wife: You really want us to transfer our mortgage?
CCA: There’s nothing we can do.
Wife: So you’re saying that you have no interest in keeping our busines
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
s and renewing our mortgage?
CCA: I guess so.
Wife: Okay, I guess we’ll take our business somewhere else.
My wife and I were somewhat flabbergasted when she hung up the telephone. In my opinion, it was evident that no one
CCA: I guess so.
Wife: Okay, I guess we’ll take our business somewhere else.
My wife and I were somewhat flabbergasted when she hung up the telephone. In my opinion, it was evident that no one
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
had taught this particular call centre agent how to effectively deal with this type of situation. He clearly had no idea that his actions were costing his employers thousands of dollars. Or, perhaps that was what he had bee
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
n taught to do. This may have been an isolated incident but I highly doubt it. Needless to say we started the process to transfer our mortgage to another lender.
I realize that banks make the bulk of their money in the firs
I realize that banks make the bulk of their money in the firs
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
t half of a mortgage. However, it still blew me away that they were willing to give their competition our business so easily. Most large lending companies invest millions of dollars in advertising in an attempt to attract an
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
d draw new customers. What if they took a portion of this money and taught their call centre agents how to properly deal with every type of situation? Imagine the money they could save.
So, how does this affect you?
If you
So, how does this affect you?
If you
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
run a business and rely on other people in the organization to make contact with your customers, you could be losing business due to their actions and behaviour. Invest the time and resources teaching your team exactly how
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
they should behave, what they should say, and how they should respond to specific situations. A ‘throw away’ comment made by an untrained employee can cost you hundreds or thousands of dollars in sales depending on what you
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
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
sell.
If you are a sales rep, think of how your actions and behaviour could cost your employer money in the form of lost sales and market share. And every sale they lose costs you job security.
By the way, we did eventuall
If you are a sales rep, think of how your actions and behaviour could cost your employer money in the form of lost sales and market share. And every sale they lose costs you job security.
By the way, we did eventuall
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
y receive a call from our bank—four weeks later. It went something like this.
“Hi Mr. and Mrs. Robertson. It’s Debbie calling from your bank. I’m calling to remind you that your mortgage is coming up for renewal and I’d lik
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
e to talk to you about the options you have.”
Obviously, the conversation we had with that call centre rep was not forwarded to the actual mortgage person at our bank. And once we told her about that conversation her shock,
Obviously, the conversation we had with that call centre rep was not forwarded to the actual mortgage person at our bank. And once we told her about that conversation her shock,
.
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
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
frustration and concern was quickly apparent. I’m sure she makes a commission or is responsible for achieving sales targets each month and the actions of her colleague in the call center cost her business.
Don’t let this h
Don’t let this h
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
appen to you! If you rely on other people to help you reach your sales targets, take the time to coach and show them exactly how to do it. Don’t let other people cost you money!
© 2006 Kelley Robertson, All rights reserved.
© 2006 Kelley Robertson, All rights reserved.
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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