Main Subject - Business

Nothing is more exciting than closing the BIG case. You know – the one you have been working on for three years. The client finally accepted your ide

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

as and has planned properly. The accountant agreed it was a good idea too. You did the right thing! But it is also the one where you have calculated 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

he commission so many times it is insane. In your mind, after the sale, you are thinking of what the money will go towards – taxes, equity line, mortga

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

e, college fund, retirement fund etc. You even think of how much you can “hold back” so you can pad your checking account. Then there’s production cre

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

dit towards MDRT and the trips you can win.

Have you ever put yourself in the shoes of the person you just sold? What are they thinking about?

Unders

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

Combination pro

anding your clients' expectations is vital to your retention, the development of the relationship and the opportunity to sell them additional coverage

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

or another product as their needs change. Unfortunately, many financial service professionals make weak attempts at the service after the sale. Yeah t

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

ey may send them a thank you note and call to check on them now and again. I know – it has happened to me. But only the very successful, very few agent

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

s make it an ART.

Consider this – the person’s financial picture and stage in life should tell you how much effort they expect you to put forth. Olde

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

clients with higher incomes and more assets might not expect you to call on them that much. But you do anyway, hoping you can tap into more people ju

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

st like them. That’s fine. But those that feel insecure, like young families, single mothers and fathers, want you to call them more. They want to k

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

Following aspects would a

now about other products. Why? They are extremely motivated to protect the family from a bad financial situation. Yet this group is not on your sales r

dd to the challenges in developing combination products:

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

dar because of lower income and ultimately lower premium dollars. Shame, Shame.

So how does one tackle both sides of the fence? If you spend your ti

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

me selling to the younger families, smaller face amounts with smaller investment deposits, you will work your tail off to make a living. If you focus

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

on the older clients with more invested assets and higher, more flexible incomes, you will make a big sale, but only so often. You must get organized.

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

You must contact everyone after you sell them any product. Keep in touch. Give them personal attention. Perform policy reviews. Find a way to reach

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

Professional from academic institutions, pharmaceutical industries, health care indust

he younger family markets – where the desire for financial advice is strongest. They may not make you a ton of money, but it will provide you with a da

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

tabase of loyal customers with ever-changing needs. That is how to make it big in this business.

Sounds easy, but difficult to do right? It is easy, i

.

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

you simply set up the right SYSTEMS, database and contact management program. I have coached many agents on the art of communicating after the sale.

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

Companies that provide selfless information through particip

The Big Time Producers “touch” their clients over 100 times per year. I’m a fan of about 50-75.

NOW - What will your contact be After the Sale?

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 - After the Sale: What Buyers Want from the Professional

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