Useful Advices - Business

The following are common mistakes that Sales Managers and Owners ma

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

ke in the sales process which could be costing you thousands or eve

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

Examples of combination products may in

hundreds of thousands in lost revenue.

- No system to capture and

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

log prospect information/contact data on incoming ad calls.

- Poor

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

tracking of incoming calls for source and ad success.

- No attempt

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

Combination pro

to offer something to a prospect that`s `on the fence`,like free i

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

formation, a cost savings comparison or an informative video or aud

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

o with testimonials.

- Not directing or leading the prospect towor

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

s what you want them to do. This is usually caused by not knowing

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

what you want them to do next - what the next step in the sales pro

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

ess should be.

- Not following up on leads with a phone call.

- T

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

Following aspects would a

rning leads over to a sales person that hasn`t been trained properl

dd to the challenges in developing combination products:

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

.

- Not tweaking your ads so that only those who are really intere

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

sted and pre-qualified call, example: `Don`t call us if you`re sati

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

fied with your monthly mortgage payment`.

- Selling/quoting prices

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

before pre-qualifying the prospect.

- Selling price instead of uni

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

Professional from academic institutions, pharmaceutical industries, health care indust

ue benefits, payment or service.

- The `wrong` person answering in

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

coming ad calls, example: over worked/cranky receptionist, busy ass

.

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

stant, lazy sales person, etc.).

- Not sorting and sifting (smart

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

Companies that provide selfless information through particip

herry-picking) through leads to determine the `good` from the `bad`

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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A manufacturing company with 120 staff historically bought their company vehicles from the local dealer who offered excellent service, choice and most importantly a large discount. The quantity of cars required at this stage was six and two vans, which they purchased from ex-demonstration stock. The next step was to contact hire, lease or finance their vehicles to save cash flow.

Managers have their eye on cost in product development and HR issue. But these can only reduce at one point. They hardly see at waste of not doing anything of their workforce and machines. Read how these factors affect the bottomline of any business.

Finding your first job out of college is an exciting and sometimes intimidating process. If you are a new graduate from law school, medical school or an accountant - your future may depend on the quality of the first job you accept.

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