Useful Advices - Business

Lets face it...winning new business is fun. Particularly in service firms where there is substantial personal involvement required to gain clients. But the jubilation of landing new accounts often leads to problems.

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

While you're focusing on gaining new clients, settling them in, and organising the recently won project, what about your other clients? Remember them...you know, the ones that still want you to do work for them. The

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

Examples of combination products may in

r requirements may not seem as exciting as they once were, but you cannot afford to ignore them.

It is often the case that service firms do not have a formal sales development plan. There is little prospecting or ac

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

ount management done on a regular basis and this can mean from time to time the call goes up to "Get out there and sell". This is usually triggered by an impending revenue slump -- often brought about by either a maj

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

r project that is nearing completion, a sizeable client that has cancelled work, or an industry wide (or seasonal) trend.

One of the major shortcomings with this reactive style of sales management is that relationsh

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

Combination pro

ps with clients go cold. And yes, this is sales we are talking about. Although in your firm you may call sales by another name such as revenue, billable hours or fees.

When you are busy on new 'exciting' projects, o

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

her customers may sense they are being neglected and start shopping around for other firms to deal with. Sometimes the first you know about this is when your client contact staff get back in touch with the customer i

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

n response to the "Get out there and sell" directive. Too late.

Whilst it is advisable to increase your 'share of market' by looking for new clients, it is wasteful to ignore the existing relationships and potential

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

value of current clients. A better idea is to also consider maximising your 'share of customer'.

How do you take a 'share of customer' approach? Follow these steps: 1) Identify the sales potential of each client.

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

The 'potential' is the total value of all services (of the type you offer) consumed by this client over the next 12 months, regardless of whom they currently source them from.

2) Subtract from this potential the val

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

e of any services that are not open for your firm to supply. Limiting factors may include the clients current contractual obligations, their sourcing from a related subsidiary or division, or relocation/rebuilding of

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

Following aspects would a

facilities or plant etc.

3) Calculate the 'share' of this net potential you wish to achieve. This share will be based upon a combination of hard and soft data such as: developments within the client organisation, yo

dd to the challenges in developing combination products:

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

r historical earnings from the client, changes affecting the clients industry, your firms strategic direction, and your firms relationship with the client. This value is now your sales target for this client.

4) Dev

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

lop a client-specific strategy for achieving the sales target. A good sales strategy will include:

A combination of personal actions designed to build interpersonal relationships with key client personnel. Such acti

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

ons would likely be:

- Personal visits to client premises

- Using corporate hospitality to entertain clients

- Attending industry events

An educational component to advise your client of your firms capacity to as

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

ist them.

A critical review of current projects to ensure a better understanding of the clients needs and to maintain customer service standards. In particular a review should cover elements of interest to assist in

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

Professional from academic institutions, pharmaceutical industries, health care indust

achieving the sales target - client staff changes, client attitudes, competitive intelligence etc.

5) Incorporate the sales target and strategy in your firms regular review procedures. Staff will report not only on

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

ew and current projects, but also on the development of your sales 'pipeline'. The review process should also check the status of any limiting factors, as at some point they will change.

By adopting a share of custo

.

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

er approach to managing your sales you will create a proactive structure in which sales opportunities can be monitored and fostered. In particular, you will be able to capture and document important information regar

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

Companies that provide selfless information through particip

ing client developments and potential sales that otherwise may leave the firm with changes in your personnel.

So you can still have fun winning new business...but remember to get your share of 'old' business as well

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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So often I talk with small business people who are worried that they need more customers and do not quite understand how to market their companies to get the most bang for their buck. One very inexpensive thing you can do is to use flyers to promote your business

If you are switching career industries, making a career move or have gone back to school, you may need a Career Change Resume which focused on your overall transferable skills and abilities, while paying attention to your employment history and education. Read more...

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