Useful Advices - Business

If you understand the importance of a sales funnel in your business, then you will have a good tool at your disposal to enable you to analyze your sales procedures. Those of you who do not know what a sales funnel is are mis

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

sing out on a technique that is commonly used in business, both online and offline, to indicate where in the sales procedure prospects are being lost, and where bottlenecks are occurring.

Visualize a funnel, wide at the top

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

Examples of combination products may in

nd narrow at the bottom. Into the top you pour all of your leads, wherever they have come from. At various stages in their progress down your funnel, these leads become more and more qualified until at the end those falling

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

out of the bottom of the funnel are completed paid for sales.

At various stages in the journey through the funnel you should have certain qualification stages for your leads, and you should know exactly how each stages quali

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

ies them. Thus, you should know at what point the leads are contacted directly, when samples are provided, when quotations are given and even where offers are turned down. Sometimes you will find some leads spending too muc

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

Combination pro

time in the funnel and decide to eject them yourself, but the most important aspect of the funnel is that you know what is happening at each stage.

You should manage the flow through the funnel so that it proceeds smoothly

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

ithout blockages. Perhaps it slows down because it full of slow moving leads, and you need to give it a clean out. You do this by re-qualifying some of the prospects out of the funnel, and either discard them permanently or

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

put them aside for a while until the funnel is moving smoothly and there is more room for them.

If you can identify a delay, you can normally deal with it. If you can identify a deal that is taking to long to close, you eit

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

er accelerate it or clear it out permanently. A funnel can be lubricated to improve flow by training the sales force, or improving communications between sales and marketing. As long as you know the state of qualification at

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

very stage in the funnel, you can tell how effectively your sales and marketing processes are working.

It might be that you are pouring too much into the top and the funnel is getting plugged up. Perhaps you need to improve

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

your qualification criteria to improve the quality of leads, so that only leads that have been through the initial contact procedure are allowed in rather than just everybody that expresses an interest in your products. This

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

Following aspects would a

would change the shape of the funnel by narrowing it.

If you use your sales funnel properly, you can identify levels in it at which major changes in its diameter occur and take action to lubricate it at these points by conce

dd to the challenges in developing combination products:

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

trating your sales efforts on them, or devising and implementing procedures to increase the flow. The whole concept of a sales funnel is to analyze the differentials between diameter and flow and gain a better understanding

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

f what is happening at each stage of your sales process.

If you identify each stage of the funnel with a specific sales function, then you can identify each with a set of criteria that allow you to note the state of qualific

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

ation of the leads at each stage. As they become more qualified they pass farther done the funnel. If the tunnel gets blocked at a specific place, the efforts required to clear it can be identified and not only will the bott

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

eneck be cleared, but its causes will be known and procedures put into place to widen the funnel at that point.

A sales funnel can be used to identify the areas of your marketing and sales efforts that need improved, and als

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

Professional from academic institutions, pharmaceutical industries, health care indust

those leads and prospects that are dead wood and should be removed. It might be that not enough are going into the funnel to keep it viable, and so a sales drive is needed, or too many are being stuffed into it in which cas

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

they have to be better qualified before being regarded as prospects.

You can use it to track your sales against budget, and whether or not the flow through the funnel is fast enough to meet budget. If it is not, the depart

.

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

ent causing the deficit can be identified and a decision made as to whether any major changes are needed for a required sales budget to be met. If a realistic budget as determined by the funnel is insufficient then what chan

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

Companies that provide selfless information through particip

es are necessary to the funnel to allow more flow through it.

The importance of a sales funnel in your business cannot be overemphasized, and once you have learned how to use it properly, you will never want to be without it

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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