Useful Advices - Business

Most sales people I’ve known throughout my career continually highlight the importance of ‘the close.’ “You’ve gotta per

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

fect the close,” they’d say like it was a quote from Solomon. Personally I’ve always felt that effective prospecting and

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

Examples of combination products may in

more specifically qualification and getting referrals were the keys to success in sales. When you have a fully qualifie

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

lead in front of you I’ve often found that they close themselves once you don’t talk too much and mess it up.

However,

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

for the qualified prospects you meet who despite seeing the benefits of your product are still undecided on whether to

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

Combination pro

order from you use this tactic to close them whatever their objection. I like to call it ‘breaking it down’ and I also f

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

nd it very useful in other general negotiation situations.

Generally the best way to begin is with a natural phrase enc

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

ouraging the prospect to help you outline their situation such as “Let’s just break this down for a second.”

From there

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

I like to use my pen and pad if we’re sitting down; I try to sit beside the prospect, now facing opposite him, and I ma

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

e sure I position the pad in between the two of us and show him whatever I write.

I then proceed to ask the prospect to

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

list for you any objections he has regarding the purchase. From there you simply break them down as follows. If the obj

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

Following aspects would a

ection is the price it’s easier because you can simply ask “how much too much” the prospect considers it (as this is the

dd to the challenges in developing combination products:

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

smaller figure) and when he gives you a figure break it down further by either translating it into the extra cost per da

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

y or comparing how much extra per day it is with the extra benefits the prospect will receive by owning your product.

I

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

f the objections are not price orientated you will have to find another way to break them down and the best way to do th

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

s without ‘stepping in it’ is to ask careful open questions to find out how important the objection is to them and help

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

Professional from academic institutions, pharmaceutical industries, health care indust

them to identify a possible way around it. Remember though; number orientated objections such as price and delivery time

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

are easier to breakdown for the prospect.

Essentially you need to help the prospect see that their objection is silly

.

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

although be careful not to tell them so merely help them discover it with questions). You do this by breaking down their

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

Companies that provide selfless information through particip

objection until it seems very tiny in comparison with all the benefits they will receive from ownership of your product

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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