Useful Advices - Business

Hot Buttons

When selling, I look for key motivations in the prospect – I call them ‘hot buttons’. You’ve got to use what the person understands and if you can do that the whole way through your s

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

ales presentation, you’re selling the whole way through instead of waiting for a gap in the conversation in which to close. For example, I might ask about hobbies and people often say fishing 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

golf, which enables me to use analogies around fishing and golf during the rest of my sales presentation. For example – let’s say the customer likes golf – I might say, ‘That’s as good as hitting

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

a hole-in-one!’ And because they understand the imagery they go, ‘Yes, it’s a bit like that’. ‘You know how it feels when you hit a perfect drive down the middle of the fairway and it goes exactly

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

where you want?’ And they’re going to say yes, because they’ve felt it on the golf course. So use basic analogies that the prospect understands.

A good sales person can lead a conversation to wh

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

Combination pro

erever they want through questions. Maybe even tell them a little bit about yourself if you feel that’s what it’s going to take. Although people love talking about themselves, they also like to sw

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

ap confidences – when they give you one, you’ve got to give one back. For example:

‘I’ve just broken up with my girlfriend’ invites you to say, ‘Terrible isn’t it, I know the feeling’. Or, ‘I g

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

t booked last week’ invites, ‘Yes, I copped a $120 fine too’. Or, ‘I love Hip Hop music’ invites, ‘Great isn’t it!’ If its right out of your league like, ‘I love collecting stamps’, I’m sure y

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

ou can think of a comeback line like, ‘My Mum does too’ – which keeps your ball still in play.

If you don’t know how to answer a question, just answer it with a question. Let’s say your client sa

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

ys, ‘How much money can I make with this product?’ if I didn’t have a real answer I’d say is, ‘Well how much money do you think you can make with it?’ So answering questions with questions is a gr

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

eat technique to keep you in the game until you think of something better.

The longer you spend swapping confidences and interests, the greater the probability of you making that sale. In fact, e

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

Following aspects would a

ach successful response increases your chances of closing by another 4%. That’s basically how it is.

I assume all your products are worthy, so it is never going to be a question of selling dud pr

dd to the challenges in developing combination products:

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

oducts, so that you can confidently ‘back’ everything on the premises. Therefore, no matter what the customer wants that’s what you should sell them – don’t try to change their minds.

The custome

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

r is always right. Changing the customers’ minds is sales-suicide and people miss out on money simply by not adapting to the customer’s requirements. Sell people what they want, not what you think

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

might be good for them. For example, if they like Ukulele Music from Hawaii – the Top 20 is not a consideration. If they are anti-technology Luddites, don’t try to sell them something more compli

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

cated. If they like beige don’t try to change their minds, stay with whatever they like and you’ll stay on course.

The Bookplate is a second hand bookshop in Hornsby Sydney. It was run by two par

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

Professional from academic institutions, pharmaceutical industries, health care indust

tners, Dave and Chris. Dave was literary-minded and would often try to persuade customers into buying ‘good’ books, which wasn’t what they necessarily wanted – they wanted pulp fiction. Frustrated

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

, Dave sold out to Chris who listens to his customers and encourages them in their interests, whatever they are. And you should too, whatever line you are in. Another friend owns a graphic design

.

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

business and he too had a partner who knew a lot about design and would attempt to change the customers’ minds into selecting something smarter. He too quit the business, leaving my friend now run

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

Companies that provide selfless information through particip

ning a successful business and keeping the customers satisfied.

So, this information was apart of how I managed to make some great money in the last few years!

I hope you got something out of 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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