Useful Advices - Business

Recently I caught up with Carol, an good friend of mine. After exchanging all the news, we got talking about our careers. Carol told me she had started a new business as an interior designer. She had been working with one of the

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

top interior designing firms in the country but decided to branch out on her own because it offered more creative satisfaction. Her company sold interior design packages to home owners looking for home improvement on a budget. Th

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

Examples of combination products may in

ugh she had a sizeable customer base, there was always room for more, as with any other business. During the course of conversation, she mentioned that selling a package to a client was the thing that gave her instant ulcers…sell

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

ing was not her thing. She also talked about how it was difficult to figure out if each sale was contributing enough towards profits. I offered advice as the serial entrepreneur that I am.

“Carol, its great to know you’ve starte

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

out on your own. Being an entrepreneur is one of the best jobs around. I understand your concerns and your dilemma that selling is important but not for everyone. However, as you said yourself you can’t do without it. So let’s f

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

Combination pro

nd a way to make it easier for you to start a sales pitch and close the deal.” I said.

“That would be great, Marilyn. I know you’ve started a lot of businesses and know something about this. So how do we start?” she said. “I fir

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

st want to know what you do before you start planning a new sale meeting with a client.” I asked her. “Well, I usually call them up to set a time for a meeting and take a look at the house. Then I go back draw up a package, call

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

hem again to discuss it. Once I get a confirmed time for a meeting, I present the package” she answered.

“So where is the difficulty?” I asked her. “I feel a little uneasy pitching the package to the client because I am not sure

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

if I can answer all their questions right away and that could cost me a sale” she said.

“Alright, Carol, I can see what is going on here. You basically don’t feel fully prepared for the sales meeting. That’s not unique to your

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

ase. Let me tell you about my ‘Mental Walkthrough’ strategy. You know, I am not a very ‘salesy’ person either but being in different businesses all these years has taught me the importance of selling and the value of preparing fo

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

it. I prepare for a sales meeting by mentally walking through all the steps of the sale process. That helps me in several ways: - It gives me an idea of how I would begin the meeting. Taking the lead in a pitch improves your ch

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

Following aspects would a

ances of closing the deal favorably and gives your client the impression that you are eager to help them out.

- It helps me work out how I would start the talk and what would I talk about. I don’t want to leave out any key detai

dd to the challenges in developing combination products:

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

s about my products or services the first time I speak with the client. So thinking about this step in advance helps me crystallize my thoughts.

- A mental walkthrough also helps me plan my reactions to different scenarios. For

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

instance, in an interior decorating business, your client could ask you for a cost on redoing just one area of the house. Or when you make the presentation, they might ask you what it would cost for a design package for the whol

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

house. When I think about the pitch, I keep in mind different scenarios that could develop and prepare to deal with them. This way I am able to pre-empt any uncomfortable questions as well.

- With a walkthrough, I am also able

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

o factor in various costs like the number of phone calls and the expenses incurred on driving up to meet the client and the cost of delivering a product into my total cost and see if this client and their project is financially f

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

Professional from academic institutions, pharmaceutical industries, health care indust

easible for my business.

Making a sales pitch means you plan the whole process in advance. Of course, you cannot plan your clients’ reactions but you can make a good guess and prepare how to deal with them. A mental walkthrough

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

f a sale is a critical step in good selling because it not only streamlines your selling process but also helps you keep a check on your cost of sales.” I added.

“Marilyn, I can’t tell you what a great help you’ve been, I am so

.

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

glad we had this chance meeting. Now I can simplify my selling process and you know what? I already feel more comfortable with the idea of selling,” Carol said.

A seemingly small exercise like a walkthrough can help you build a

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

Companies that provide selfless information through particip

reat relationship with a customer. That in turn will increase the possibility of a repeat sale or a referral. So the next time you have to start a sale, spend some time to go through each step mentally. It will be time well spent

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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Establishing an effective project tracking system, creating communication channels, selection of the right tools and, effective leaders are ways to magnage Six Sigma effectively.

We live in a strange time where managers are afraid to fire employees in fear of possible litigation. Instead, there is a great temptation to transfer or promote the misfit to another department, thereby transferring your problems to someone else. This is horribly irresponsible and does your company a disservice by allowing the employee to screw-up elsewhere (and badmouth you to boot). Do not prolong the agony. Get on with it.

Networking your efforts to creat a large down line is a great goal -but it can fall short if you forget to look at the elements needed to recognize that goal. You have to enjoy what you are doing. You must have faith and belief in the organization your have joined and it's products. Making others happy is key -focus on serving people with your service and selling your self as well and you will see results -I guarantee it!

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Useful Advices - A Mental Walkthrough The Sale- Why You Need It

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