Useful Advices - Business

The New Year started with high hopes. By now reality has set in and you're taking a long hard look at your numbers. If you're tracking be

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

hind quota, you may think you still have plenty of time. But considering the average sales cycle, it's time to get a clear picture of wha

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

Examples of combination products may in

's in your funnel today to put your quota within reach.

Many salespeople tell us they put prospects "into the pipeline," "into the hoppe

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

r" or "into the top of the funnel" and then wait for completed orders and contracts to come out the other end. But you've got to work the

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

funnel – routinely and aggressively – so that your deals (and your income) are predictable.

What does it mean to "work the funnel"?
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro
b>

Your funnel is a tool to help manage your selling time more effectively. It helps you sort, re-sequence, allocate, track and forecast
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
It can be viewed as containing several different levels, and each of these is associated with a particular kind of selling work.

Each p
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
art of the funnel is associated with one, and only one, kind of work. As a sales professional, you must be able to do all four. You have
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
o be able to prospect, qualify, cover the bases and close the deal. You'll achieve the predictable income you want only if you consistent
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
ly do the right kind of work on each possible deal at the right time.

Now is your opportunity to be sure you've sorted your funnel prope
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
ly and that you're matching each level with the appropriate actions. Look at what is in the funnel, what needs to happen next and see if
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a
ou can move your deals to the next level.

Universe – Prospect for new business
Ask: "From what I know about this prospect's
dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod
business, is there at least a possibility that there’s a match between their way of doing business and my ideal customer profile?"

Ab
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
ve the funnel – Qualify your prospects
Ask: "Do I have concrete data suggesting there's a possible fit between their current bus
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
iness needs and my product or service?"

In the funnel – Cover your bases
Ask: "Have I spoken to at least one buying influenc
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
about a growth or trouble issue?"

Best few – Close the deal
Ask: "Do I know the specific ‘end’ tasks I need to perform to c
ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust
lose this deal?"

Want to know more? Need a refresher course?
Strategic Selling® workshops are held frequently near your loca
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ion. Go to www.millerheiman.com to find a Strategic Selling® sales training in your area.

Miller Heiman brings science to the art of sel
.

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
ling. We help salespeople develop strategy, implement a practical process and build sales skills to rise to the top of their game, hit th
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip
ir numbers and make quota. And we help sales organizations drive revenue, predictability, operational efficiency and superior performance

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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Useful Advices - Put Your Quota Within Reach

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