Useful Advices - Business

In any sale, the buyer’s caution flag goes up at every point of the sale. Why? It’s the fear of risk. How do you overcome that natura

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

l aversion to risk? It’s by incrementally building trust at every step of the way.

The amount of trust needed is directly proportional

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

Examples of combination products may in

to the buyer’s perceived risk. Write that down as a mathematical formula and put it on your wall if you wish.

First, establish a proce

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

ss with clearly defined phases. There might be six, four or even three phases in your process. Start working back from the end phase w

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

ere you have a sale, a new client.

At that point the buyer’s trust is so high that the risk that they feel is overcome by their trust i

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

Combination pro

you to deliver the benefits.

Notice the word “feel”. The prospect feels risk, the prospect feels trust. This is an emotional thing,

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

not logical. They must increase their emotion of trust with each step of your process.

Your sales process must flow from low risk to h

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

gh risk. So that commitment also flows from low commitment to high commitment. At each step trust must be increased for that prospect

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

to overcome the fear of risk and make a commitment.

Examples of phases:

A face to face appointment presents a high risk. Appointments

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

get cancelled, or declined, because prospects do not trust there will be enough value for them. They have to give you time, and fear th

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

risk of being sold something. If the appointment is set after trust is established in a previous phase, then you will increase your su

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

Following aspects would a

ccess dramatically.

Directing someone to your website is a low risk for them. They get to build trust by learning about you and your s

dd to the challenges in developing combination products:

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

rvices without you being present. The website should contain the offer for the next step, for example a seminar, or group meeting, or a

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

n appointment. Visiting your website should build enough trust for them to go the next phase in your process.

A presentation or demons

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

ration can be a high risk event. Once again, they fear getting sold. But if you have built up enough trust to attend the demonstration

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

then you can establish enough trust for them to buy your services.

Build a simple picture of how your process flows from phase to phas

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

Professional from academic institutions, pharmaceutical industries, health care indust

e, and the metrics for each phase clearly defined so you have a baseline to know how well you are doing.

Conclusion:

These phases are

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

ot necessarily the right ones for your process for increasing trust. You need to discover your own best process. You will always find

.

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

someone who jumps over a phase because trust is high enough, and that’s great. But the majority of prospects are not like that.

Rememb

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

Companies that provide selfless information through particip

r our equation: Trust is directly proportional to perceived risk. Work to build that trust at each phase, and your sales will increase

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 - The Process of Trust: How to Sell More High Ticket Products and Services

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