Useful Advices - Business

Anyone who sells for a living can tell stories about how a deal fell through. No matter how expert or experienced you are, the pang of disappoint

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

ment that comes when your competition wins is always uncomfortable.

Recently Miller Heiman sales consultant Pam Switzer had an opportunity to in

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

Examples of combination products may in

terview the head of a government-funded Health Center. Pam shares insights straight from a decision-maker - about why a sale was lost.

A lost

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

sale Pam tells readers: I’ve been conducting interviews with decision-makers over the past several months with a view towards developing an

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

understanding of how institutions view the sales industry and how we in the industry might be able to provide added value to these organizations.

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

Combination pro

During my interview with the administrator of a government-funded Health Center, he revealed that capital funds were more readily available, th

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

at operating budgets were currently the most squeezed, and that the government is changing its methodology of evaluating centers like his.

Wh

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

won and why I had become aware of this account because one of my clients had just recently lost a sale at this institution. Without reveali

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

ng my client, I asked about the decision making process they followed and the criteria they used in determining which vendor to proceed with.

Th

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 administrator asked me, “Of the three vendors bidding on this four million dollar contract, how many do you think met with me?” The answer? ONE

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

I asked him if the successful vendor was the one who met with him and he smiled and said yes. I inquired about the final decision criteria. He s

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

Following aspects would a

aid that despite the fact that the other two vendors had technically superior solutions---yes he actually said that for those of you who sell on

dd to the challenges in developing combination products:

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

features---the chosen vendor had built their proposal in such a way that the entire acquisition, including training and service, could be funded

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

with the capital budget and not the operating budget.

In other words, the successful vendor asked great questions and then built their soluti

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

n around what the decision maker needed.

He was incredulous that more medical device and Pharma reps didn’t call on him. “I make a lot of 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

ese decisions,” he said. “Why would they not want to understand what my needs are from an institutional and personal win perspective?”

So wha

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

Professional from academic institutions, pharmaceutical industries, health care indust

t is the key learning for all of us in this.

Meet with administration.
Ask them what their ideal solution looks like.
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
i>
Formulate your solution to their needs, and tailor your proposal accordingly.
Don’t depend on product superiority to do your s

.

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

elling for you.

The truth about losing a sale. There is always a specific, clearly identifiable reason that a sale is lost. B

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

Companies that provide selfless information through particip

ut it’s not about who won the battle of features and benefits. If we listen to buyer decision-makers, they tell us the simple truth of how to win

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 Truth About Losing a Sale-And How To Avoid The Next One

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