Useful Advices - Business

In my last article, I talked about the four influencers you have to deal with in a B2B sale. The four influencers are again.

1. The Financial In

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

fluencer(s)
2. The User Influencers
3. The Gatekeeper(s)
4. Your Champion or Sponsor

In this article, we will look at the first o

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

Examples of combination products may in

e on the list, The Financial Influencer, or as I like to call him – The Cheque Signer, or The Final Authority. This is the most important person

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

to get to know. This should be the first person you contact whenever you are trying to open a new account.

Many times we contact someone we know

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

in an account, and many times they are the users of our product and/or service. We definitely need to know these people too, but if you start at

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

Combination pro

he top, then you can always go back to them later in the sales cycle. If you start with someone below this influencer in the organization chart,

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

then you will have a very, very difficult time trying to reach this influencer and authority later in the sales cycle, when you may need to talk

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

o him or her.

So, let’s look at the financial influencer, and see what traits this person has, and why this person is so important to know.

The

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

Financial Influencer

The financial influencer’s role is to give the final approval to buy. This role may consist of more than one person. It may

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

be an executive committee. It could possibly even be the Board of Directors. Much of this role will depend upon a number of factors. The three m

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

st important factors to you are:

1. The size of the company
2. The dollar amount of your proposal
3. The impact your solution has on t

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

Following aspects would a

e organization

There are number of reasons why this influencer may be a committee. The most important factor in the buying process is what impac

dd to the challenges in developing combination products:

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

t your product or service has on the organization. Does you product or service affect a whole department? Does this department have to change the

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

way they currently operate? If so, then it will probably affect more than one department.

The financial influencer is focusing on the bottom lin

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

and what influence your product does have on the organization. This influencer has the following characteristics.
 Has direct acces

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

s to the dollars needed
 Can release the funds
 Has some discretionary use of funds
 Has a veto power

Thi

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

Professional from academic institutions, pharmaceutical industries, health care indust

influencer asks “What kind of return will the company get on this investment”.

So, be aware of this when you are selling. This influencer has t

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

e most persuasion power of any of the other influencers. However, it is imperative to incorporate the other influencers into the process too. In

.

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

fact, very few if any corporate decisions are made today, without the approval of all of the buying influencers.

Ensure that you get to know thi

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

Companies that provide selfless information through particip

person very early in your sales cycle. There are many ways to get to know this person, and we will discuss some of these ways in a later article

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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