Useful Advices - Business

Even the word Cold Call will send shivers down anyone's spine. Most of the people I deal with do not like t

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

hem and will avoid them at any cost. I do not blame them and most often cold calls will not yield very high

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

Examples of combination products may in

results. You are only likely to gain ten percent of your business (at the most) from cold calling. So why

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

do we do it? First, there is a myth that cold calling is necessary to gain new business. Second, it seems t

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

o be a challenge to many salespeople to make the cold call. All of this is totally unnecessary if you can c

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

Combination pro

hange the cold call into a warm call.

Here are ten things that you can do for cold calling:
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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

/ol>

Find out who makes the decision for the company through the receptionist (sometimes called the ga

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

tekeeper)

Ask who they currently do business with for your particular product or service

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

Put on a seminar and ask who the correct person would be for sending the invitation

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

li>Find out what organizations a decision maker attends and see if there is an opportunity for you to also

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

attend

Find an opportunity to be introduced to the decision maker from someone you already k

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

Following aspects would a

now

If you see an announcement in the newspaper about the company you wish to do business wit

dd to the challenges in developing combination products:

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

h, send a note with congratulations to the new person or to the person in charge of the project, then follo

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

w-up with a phone call

Find the right people to talk to and get the first appointment; this i

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

s more easily done at a networking event.

Do not simply call all the businesses on the block

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

with a memorized script

The aim of a cold call is simply to get to an appointment and nothing

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

Professional from academic institutions, pharmaceutical industries, health care indust

more; you are not trying to sell on the first call

Do your homework and know all about the c

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

ompany you are calling before you ask for the appointment

Cold Calling will come into play m

.

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

ore often than you will like. If you want to read a book on Cold Calling techniques there are a few authors

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

Companies that provide selfless information through particip

that are good on the subject. I would suggest Stephan Schiffman's "Cold Calling Techniques" fourth edition

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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