Useful Advices - Business

In the early to mid 1900's a renowned phenomena was discovered in America. Willy Sutton was his name and Willy has since had much to answer to. Willy was a bank robber - not a particularly good bank rob

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

ber but nevertheless 'bank robbing' was his career.

One day a reporter questioned Willy asking why he robbed banks. Willy looked around and thought for a moment and then came out with one of

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

Examples of combination products may in

the most fascinating answers that would ensure much more than his 30 seconds of fame. He replied - 'Why do I rob banks - I'll tell you why, because that's where the money is'. Without doubt Willy had l

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

aser sharp focus knowing exactly who and where his target market was. During his career as a bank robber Willy spent more than half his adult life in prison and shortly before his death in 1969 became a

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

consultant advising banks on security.

So as management and sales people, what can we learn from Willy Sutton and how can we relate it to sales?

Firstly - Do we really understand

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

Combination pro

our target market? Willy knew exactly which bank he wanted to rob. He would 'case the joint' discovering all the variables and deciding if the target bank was appropriate or not.

Have we do

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

ne our due diligence to establish what solutions we should be selling and why prospects and clients buy from us? What are the other factors that will ensure we stand the best chance of personal and team

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

success for the next quarter? Willy Sutton really did understand his market and that was his major strength - so hands on heart do you?

Secondly - He understood the power of motivation. Is i

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

t really surprising that after making his presentation to the banks' staff, gun in hand, people were highly motivated to carry out his instructions (lie down on the floor and don't do anything stupid).

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

Any objection handling would have been dealt with immediately in a crisp and authoritative way - unfortunately as sales people we cannot use the phrase - do you really want me to blow your brains out?'

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

Thirdly - The escape plan. Having achieved his objectives and earned his commission, he would then disappear not hanging around to make idle conversation where he might be tripped up. His str

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

Following aspects would a

ategy was end to end (although potentially his strategy was weak as he was often caught before he left the bank)

Willy's ultimate downfall was the marketing used by the opposition. Being con

dd to the challenges in developing combination products:

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

stantly written about in newspapers and having his name nailed to trees in the vicinity with a complimentary photo meant he was also subsequently arrested some time afterwards.

Have you a so

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

lid Marketing Strategy?

Lastly, if you decide to change from selling and move into 'bank robbing' then here are a few tips:-

Make sure you get enough money that you can flee to

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

a country that currently does not have an extradition treaty with the UK

If you decide to rob a bank in the country make sure it doesn't only have one road in and one road out

Wear

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

a mask

Get a reliable gun

Practice your script ensuring it is short and to the point

Dress for the occasion - you never know who will want to take your picture <

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

Professional from academic institutions, pharmaceutical industries, health care indust

br>

Being in sales is easy - being successful is somewhat different. You must plan and understand your market - both important keys for your continued or future success.

Creating a high

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

y qualified pipeline from your prospects and customers will ensure that you have focus - and thus Willy Sutton will not be the only one who goes where the money is. You must focus on where you get the

.

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

best return for your sales effort and also ensure you read read the signals to avoid any surprises. Like Willy Sutton you don't need any surprises when you are hard at work and going for the 'big one'.

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

Companies that provide selfless information through particip

Unlike Willy Sutton you don't want to be caught out because you didn't have the right information or target - don't you want to mitigate risk wherever possible. Get the focus you have everything to gain

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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