Useful Advices - Business

My career has been comprised of sales, sales management and recruiting. I've worked for some of the largest companies in the world: Wal-Mart, General Electric, Ganne

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

tt, as well as a couple small ones and start-ups (including my current firm--no longer a start-up after 5 years in business). With the exception of one (the giant re

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

Examples of combination products may in

tailer) each company relied heavily on cold-calling to generate new business. My definition of cold-calling is when a sales rep targets a company and/or individual t

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

hat he or she thinks meets the demographics of a potential buyer and then without invitation (this is key, hence the italics) either picks up the phone or walks into

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

their office in an attempt to initiate a sale. Cold-calling is marketing, pure and simple, albeit a caveman-like strategy in an electronic age. I've been giving a lo

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

Combination pro

t of thought to this lately because until a year or so ago, our company relied heavily on cold-calling to generate new business. Our cold-calling efforts have delive

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

red a decent chunk of revenue for us over the last few years, however last year I decided to abandon the strategy completely and I haven't looked back.

It is Thursd

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

ay a.m. and so far on two occasions this week I've had a knock at my office door only to have four total strangers (two on each visit) walk into my 10"x10" office an

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

proceed to launch into a sales pitch. The first pair was peddling a local tire dealership offering 90% tires (my car is under warranty at my dealership) and the sec

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

ond was for "guaranteed savings!" on my color printing (I probably print all of two documents a month in color).

All four used the same strategy: walk-in, get comfo

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

rtable--one guy immediately sat down--and start talking at me like I'm a 9 year old. In both situations I had to stop them in mid-pitch to say, "Guys, I'm NOT intere

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

Following aspects would a

sted. Thanks AGAIN for stopping by." You're probably wondering how these individuals got past our receptionist. Well, the short answer is we don't have one--we have

dd to the challenges in developing combination products:

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

phone and a nearby directory. Our partner whose office is closest to the front door is usually the first person hit on by these door-knockers. He thinks it's cute t

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

o tell them that he doesn't have purchasing authority but to be sure to go see me because I hold the purse strings (not necessarily true)--so he can pawn "bad cop" r

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

esponsibilities on me. But lately it's a role I'm embracing. I now recognize what an outdated, old-school, ineffective strategy cold-calling is and it is one of the

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

main reasons turnover in sales is so high. I would like to personally apologize to all those purchasing managers and perceived "decision-makers" that I dropped by ov

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

Professional from academic institutions, pharmaceutical industries, health care indust

r the years to have a little chit-chat with, completely interrupting their day and wasting both of our time.

Companies continue to employ cold-calling for a couple

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

reasons: first, they perceive it to be cheap (it's not) and second, marketing (legitimate, creative, permission-based marketing) is hard (not always). Over the next

.

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

few days or so I'm going to be discussing how our firm has been able to successfully secure new business without cold-calling a single person, while at the same time

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

Companies that provide selfless information through particip

continuing to use proactive recruiting, what some would perceive as cold-calling (it's not) to find the highest qualified candidates for our client's open positions

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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We always say that we need money to make money. Is this true? Or we can REALLY make money without money?

True thought leadership requires original thinking. It is a practice that can be learned, or rather rediscovered and reclaimed, with a certain amount of attention and surrender.

Assumptions have a way of creeping into all parts of a problem-solving project. They’re often wrong, which can lead to a lot of wasted effort and even cause a problem-solving project to fail entirely. It’s very easy to take a strongly stated assertion as true, especially if it’s the boss who makes it.

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Useful Advices - Cold-Calling (Selling Ice To Eskimos)

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