Useful Advices - Business

It’s the year end. It’s holiday time. It’s time for banquets and budgets. Along with assorted food items accumulating in the office, most companies are deep int

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

o their budgeting process. Those responsible for revenue are getting the emails, calls, and memos saying “more.” Those controlling expenses are getting emails, c

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

Examples of combination products may in

lls and memos saying “less.”

It is the same stuff different year. Cut the cake and cut the costs. Have some sweets and sweeten the revenue. When all the snacks

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

have disappeared and the office party is only a blur, the revenue goal will have been set and the expense budgets confirmed. The sales manager’s food for thought

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

will be, “What can I do to hit my number this year?” The answer may well be the calculated and consistent avoidance of the top three mistakes sales managers mak

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

Combination pro

.

I hasten to add, I have made each of these mistakes myself more than once. I have observed them habitually being made by others. They creep back into the sale

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

s manager’s life like dessert into a diet. They are neither new nor surprising. They are simply the most common mistakes made. Because they are so common, the c

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

rrections are simple. A disciplined approach to correcting each is a sure ticket to a better revenue feast in the year ahead. Go ahead, help yourself.

1. Mista

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

e: Feeding the weak: --Giving your weakest producers the biggest cut of you management time sandwich. Because your biggest producers are producing, you invest

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

your time in the lowest producers. What would time and support for your best producers do to your overall revenue picture? Often a 10% increase from the bigge

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

t producers will be greater than a 20% increase by our weakest producers.

Correction: Feed the Strong first

2. Mistake: Ignoring the food you ordered --Sales p

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

Following aspects would a

ople respect what you inspect not what you expect. Have in place and pay attention to a sales activity reporting system. Most companies have one, but do most sa

dd to the challenges in developing combination products:

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

les managers check it daily? Asking sales people to report their activity and outcomes is basic to the sales management process. Reading their reports and exam

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

ning their input daily is a primary management task. The fact is, as managers, we dislike reading the reports just as much as most salespeople dislike creating t

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

em. Writing and reading the reports, however, must be a non-negotiable element for everyone, including you.

Correction: Feed on the food you ordered

3. Mistake

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

: Failure to feedback: -- If you ask sales people to do something and they do it, acknowledge it. If you ask them to do something and they don’t acknowledge tha

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

Professional from academic institutions, pharmaceutical industries, health care indust

too. It goes to the heart of mutual respect and accountability. Reading sales reports is one thing, taking the time to let a sales person know you have done s

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

, is another. A quick and specific note that indicates that you have read the report is not only courteous it is productive. It says you are paying attention, ca

.

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

re, and take them seriously. Sales reports and feedback are a critical communications vehicle in the well run sales organization.

Correction: Feedback what you’

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

Companies that provide selfless information through particip

e been fed

Three steps to making next year better:

1. Feed the Strong first
2. Feed on the food you ordered
3. Feedback what you’ve been fed.

Dig In

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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