Useful Advices - Business

Think about how much time and energy it takes to hire a good sales person. Think about how much it costs to carry a good sa

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

lesperson on your payroll, and then think about the amount of revenue needed for your company in order to help you accelerat

; 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 your sales. Finally, add in the opportunity costs for your company if during a given period, particularly a long one, ins

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

ead of selling a million dollars a year, you have an under performing rep. When you add in all of these factors, it’s very

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

costly to make a mistake when it comes to hiring sales people.

This is why hiring sales people is best left to the experts

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

Combination pro

and why bringing in a good recruiting or search firm to do this kind of work makes absolute economic sense to your company.

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

Most people resist bringing on recruiters and executive search firms because they don’t want to have to pay the fees. What

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

are the fees for hiring a sales person? Well, the range is between twenty and thirty percent of the base or total annual sa

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

lary, which typically means you could be paying a fee of somewhere between $10,000 and $40,000 in fees. Contrast those fees

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

against the actual cost of salary, benefits, travel, and training time, particularly during the time when you’re waiting for

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

a new salesperson to come up to speed. Analyze how many months it typically takes before you can see results from a new sa

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

Following aspects would a

lesperson. Is it 4, 6, 8, 10, 12 months? A lot of that depends on the sales cycle and learning curve in your particular ma

dd to the challenges in developing combination products:

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

ket.

The rule of thumb for the ramp-up of a new sales professional to hitting their sales target is typically the sales cyc

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

le, plus the learning curve, plus 3 to 6 months.

Suffice it to say that you could spend hundreds of thousands of dollars an

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

d potentially lose millions of dollars in sales if you make a mis-hire. By contrasting that with making a successful hire an

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

the fees associated with doing it right through a good sales and marketing recruiting firm, you quickly find that it makes

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

Professional from academic institutions, pharmaceutical industries, health care indust

good economic sense to outsource your sales and marketing recruiting. The return on investment in making such a decision ca

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

nnot always be assured versus doing it yourself, but often times it can.

If you don’t consider yourself to be an expert 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

he hiring process, consider brining in an expert to help you out. What you’ll find is that the value really equates to an i

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

Companies that provide selfless information through particip

nsurance policy for your company…one that many companies, particularly in this market, are finding to be a worthy investment

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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