Useful Advices - Business

One of the most critical choices that an executive or entrepreneur can make is to determine which sales/revenue opportunities to pursue vs. which ones to pass

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

on. How do you determine where you will allocate your time, your resources and your talent? Do you use a rational decisioning process to arrive at the right

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

Examples of combination products may in

onclusion or are you the person that is often second guessed or proved wrong because your decision was made irrationally and you arrived at your conclusion by

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

default, osmosis or some other unknown process?

For purposes of this posting I will exclude the greener pastures of new sales opportunities and focus on the

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

most overlooked area of opportunity assessment which is prioritizing decisions surrounding sales of your existing product or services. It has been my observat

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

Combination pro

on that many sales plans simply evolve for no quantifiable, qualifiable or tangible reason other than just because…Following are the top 10 reasons not to pur

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

sue a particular sales opportunity:

#10: Because a strong sales or product manager flexed his muscles and pushed their bias;

#9: To seek static gains in a v

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

cuum buy just looking for increases in quarter over quarter sequential revenue growth;

#8: To buy business in order to gain market share;

#7: Because more

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

marketing budget exists for Product A vs. Product B;

#6: Because the sales force can’t seem to get traction with Product X;

#5: Because the sales force is

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

etting traction with Product X;

#4: Because the ad agency made a good pitch;

#3: Because the market research said you had a competitive advantage;

#2: Beca

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

se your competition does it, and;

#1: Because it’s always been done that way.

Some of the aforementioned reasons if encapsulated in an overarching strategy

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

Following aspects would a

may not in and of themselves be bad reasons to pursue a sales opportunity. However in the absence of a plan and standing alone in a vacuum they will result in

dd to the challenges in developing combination products:

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

wrong choices being made more often than not. To avoid the common mistakes outlined above conduct a thorough comparative analysis of all product and service l

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

ines assessing the following key metrics:

• Cost of sales and profit margins;

• Length of selling cycle;

• Sales/revenue obstacles;

• Competitive analysis

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

• Current market demand;

• Potential for future market growth;

• Ability to further brand recognition/growth;

• Quality and quantity of available talent

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

nd resources supporting a particular product or service line;

• Execution and delivery capabilities;

• Post sale costs of service;

• Ability to add to life

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

Professional from academic institutions, pharmaceutical industries, health care indust

cycle value;

• Recurring revenue vs. one time revenue, and;

• Creation of additional revenue opportunities.

Take the above metrics and plug them into a gri

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

ranking each category from highest to lowest for each product or service line. In addition to individual rankings also created a weighted rank based on the 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

etrics that are most important to your business. Lastly create a blended score for each product or service line. Conducting this type of analysis will help yo

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

Companies that provide selfless information through particip

determine where you should be placing your emphasis for the purpose of moving you toward a best practices approach when creating a well engineered sales plan

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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Useful Advices - Is your Sales Plan Engineered by Design or by Default?

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