Useful Advices - Business

Based on my talks with local executives, indicators point toward our getting back to business. Many companie

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

s that were taking a wait and see stance on Sales are now beginning to once again invest in selling.

As we

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

Examples of combination products may in

ll know from the go-go days, deploying a new sales team takes significant investment, especially if the sale

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

cycle is lengthy. When venture investment was pouring in, I saw scores of companies spend months building 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

d investing in a sales infrastructure before a single call was made! Their new sales VP would first start hi

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

Combination pro

s search for regional managers who would subsequently recruit field reps. And then, after the grand sales ki

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

k off, it was 6-9 months before the first sale! This just isn’t practical for most companies, regardless of

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

the economic environment.

Over the years, however, I’ve seen an extremely cost effective model being implem

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

nted by guerilla companies not flush with cash. The concept leverages the best of both inside and outside sa

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

les departments. If you run the numbers, you will see that an inside team is a fraction of the cost of an ou

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

side team, especially when you factor in travel, entertainment and other field related expenses. Additionall

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

Following aspects would a

, an inside lead generator can double – even triple – the effectiveness of an outside representative.

Consi

dd to the challenges in developing combination products:

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

der this: If a rep needs to make 100 contacts to generate 5 appointments, then he is essentially wasting 95%

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

of his calls. Okay, it’s not really wasting time, but if the sales reps were in front of qualified prospects

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

instead of talking to unqualified suspects, then their productivity would be significantly increased. The m

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

st cost effective model I’ve seen has been to employ inside lead generation to support the outside sales eff

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

Professional from academic institutions, pharmaceutical industries, health care indust

orts. Rather than hire 3 outside reps, consider hiring 2 outside reps and 1 inside lead development or insid

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

sales rep to support them. The immediate benefits you will see include:

Reduced payroll
Reduced field

.

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

costs
Centrally managed lead development process
Increased productivity of outside reps
M

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

Companies that provide selfless information through particip

re appointments into target accounts
Better coverage of marginal accounts in dispersed geographic area

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.usefuladvices.org.ua/article/38723/usefuladvices-Increase-Your-Pipeline-Deploying-the-Cost-Effective-Sales-Team.html">Increase Your Pipeline: Deploying the Cost Effective Sales Team</a>

BB link (for phorums):
[url=http://www.usefuladvices.org.ua/article/38723/usefuladvices-Increase-Your-Pipeline-Deploying-the-Cost-Effective-Sales-Team.html]Increase Your Pipeline: Deploying the Cost Effective Sales Team[/url]

While obtaining patents and trademarks from the U.S. Patent & Trademark Office (USPTO), and registering copyrights with the U.S. Copyright Office, is fundamental to protection and enforcement of intellectual property rights, another valuable protection and enforcement resource exists with the U.S. Customs and Border Protection (CBP). The CBP is charged with securing our nation's border, which includes protecting U.S. IP rights (primarily trademarks and copyrights) from infringing or counterfeit imports.

Charles Schwab became the most successful marketing executive this world ever had. Every business guru of that time agreed that two characteristics of Charles Schwab, his smile and his power of polite convincing, helped Andrew to make his billions. Smile is a great power and luckily it is free.

Many times small-business people complain that their direct-mail marketing advertising is working too good and that everyone who comes in seems to have a coupon and no one seems to be coming in who doesn't have a coupon. There could be a couple different reasons for this.

Tags

Links

Useful Advices - Increase Your Pipeline: Deploying the Cost Effective Sales Team

Related Articles: