Useful Advices - Business

Sales organizations that successfully achieve profitable revenue growth do so through a sales system encompassing sales focus, the integration of organizational a

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

nd people competencies, a balanced sales effort between new customer acquisition and current customer penetration, and employee engagement.

These organizations m

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

Examples of combination products may in

tch sales resources to the best opportunities, often overlooking customary territorial boundaries or customer assignments and applying a “best in front” approach

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

n the allocation of sales people to high value opportunities. They’ve adopted cross-functional team selling approaches – emphasizing collaboration to deliver val

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

e-adding solutions and hold sales/service teams accountable for improved customer-level results. In addition, they utilize their full organizational capabilities

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

Combination pro

and those of their external partners, to create an integrated product/service offering that enhances their customers’ business results, differentiate their value

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

proposition from the competition, increase the average deal size, “win” the sale, and build durable customer relationships.

While highly effective sales organiz

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

tions emphasize new customer acquisition, they also recognize that creating new customers is more expensive than penetrating current accounts. Furthermore, they

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

now the temptation is great to discount the initial sale to “get in the door” – producing less profitable business through an expensive sales effort. So, they ba

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

ance new customer selling with a focus on “deep drilling” current customers with existing and new products. They are also sensible about discounting. Pragmatic

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

ales leaders know when and when not to discount, recognizing that in the long run significantly more discounted revenue is needed to equalize the profit generated

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

Following aspects would a

from non-discounted sales. For example, assuming a 50% gross profit margin and a 20% discount, a salesperson must capture 25% more revenue to achieve the gross

dd to the challenges in developing combination products:

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

rofit generated on a non-discounted sale. The amount of revenue needed to equalize the profit expands as the discount is increased.

Sales representatives in gro

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

th-focused sales organizations spend at least 55% to 65% of their time on direct sales activities. Their leaders achieve this concentration by:

> Optimizing th

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

number of current and prospective customers assigned to a salesperson;

> Right sizing the type and number of technical and customer service personnel supportin

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 sales effort; and

> Providing and insisting upon the utilization of sales automation tools to move opportunities through the sales funnel, create administr

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

Professional from academic institutions, pharmaceutical industries, health care indust

ative efficiencies and facilitate effective customer management.

Sales leaders that are successful at growing profitable revenue understand the negative impact o

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

turnover and the associated affect of uncovered or inadequately covered customer relationships on growth. They strive to retain their sales people by implementi

.

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

g practices that create employee engagement and a passionate commitment to growth. Among these are, creating organization-wide accountability for results, settin

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

Companies that provide selfless information through particip

goals set at the individual sales person level, defining minimum performance thresholds below which no incentives are paid, and uncapping incentive opportunities

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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