Useful Advices - Business

One of the biggest mistakes 80% of salespeople make when qualifying is to overlook or not react to obvious Red Fags prospects

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

give during the initial call.

In their haste or desperation to "generate a lead" or to "fill their pipeline," most sales re

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

Examples of combination products may in

ps hope that the possible objection they just heard will miraculously go away once the prospect sees their information or pro

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

duct or service, etc.

But you all know from experience -- it never does. In fact, the law for calling leads back is that "Th

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

ey never get better." What appears to be an objection or deal killer always is.

Someone wrote me this week about a prospect

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

Combination pro

who wasn't calling him back only to find out the prospect was leaving the company. He wrote me and said, "I guess intuitively

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

I knew he wasn't the right guy to make the decision anyway."

And I'll bet he knew this because he heard (but didn't questio

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

n) the Red Flags that came up during the qualification call.

What to do? Do what the top 20% do -- as soon as you hear somet

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

hing that triggers your intuition or that gives you that sick feeling in your gut, stop and ask the tough questions!

Example

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

s:

If someone says that they usually buy from XYZ, but would like to see your information, ask:

"Why would you switch vendo

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

rs?"

Or

"How many other companies have you looked at in the last six months?"

And then: "And how many did you go with?"

I

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

Following aspects would a

f someone says that they will pass it on to ________, say:

"Thanks. So that I make sure I'm not wasting her time it's best t

dd to the challenges in developing combination products:

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

hat I speak with her for just a few minutes. Can you please tell her that (your name) is holding please?" (If you're then tol

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

d they are not available, make sure and get their direct line or the person's extension and keep calling until she picks up).

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

If someone says that they'd be glad to look it over, ask:

"Great, after you do, if you think that it can help you (or your

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

business, etc.), when would you move on it?"

And so on.

The bottom line is that if you want to close like the Top 20% then

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

Professional from academic institutions, pharmaceutical industries, health care indust

you have to start questioning the Red Flags.

Remember: It's better to disqualify the non buyers early then to spend your ti

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

me and energy chasing and pitching people who are never going to buy.

Plus it means that you have more time to find real buy

.

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

ers.

So this week, write up questions to the Red Flags you currently get and begin using them! You'll feel so much stronger

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

Companies that provide selfless information through particip

as a closer, and you'll begin making more money. Believe me, it's a win/win.

Have a great week!

Copyright @ 2006 Mike Brook

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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