Useful Advices - Business

You're all familiar with the idea of the sales funnel, right? You go out and cold call, prospect and generate as many leads as

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

you can. You put all these leads into your sales funnel and then hope and pray that some of them come out of the funnel and tur

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

Examples of combination products may in

n into clients.

That's the basic idea and that's how virtually every inside sales company I've ever worked with or have read a

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

bout currently run their telesales departments.

And there are even ratios and numbers that they assign to measure this. Out of

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

10 leads they might close one deal, or out of 15 leads close one or two deals, and so on.

Again, this is how 80 to 90% of sal

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

Combination pro

espeople and inside sales companies run their business.

But not the Top 20%.

You see, there are problems with the sales funne

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

l idea. The biggest problem is that 80% of salespeople are more focused on putting prospects into their funnel than they are on

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

really qualifying who goes in it.

Their motto is, "If I throw enough crap on the wall, some of it will stick." Well, excuse t

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

he pun, but that method stinks. And top closers know this

The Top 20% have thrown their sales funnel away and instead they use

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

a sales cylinder. They spend most of their time disqualifying prospects and only let in a select few who are highly qualified

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

and likely to buy.

They know they don't need practice pitching unqualified leads, rather they need practice finding real buyer

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

Following aspects would a

s.

Because of this, the Top 20% usually generate the lowest number of leads but have the highest closing rates in the office.

dd to the challenges in developing combination products:

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

In other words the same number of leads that go into their cylinder usually come out.

What can you do to exchange your sales f

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

unnel for a sales cylinder? Follow this five-step process:

Number 1: look at all the leads currenlty in your sales funnel and

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

assign a #1 to the ones you know will buy, a #2 to those that might buy, and a #3 to those you have no idea about or probably w

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

on't.

Number 2: throw your #3 leads away! (Or at least close them hard and seek an immediate decision)

Number 3: determine wh

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

Professional from academic institutions, pharmaceutical industries, health care indust

at your current closing ratio is.

Number 4: from now on reduce the number of leads you send out by half. Either qualify harder

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

or trial close potential #1's and 2's before turning them into leads.

Number 5: repeat the process.

Bottom line -- if you wa

.

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

nt to become a Top 20% closer then you have to stop spending time with unqualified leads and start spending time finding, quali

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

Companies that provide selfless information through particip

fying and closing real buyers.

Now go out and have a great week and throw your sales funnel away!

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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