Useful Advices - Business

Almost every sales person I speak with, when discussing their prospects for increasing their sal

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

es volume and thus their commissions start with leads. While leads a very important part of inc

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

Examples of combination products may in

reasing sales, I find more often than not, most don't think about or simply ignore finding ways

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

to improve the conversion of the leads they are already getting!

Here's a real life example: O

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

ne of my personal clients came to me looking to increase sales. He predictably wanted to start

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

Combination pro

with how to get more leads. But before I would let him get into that area, I wanted to underst

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

and how well he was doing with his current leads.

"What's your current conversion ratio?" I ask

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

ed. "Well, I'm not sure exactly, but it's probably somewhere around 60-70%," he responded. "Me

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

asure it and get back to me in two weeks," I said. He was not happy, but he did as I instructed

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

. When he had the results, he was crushed. "16%. 16%," he said. "That’s' awful. I can't beli

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

eve it!" "Actually, that's GREAT," I yelled at him. "How can that possibly be great?" "Ah, we

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

Following aspects would a

can double, triple, even quadruple 16%!" "Do you know what would happen if you went from 16% t

dd to the challenges in developing combination products:

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

o only 32%?" "Double my sales?" "How about to 48%? And that's still not even half!" "That wo

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

uld triple my sales, wouldn't it?"

Within 30 days, his ratio was up to 34%. That's right. In

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

less than 30 days, he had just doubled his sales, all by making a few minor, but explosive chang

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

es in his conversion strategy. Take a look at your conversion rates. Are they all they could

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

Professional from academic institutions, pharmaceutical industries, health care indust

be? Remember, a 10% increase here is a 10% increase in sales and commissions, perhaps more if y

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

ou are on a tiered schedule. And remember, if you currently have a 30% conversion ration, you

.

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

only need to increase that to 33% to put 10% more in your pocket.

Look for ways to increase the

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

Companies that provide selfless information through particip

number of current leads you are converting before looking for more leads. It only makes sense.

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 - Sales Success Tip-Think You Need More Leads? Think Again!

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