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Useful Advices - Closing a.k.a. Success Ratios, a Valuable Lesson From Nature
When you sell for a living, one of the toughest things to handle, even for seasoned pros,
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
is the negative emotions often created when sales opportunities fail to materialize afte
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
r effort, time and sometimes cold hard cash have been invested. But there is a lesson giv
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
en to us by nature that, if understood, can help eliminate that negative emotion forever.
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
I recall, a number of years ago, I attended a seminar put on by a nationally recognized
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
motivational speaker. There were several hundred people in attendance, each having spent
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
a considerable amount of money to be there and hear this person speak. When the seminar w
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
s over, many of the salespeople there felt totally empowered. They felt like King Kong on
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
top of the world. They were expecting to close every prospect they encountered from that
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
day onward.
You know that can never happen in the real marketplace. I guarantee that yo
You know that can never happen in the real marketplace. I guarantee that yo
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
could stand on any street corner and offer to sell hundred dollar bills for ten dollars
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
and some people would not take your offer. Yet that is a great deal, isn't it? Most produ
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
cts or services that we as salespeople offer each day don't measure up to that offer on t
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
he value scale. It's reasonable to expect less that 100% closing ratios.
In nature an oa
In nature an oa
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
tree produces many acorns, yet only a few grow into mighty oaks. Cut open an apple, a wa
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
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
termelon or a tomato and you will discover that nature provides many seeds or opportuniti
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
es, yet relatively few germinate and even fewer become mature enough to harvest. But natu
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
e doesn't get discouraged or be tempted to give up. Nature simply keeps generating those
.
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
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
seeds and as time passes we see those seeds generate enormous abundance. Remember this na
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
tural law the next time you get discouraged when a sales opportunity falls by the wayside
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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