Useful Advices - Business

How often has it happened to you?

A prospect walks into your center, you give him your information. You counsel them to the best of your ability. You have had a good friendl

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

y interaction with them.

You think, "Wow, I've really done a great job! This candidate should enroll."

And then you hear, "Your Price is too high" or "Your competitor is ch

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

Examples of combination products may in

aper" or "I have a financial problem and can't enroll", or "My god! That's expensive!"

You feel you are against a stone wall.

What do you do?

Understand & Do Your Homework

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

Understand the objections you commonly hear. Write them out. For example, when someone says, "Your Fees is too high", find out what they mean. Does it mean that they can get

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

the same course cheaper not too far away? Or, did they have some particular fees in mind? Or, do they have financial problems where they can't afford the course right now? Yo

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

Combination pro

need to know the problem before you can address it.

Comment, Resistance Or Objection?

Price Statement / Comment

This happens when a person is almost sold. They're just ai

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

ring a feeling when they say, "That's Expensive!" They don't expect a response. If you respond here, you'll probably get drawn into price negotiations which you don't want.

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

o what should you do?

1. Do Nothing. Pause. Wait. See if they continue. ( Actually this is a very good tactic any time you hear anything about price. It gives you Insight.)

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

2. Have a prepared statement to deliver here. For example, when a walk-in says, "Thirty Six Thousand for a Computer Hardware course!", you could say, " That includes three Ne

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

work Operating Systems, DMP, Inkjet & Laser printers and storage devices and Cyber Caf? administration." OR "Yes, our labs are always updated with the latest equipment."

3.

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

hen it is important to move on with the conversation. Don't dwell on the priuce comment. Let it die right there.

Price Resistance

This is when the prospect asks about fees

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

Following aspects would a

too early in the counseling process and then sticks to his guns saying it is too high. This happens when he's not convinced at all of the value your course can give him.

A R

dd to the challenges in developing combination products:

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

al Price Objection

This crops up late in the counseling process. In fact, it may come up only on your 1st or 2nd follow-up call, if you are not alert.

Real Price Objections

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

could be because a walk-in feels that the perceived value of the course is lower than or equal to the price / fees… or maybe another institute s/he's visited offered the same

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

course at a lesser fees… or maybe they just can't afford your fees right now.

Whatever it is, s/he is willing to discuss it with you and talk about it.

This entire section

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

n the book helps you deal with Price objections and price resistance. One very important concept on which you should base your efforts is this: You will never be able to cha

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

Professional from academic institutions, pharmaceutical industries, health care indust

nge someone's mind by presenting YOUR opinions, arguments and points of view. Their resistance and objections will dissolve only when they begin to doubt THEIR OWN existing b

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

liefs, opinions and arguments.

Premeditated answers and arguments to their basic price objections will not work. Instead ask questions which you have prepared in advance - q

.

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

estions that will make them reveal their real doubts, fears and reasons for objecting to your fees. That's the way to deal with real objections.

An interesting quote to keep

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

Companies that provide selfless information through particip

in mind is, "Price is not the issue. Value is the issue. If price is an issue in your business, then you'd better take a good look at your product / service." - Tom Winninger

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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