Useful Advices - Business

Step III: Talk About Solutions…. Not Products

As you’ve been letting your prospect ta

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

lk, they should be telling you about common problems they have in their business. Some

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

Examples of combination products may in

common things you should hear:

 Like the product. Don’t like the company (vend

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

or).
 Like the vendor. Don’t like the product.
 Don’t think t

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

he product they use is worth what they paid. This is a lack of value. Anytime you have

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

Combination pro

a product that isn’t equal in value to the price the customer paid, they’re not happy

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

During the discussion of problems, if there is an opportunity to quantify savings, you M

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

UST make the prospect realize how much money they’re leaving on the table by not changin

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

g. If they ‘feel the pain’, they’re more likely to make a move and change. If they per

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

ceive everything to be equal, there’s no reason to change. If you put dollars into the

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

conversation, it makes everything real for the prospect.

This is also a great time to u

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

Following aspects would a

se an example of a customer you had who was in a similar situation. For example, “Mr.

dd to the challenges in developing combination products:

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

Jones at XYZ Company found he saved $19,000 by implementing this solution. Do you see s

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

imilar savings in your business?” Get them to commit to a dollar savings.

If you notic

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

e, we’re not talking about products or services. We’re talking about problems and solut

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

ions. People don’t buy benefits. They buy what those benefits will do for them. If yo

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

Professional from academic institutions, pharmaceutical industries, health care indust

u have 10 benefits, but none of them address a problem your prospect has, talking benefi

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

ts doesn’t help you sell anything.

If you have 1 pressing problem and 1 solution, that’

.

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

s all you need to get action. The action that leads to buying.

Copyright 2006 Susan A

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

Companies that provide selfless information through particip

dams www.susanadamshome.com

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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