Useful Advices - Business

Fatal sales mistake no. 2 in our series of 25 is “Stop Winging It!”

When presenting to a

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

prospect, how many times have you not really known much about his business or not really k

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

Examples of combination products may in

nown what you’re going to say or what road you’re going to take the prospect down?

This i

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

a huge error salespeople make far too often.

I know because I’ve been there. I used to w

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

ing it. Winging it is not the way to go. Basically, you are saying to the customer that yo

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

Combination pro

are a clueless fool because you didn’t prepare well enough. Preparation is the key to suc

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

cess.

Preparation is the exact opposite of winging it. Winging your presentation is a fas

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

track to failure. It shows the client that he is not important enough for you to prepare

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

properly for the meeting. You need to invest enough time to prepare for each sales call yo

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

make and each presentation you give.

You can use checklists, worksheets, or whatever you

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

need to be able to present to that prospect in a way that shows you already know some of

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

Following aspects would a

the issues and challenges he has.

Then you can go into the meeting and help solve the pro

dd to the challenges in developing combination products:

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

pect’s problems. Even if it’s an exploratory meeting, you can perform a lot of research up

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

front to learn more about the company.

You can conduct research by interviewing employee

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

or checking out websites. Search engines, such as Google, are great because they will pro

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

vide you with plenty of potentially beneficial websites. You can do a lot of preparation u

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

Professional from academic institutions, pharmaceutical industries, health care indust

front and gather information that’s going to prove to the customer you’re knowledgeable a

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

nd well-prepared.

You’ll have the customers saying, “You know what? This guy does care ab

.

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

ut me, and he wants my business. Let’s sit down, talk to him, and figure things out. Let’s

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

Companies that provide selfless information through particip

see if he can solve my problems.” That’s the perception you want to leave with the client

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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When these events take place and it involves high profile persons, one begins to wonder what on earth makes them do such things. Clearly, it is not because they are not aware of such consequences. And it would not be their lack of intelligence...

Business, non-profit and association managers are in a stronger position to succeed when they use their public relations resources in a way that alters individual perception leading to changed extern...

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Useful Advices - Fatal Sales Mistake Number 2: Stop Winging It!

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