Useful Advices - Business

Your competition may not only come from going up against a competing product, or service. You may have a product that's one of a kind in your field of business, but it is not the only thing p

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

eople are spending money on.

Your job is to get your prospect to spend their money on "your proposition" not something else. This could be your toughest competition yet.

Never go into battl

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

Examples of combination products may in

without preparing yourself for the fight. As in any war you must analyze your foe and learn as much about them as possible. You'd be foolish to ignore your opposition, or to under-estimate

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

hem.

Pre-Approach:

The pre-approach phase of the selling process gives you the opportunity to make sure you have all your bases covered, so you can have a level playing field and all the rig

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

t conditions for making the sale. Use this time to analyze yourself, your business setup, your selling methods, your products and your target market. It's not enough to just know who your co

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

Combination pro

petition is. You must know all about their goods because your prospect sure does.

Note all the strong points of your competitor's products as well as the weak points in comparison to your off

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

r. Write them down. Give credit where credit is do. Capitalize on the strong points of your competitor's goods by making yours even better. Look at their weak points and try to figure out ho

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

to improve upon them.

Knowing your competitor's goods will help you avoid mistakes they may be making. You want to be able to meet, or beat your competition at every angle no matter which d

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

rection they come from. If your prospect mentions a great asset of your competitor's product, or service, you want to be able to go one better. Here's an example of what I mean:

Mrs. Smith:

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

"I saw an ad by the Jone's Company in The Evening Telegraph. They're cleaning three rooms of carpet for $69."

Salesman: "Yes. Mr. Jone's Company is offering a great deal on carpet cleanin

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

. In deed, you can have three rooms of carpeting cleaned for $69. Our company goes one better than that Mrs. Smith. We will clean three rooms of carpeting for $59.95 and throw in another ro

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

Following aspects would a

m free."

"And when it comes to our guarantee we can't be beat. The Jone's Company offers a 50% refund within 30 days if you are not satisfied. We offer you a 100% refund within 30 days if y

dd to the challenges in developing combination products:

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

u are not satisfied and all of our employees are licensed and bonded and have been with us for a minimum of 5 years."

Mrs. Smith: "That's the best offer I've received. How soon can you star

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

?"

Salesman: "I can schedule you for today if you'd like Mrs. Smith."

The salesman met and beat every aspect of his competitor's proposition because they did their homework during the pre-a

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

proach phase of the selling process.

Now you are under no obligation to point out the good features of your competitor's goods, or service, but it will be an advantage for you in many ways if

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

you've done your homework. It's your opportunity to show your confidence in your own products, or service and to convey your unique selling proposition.

Never bad-mouth your competitor's pro

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

Professional from academic institutions, pharmaceutical industries, health care indust

ucts, or service. Your prospect will see this as a character flaw on your part and may think of you as resentful and untrustworthy. If you feel the need to bad-mouth your competitor's goods,

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

maybe you feel your products are inferior to theirs, or you lack confidence in yourself as a salesman who can deliver a real service to your customer.

In the above example the competition pav

.

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

d the way for the salesman. His competitor unknowingly left the door wide open. All the salesman had to do was walk in and make the sale.

Stay mindful of the fact that your competition may

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

Companies that provide selfless information through particip

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 - The Business of Dealing With Your Competition

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