Useful Advices - Business

The Best Salespeople, the Top 1%, utilize a precise, highly organized sales process that leaves very little to chance. Each step of the sales process increases the pro

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

bability of successfully closing the sale.

Here’s the dictionary definition of PROCESS: A uniform series of actions designed to produce a specific outcome. In High Pr

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

Examples of combination products may in

obability Selling, the ultimate ‘specific outcome’ is to close the sale; the ‘series of actions’ are the linear steps of the sales process. We train salespeople to use

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

the Sales Questionnaire as a tool to keep the sales process efficiently on track.

For example, you’re on your first appointment with a prospect. If you’ve used High

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

Probability Prospecting, before the meeting your prospect agreed to the following: 1) to give you and hour of uninterrupted time; 2) he wants what you’re selling; and

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

Combination pro

3) he’ll buy- if you can meet his requirements for doing so. You begin to methodically get answers and fill in your Sales Questionnaire: The first series of questions

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

ask the prospect to confirm his intention to do business (confirm he’s in ‘Buying Mode’). The next series asks the prospect to confirm his intention to buy from you- i

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

f you can mutually agree on terms.

At this point, you believe that you have a qualified prospect- with respect to their buying intentions and available budget. Next,

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

you want to make sure that the prospect is trustworthy. If you’re like 84% of people in the business world, Trust is the most important factor when deciding whether or

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

not to do business with someone. You want to be able to trust and respect your customer, and they want to trust and respect you as well. To determine your prospect’s

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

rustworthiness, initiate the Trust and Respect Inquiry. Unless they’re one of the 4 to 8% who cannot earn your trust and respect, proceed with the next steps in the sa

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

Following aspects would a

les process.

Clarify this prospect’s role in purchasing your product and service. This is a familiar part of the sales process to all experienced salespeople: You wan

dd to the challenges in developing combination products:

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

t to make sure your prospect is the real Decision Maker and has purchasing authority. It’s pointless to waste time in a meeting with someone who can’t buy.

After you’

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

ve confirmed that you’re dealing with a trustworthy person who has purchasing authority, it’s time to determine what they really want. These are your prospect’s Condit

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

ions of Satisfaction: products and services specifications, delivery times, pricing, etc. Note that each time your prospects give you one of their conditions for the s

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

ale, they must also give you conditional commitment to purchase- if you can meet their terms.

At this point, it is highly probable that you will do business with your

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

Professional from academic institutions, pharmaceutical industries, health care indust

prospect. When you follow the sales process step-by-step sequentially, the prospects tend to ‘close themselves’: They’ve made it clear what they want, and you’ve made

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

it clear that you can provide it. Each step along the way, the prospect has confirmed his intention to do business with you.

Note that there are no ‘magic bullets’ i

.

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

n High Probability Selling. There are no ‘Killer Closes’. Nothing is left to chance: You, the sales- person, control the entire sales process. By utilizing a structure

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

Companies that provide selfless information through particip

d sales process, you stack the odds in your favor, negotiate agreements that usually create satisfied customers and clients, and ensure the probability of your success

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 Top One Percent Sell with Precision

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