Cases - Business

It’s important to understand that sales is a process, not simply a transaction or an isolated event. Every company has a sales

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

process, whether it applies to selling computers, telephone systems, medical equipment, insurance, or software.

The first step

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

Examples of combination products may in

of the sales process is to identify the ideal prospect, to ask “what is the profile of the company that would benefit the most

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

from our products and services?” This is actually one of the biggest problems facing companies today.

According to various an

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

alyses, 35 percent of all prospects are a poor fit for a company’s products and services. It would save a lot of time and energ

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

Combination pro

y if the poor-fitting prospect could be identified right up front, so the sales person could move on and focus on the right pro

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

spect. Years ago, the term “Blue Bird” was used for a piece of business that just happened to fly your way. Today, a “Blue Bird

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

” could turn into a “Black Hawk” if you don’t carefully assess whether the prospect is a good fit. This is complicated by the f

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

act that sales people are optimists and believe every company in the world is not just a good fit for their company’s solutions

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

, but a great fit.

Qualifying prospects used to be fairly simple. Who will make the decision (the decision maker), who else ar

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

you talking to (the competition), how much have you budgeted (money), what are your needs (reason to buy), and when do you pla

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

Following aspects would a

n to decide (timing)? Once these questions were answered, you had a Qualified Prospect. Today’s qualification criteria are much

dd to the challenges in developing combination products:

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

more complex. For instance:

Decision Maker: This could be a committee of 12, with members changing weekly due to changes in s

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

pecifications for the project.

Competition: It is now common to see new competitors enter the scene near the end of the propos

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

al cycle.

Budgeting: Will the company buy or lease? What is the budget cycle and when might funds be available? Who else inter

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

nally is competing for those funds. Might the funds go away?

Needs: These seem to change as often as the decision makers.

Tim

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

Professional from academic institutions, pharmaceutical industries, health care indust

ing: It is dynamic, not static, changing along with needs, competitors, and decision makers.

The result of all this is that it

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

has become incredibly challenging to sales organizations to accurately forecast when business will close. Companies focus more

.

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

on Customer Relationship Management tools to track prospects than they do on understanding the nature and challenges of the sa

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

Companies that provide selfless information through particip

les cycle. Recognizing who your best prospects are and qualifying them early on will increase your chance for a successful sale

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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What information should I put on my business card? It will all depend on you. The common information that can be found on a business card includes your name, position or occupation, company or business, address of the company or where you do business from, your work phone number, home phone number, mobile phone number, and email address. However, you need not put each of these items of information on your card.

Many of us have been fooled by the latest work at home hype that is popular today. This can be very disheartening when trying to start a new career. You may even wonder if there really is any legitimate work at home telemarketing jobs out there.

This is it the big day. Are you all set for the big time? We’re going prime time with the interview you have worked so hard to get. You have done all of your homework on the company. You have practiced answering those all important questions. You feel good and think ready to go. But, are you? Have you covered all of the bases? What about the personal grooming aspects of the job hunt?

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