Advice You - Business

Has this ever happened to you? You drive thirty to forty-five minutes to get to your first appointment. You arrive at a prospective client’s office and the CEO is not there! What about this situation? You are scheduled

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

to talk with the president of a company that is exactly fits your target market. Unfortunately, your appointment abruptly ends after only fifteen minutes. You thought that you had an hour! Your first meeting begins twent

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

Examples of combination products may in

y minutes late due to phone call taken before your scheduled meeting with the vice-president. How would you feel after these appointments?

Of course, these situations never happen with you or your sales people! Right? 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.

f you want to find a way to reduce expenses, consider using technology to connect with prospects. This is a great alternative sales solution! You can reduce your transportation and travel costs by conducting online presen

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

tations to complete first call interviews.

Why not conduct an online meeting? You can use Citrix Go-To-Meeting technology. There is also a Webex application that you can use and perhaps other software. Large, mid-size a

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

Combination pro

d small companies use inside sales personnel to get new business successfully. You can too! Realistically, do you really expect to pick up the check and complete the sale on the first appointment?

Does it make good sense

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

to travel just to meet them for the first time? Your first meeting should be used is to better understand your prospect’s needs, concerns and challenges. It is not to offer your solution after a few minutes of rapport bu

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

ilding. The Internal Revenue Service (IRS) allows an expense of 40 cents per mile traveled by automobile. Does it make financial sense to see every prospect face to face?

Instead of spending two to three hours in traffic

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

every day, why not reduce your travel costs by using online presentations? You could realistically save at least four to six hours per week! What would you do with an extra four to six hours each week?

Using online tech

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

nology not only reduces costs, but also it can generate more business! By using online presentations, you can personally connect, talk and engage more people! The more people you talk with, the more potential for business

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

You do not have to see somebody to do business. Why do you have to have an initial face-to-face meeting to start a business relationship? It is not uncommon that I have four, five or six meetings in one day --- without

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

Following aspects would a

leaving my office! Can you get the same productivity driving in your car?

Of course this means that you have to have excellent communication and superb sales skills, great presentation materials to convey the right messa

dd to the challenges in developing combination products:

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

ge. Also, your prospect must be comfortable with this new technology. Additionally, you must be well prepared and trained. Yes, this means that you and your employees must learn a new skill and adopt a new sales technolo

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

gy tool.

There are other advantages to using online presentations as sales tool:

1 Creates a visual picture to reinforce your value proposition
2 Provides a guideline and helps to set the agenda for the first app

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

ointment
3 Elevates your status with your prospect by using state-of-the-art-technology
4 Allows you to become a better time manager and dedicate more time to work on your business
5 Spend more quality tim

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

with your best prospects
6 Commit more time to you and your company employees’ own education and training
7 Improves more productivity and efficiency by scheduling daily and weekly activities
8 Promotes more

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

Professional from academic institutions, pharmaceutical industries, health care indust

personal time for individual needs and to spend with family and friends
9 Allows more time to handle necessary administrative duties and responsibilities
10 Reduces the wear and tear of company automobiles

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

11 Reduces gasoline costs
12 Reduces the impact on the environment due reduced use of company automobiles
13 Increase your profit margin by lowering your company expenses

Does it work? What is the bottom line?

.

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

Well, my profit margin is a healthy sixty percent! This means that for every dollar that my company collects, I keep sixty cents as profit! Additionally, I have able to expand my business nationally! I have clients in

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

Companies that provide selfless information through particip

Georgia, Colorado, Florida, New York and North Carolina. Some of my clients, I have never met! I conduct most of my meetings online versus face-to-face. Yes, it works for me! And, it can work for you too! Go digital now

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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