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You are here: Home > Business > Management > Influence Management - Your Fast Track to Greater Impact - Part 2 |
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Advice You - Influence Management - Your Fast Track to Greater Impact - Part 2
In Part 2 of this series, we’ll continue to examine points of influence, the social science research that supports their efficacy, and what you can do as a business leader to use them to your advantage. The points of 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 influence in Part 2 are Contrast and Pointing out the Negatives. Contrast Contrasting ideas in proximity is an effective point of influence. For example: big vs. small, expensive vs. inexpensive, showing the “ ; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug. Examples of combination products may in est” option first and then showing a smaller option next. This is why they sell you the add-ons to your brand new car after you’ve already agreed to spend the big bucks on the new car. Studies done in the retail indus lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together. ry have borne this out, particularly in the clothing sector. It is traditional thinking for a salesperson that if someone comes into the store – say a men’s clothing store – that they should sell them something small here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe first like a tie or a shirt and then try to move them up to bigger ticket items from there. Research shows that the exact opposite of that is more effective. The reason is this: if I spend $25 on a tie and you show me d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations. Combination pro a $450 suit, the $450 will seem bigger to me than it really is – that’s the law of contrast. The logic is that you want to show your customer the suit first, because it becomes a lot easier to show them the shirt and 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 he tie after that because after spending $450 on the suit, the $50 shirt and $25 tie will seem smaller in comparison. You can invoke the law of contrast to your advantage in this manner. The Watergate break-in that l 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 ed to the downfall of Nixon’s presidency is a historical example of the law of contrast. G. Gordon Liddy who masterminded the whole thing ultimately received $250,000 to fund the operation, in untraceable cash, that wa nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically approved by the Republican National Committee (RNC). Back in the early 1970’s $250,000 was a whole lot of money, which might cause you to wonder how could they possibly have approved it. Unsurprisingly, the law of co 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 trast played a large role. Liddy’s original proposal requested $2.5 million, custom fitted aircraft and all kinds of sophisticated surveillance equipment. The RNC recoiled from this unthinkably extravagant and risky p ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi an, so when he came back and said “well, how about $250,000 then?” guess what – it looked like a real bargain. They didn’t question it. In fact, they barely even discussed it before approving the funds. The RNC leader ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it. Following aspects would a ship was just looking at the contrast and made a decision to move forward. The rest, of course, is history. So relative to the law of contrast, do you start small and work up to your big ideas – or do you start big a dd to the challenges in developing combination products: Which markets to tap where the combination products can do fairly well? Which combination prod d work down to the right fit? How can you use the law of contrast to create more influence? Point Out the Negatives Pointing out the negatives makes you appear more trustworthy, as you give a balanced presenta cts are meaningful and rational? Which therapeutic categories to select? Which Combinations can address unmet needs of the patients? Do combin ion of the pros and cons of your proposals and ideas. There are always plusses and there are always minuses. Why is it that we never seem to hear the minuses from most salespeople? What are they afraid of? They fea tions increase the patient compliance? What would be the developing cost? How to tackle the risks encountered during combination product developmen r losing the deal! To build a relationship with somebody, move them to your side of the table, and influence them it’s counterintuitive but you should be helping them understand the negatives. This assumes that your pr 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 posals and ideas are crafted in such a way the positives outweigh the negatives, but you should seriously consider being up-front and sharing the negatives. It’s a significant point of influence because it makes people ping new procedures for reviewing their safety, efficacy and quality. Professional from academic institutions, pharmaceutical industries, health care indust feel like they’re being given the whole story. They are not forced to rely on their imagination to figure out “what’s he not telling me,” or “what’s the real agenda here.” If you were to deliver your ideas and proposa y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products ls in a more balanced way, you will have more influence. Are you starting your idea presentations or your proposals by laying out some of the negatives? Give it a try and see what happens, because you’re going to be . 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 uch more likely to have the other person joining you on your side of the table. In Part 1 of this article series, we outlined the word “Because” and Reci elopment. They need to be wiser in analyzing the market trends and the regulatory requirements. Companies that provide selfless information through particip rocity as points of influence. Now we’ve added Contrast and Pointing out the Negatives as two more. Part 3, the conclusion of this series, will describe two additional point of influence – Consistency and Association 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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