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Advice You - Getting Into Your Buyer's Shoes
The story
A few weeks ago, I met Chris* at a networking event. We chatted about what his company was doing and what my business was all about. He quickly realized that his company's online solutions could be beneficial for us and said, "Charlie,
A few weeks ago, I met Chris* at a networking event. We chatted about what his company was doing and what my business was all about. He quickly realized that his company's online solutions could be beneficial for us and said, "Charlie,
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
we should really meet soon so that I can show you our solutions that can lead you to more business." We had fairly good rapport and my company was then currently considering improvements to our online approach, so I was willing to respond to his
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
suggestion.
A few days later, Chris called me and we set a meeting. During the meeting, he showed me a brochure with all his company's solutions and kept asking whether this or that solution would be of interest to me.
We finally nailed down on
A few days later, Chris called me and we set a meeting. During the meeting, he showed me a brochure with all his company's solutions and kept asking whether this or that solution would be of interest to me.
We finally nailed down on
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
area of immediate interest and three areas for future consideration out of the list of around 10 solutions. Then I asked a few technical questions that Chris could only partially answer, so he suggested that I meet one of their software engineer
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
for further clarifications. This was fine with me, especially because the engineer provided me with more satisfactory answers.
Before I left, Chris promised to send me a quote for the more immediate requirement, including some of the options th
Before I left, Chris promised to send me a quote for the more immediate requirement, including some of the options th
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
t were briefly mentioned by the engineer. I received the proposal a couple of days later, and after a few more days, Chris called me to check if I received the quote and if everything was clear.
Let's see which aspects of Chris's approach are in
Let's see which aspects of Chris's approach are in
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
line with the "Stop Selling!" approach, and then I'll discuss what a person with the "Stop Selling!" mindset would have done differently:
In line with "Stop Selling!"
The responsiveness and reliability that Chris displayed was perfectly fine an
In line with "Stop Selling!"
The responsiveness and reliability that Chris displayed was perfectly fine an
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
gave me, his potential buyer, the feeling that his is a credible, trustworthy company.
Even if Chris did not have full technical competence, it was not an issue for me as a buyer - I appreciated his efforts in having the engineer answer my ques
Even if Chris did not have full technical competence, it was not an issue for me as a buyer - I appreciated his efforts in having the engineer answer my ques
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
ions. Furthermore, the situation assured me that in future dealings, he wouldn't suggest solutions unsuited to my expectations, and that he would understand my expectations in the first place.
The way I was received at his office was very welcom
The way I was received at his office was very welcom
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
ng and certainly immediately improved the already existing good rapport - an important basis for building trust.
What I would have done differently
It actually started at the networking event. As a potential buyer, I found it way too premature
What I would have done differently
It actually started at the networking event. As a potential buyer, I found it way too premature
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
or Chris to claim that his company's solutions will lead my company to more business. If he would have shared that his company's solutions helped other companies similar to mine, it would have been much more attractive and believable to me.
Also
Also
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
instead of saying "can show you our solutions", I would have preferred if he said something like "I would like to discuss with you what you are doing today and what your potential is for more online business in the future." This way, he would ha
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
e focused on my interests (potentially more business) as opposed to his (their solutions that he wanted to sell).
During our meeting, Chris immediately presented his company brochure with his company's products to see whether any of them would i
During our meeting, Chris immediately presented his company brochure with his company's products to see whether any of them would i
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
terest me. I would have preferred if he asked about my business first and what kind of online solutions we already had in place. He could have helped me discover which aspects of my current solutions work for me and which aspects create difficult
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
es. Also, we could have developed a vision for my online business for the next couple of years and then together work out a plan on how to get there. His company's products could have been tools to make this plan a reality, and if they turned out
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
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
unsuitable or insufficient, I would have been grateful for his suggestions on who else could help complement their solutions. As a next step, we could have discussed how to create the cash flow from the online business to pay for the necessary -
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
erhaps high-cost - tools. Eventually, it could have even ended up in a strategic partnership with his company.
Chris was not able to deepen the trust to a level that would have made this kind of exploration possible. To me as a buyer, it was qui
Chris was not able to deepen the trust to a level that would have made this kind of exploration possible. To me as a buyer, it was qui
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
e obvious that his main interest was to sell any of their products even though he didn't do it in a pushy way. Instead, we stayed at the product level and in situations such as this, customers end up either buying a small solution, which will lea
.
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
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
to some improvements, or buying nothing at all.
Conclusion: If you are focused on selling your product rather than on the best possible outcome for your potential buyer, you might miss out on great opportunities and will become a mere product c
Conclusion: If you are focused on selling your product rather than on the best possible outcome for your potential buyer, you might miss out on great opportunities and will become a mere product c
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
nsultant. Instead, if you coach your buyer through his best buying decision, you will not only create first-class relationships but will also expand the potential for doing business with your prospective buyers.
Copyright (c) 2006 Progress-U Ltd
Copyright (c) 2006 Progress-U Ltd
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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