Advice You - Business

If you are a salesperson or small business owner or are responsible for marketing a product than your most important j

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

ob is to find new prospects who are willing to buy what you have to offer. Without a prospect there is no sale and wi

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

Examples of combination products may in

thout any sale there is no revenue. Whether you are given leads and prospects to follow up with or you are solely res

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

ponsible for finding these prospects there are typically four stages of the sales process.

Out of these four stages t

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

ere can be many sub stages to the selling process but these four parts are constant and to be successful in sales and

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

Combination pro

marketing you need to learn how to master all of them.

Stage number one-Prospecting

The idea of 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

specting is to find hot new prospects that have a need, the funds, and a willingness to buy. When you are prospecting

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

it is difficult to tell immediately if the prospect is a potential customer but finding out up front as much as you p

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

ssibly can will save you a lot of time and heart ache. If you feel there is a potential when you are talking to a pros

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

pect you should go ahead and schedule the appointment when you get to the second stage you will be able to find out if

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

they are more qualified.

Stage number two-Qualification

Once you set an appointment to meet your p

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

Following aspects would a

otential customer than you want to drill down even further to see if in fact they are qualified for you to pursue and

dd to the challenges in developing combination products:

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

pend your time offering your services. This is the most important stage of the whole process because it will give you

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

the information that you need to formulate a plan to make the sale. One of the biggest mistakes that salespeople make

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

is they use the spaghetti against the wall mentality and they generally will pursue anybody who shows the slightest bi

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

t of interest. This can affect your commissions because when you are trying to sell to someone who is not truly quali

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

Professional from academic institutions, pharmaceutical industries, health care indust

ied you waste a lot of time when you could otherwise be selling to a prospect who is more qualified and more likely to

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

buy from you.

These are just the first two stages of the .

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

" target="_blank">sales process in the next part we will look at demonstrating value and closing. You should try

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

Companies that provide selfless information through particip

to master these skills sequentially because if you can not get past stage 1 that none of the other stages really matte

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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