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Advice You - Customers Know Too Much
With the proliferation of the Internet along with blogs, wikis, social networks, and online communities, buyers toda
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
y are making superior purchase decisions based on information that is now readily available. Gone are the good old d
; 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
ays when buyers depended on their sales people to educate them about products and services. This new found purchasin
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
g sophistication applies to both B2B markets and B2C markets.
I remember a 2000 Time magazine cover story that fore
I remember a 2000 Time magazine cover story that fore
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
casted the “death of sales careers” (or, at least a re-engineering of how products and services would be distributed
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
in the new millennium). Well, it is 2007 and the article was half right: the Internet has changed the landscape of
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
selling.
But, what was not forecasted was the increased information that buyers now have at their fingertips. Buyer
But, what was not forecasted was the increased information that buyers now have at their fingertips. Buyer
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
can now quickly “Google” a product or service to determine pricing, specifications, and sources of supply; buyers a
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
re now very informed about current market conditions and about the alternatives (i.e. your competition). As negotiat
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
ors, buyers are well armed.
So what are professional sales people to do? They need to become “partners” who provide
So what are professional sales people to do? They need to become “partners” who provide
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
tangible value in the sales and distribution process. To provide this value, sellers need to be expert at helping b
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
uyers make the right purchase decisions.
A downside to the availability of all this information for buyers is the s
A downside to the availability of all this information for buyers is the s
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
hear volume of data itself. In this case, the rep can assist the buyer in sorting through the options. The same info
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
rmation can help the seller be more informed and better assist the buyer.
Additionally, sellers need to take on the
Additionally, sellers need to take on the
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
behavior of a valued partner by suggesting alternatives, price decreases, or specification changes before they are n
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
eeded. A true sales partner thinks about the customer’s long term interests by helping the customer achieve cost sav
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
ings and ordering efficiencies.
Meanwhile, the old behavior of the stereotypical sales rep who was prone to fast ta
Meanwhile, the old behavior of the stereotypical sales rep who was prone to fast ta
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
lking, bluffing, fibbing, and lying by omission is no longer acceptable. Of course, it never was acceptable, but now
.
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
you will assuredly get caught.
When all is said and done, the Internet, blogs, wikis, social networks, and online
When all is said and done, the Internet, blogs, wikis, social networks, and online
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
communities have created new tools for the enlightened seller to better serve the customer.
Long live the sales rep
Long live the sales rep
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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