Advice You - Business

I made a common mistake that most junior sales people make. I didn’t shut my trap once I gave him the proposal. I was so nervous that the only thing that quelled my anxi

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

ety was the sound of my own voice that kept droning on and on and on like an annoying empty gong. It was almost as if the silence begged to be broken by my voice and I co

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

Examples of combination products may in

uldn’t help myself. “And look how much we can save you on that 800 line,” I said. No answer. Long pause. “And the calling cards, too. It’s all there. Look at that,

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

sir. See? See? That’s big savings.” No answer. Long pause. “Look at that. And the extra lines get the discount also. That’s even more savings, sir.” Long pause. L

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

ng pause. Long pause. More nervousness. “Did I tell you that our company was founded in . . .”

All of a sudden this quiet man finally said something, and it’s somethi

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

Combination pro

ng that I’ll never forget. “Boy,” he said in a thick mountaineer drawl, interrupting me right smack in the middle of my enthusiastic babbling. “I done bought from ya ten

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

minutes ‘go. But ya just tawked yersef outta it. You kin go now.”

He bought from me ten minutes ago. I talked myself out of it. I could go now. But . . . it’s not .

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

. . fair, I thought to myself. No, it wasn’t fair, but it was a great lesson on the power of silence. Sometimes silence can be a powerful force, powerful enough to clos

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

the deal for you. Powerful enough to even tear it apart after it already closed.

When you are on your next sales call, pay attention to how silence is used in the meeti

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:

1) After you present your formal proposal to your client, let them look at it. Let them be the ones to say something first. There is an old rule of thumb in the wor

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

ld of selling and negotiating that says whoever talks first loses. Let them bring up the questions and issues after you present it to them. If they don’t say anything, t

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

Following aspects would a

hen just let them mull it over. They’ll ask you questions when they are ready. Don’t appear too anxious to be the first one to speak.

2) Use silence to convey a point.

dd to the challenges in developing combination products:

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

When you are talking to someone and want to emphasize a key point, pause right before it. Say it like this: “Bob, this is why I think you need to consider our product.

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

(pause, pause, pause). It’s because of…” The longer pause gets their attention.

3) When you are asked a question, you don’t need give the first answer that pops in your

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

head. Give them the right answer. And if you need more time to answer their question, say, “That’s a good question, Bob. Let me think about that for a second.” More t

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

han anything, you will be considered a true professional that is giving serious thought to solving their problems.

4) Anytime you are in a negotiation, when someone makes

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

Professional from academic institutions, pharmaceutical industries, health care indust

an offer to you, pause before you give a response. It makes you seem more cautious and less eager. When it comes to making a concession, remember that the way you offer t

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

he concession is just as important as the concession you make. Pause before you concede as if you are reluctant to give something up. This shows the other party that you

.

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

value your product or service and it increases the likelihood of you negotiating a better deal.

During your next meeting with a prospect, pay attention to how this tool

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

Companies that provide selfless information through particip

of silence can be used, and how effective it is in your ability to influence others. And, if anything, at least it’ll keep you from babbling your way out of a closed sale

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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