Advice You - Business

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,

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 s

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

Examples of combination products may in

uggestion.

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 one area

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

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 engineers for furt

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

er 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 that were briefly

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

Combination pro

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 line with the "Stop

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!" approach, and then I'll discuss what a person with the "Stop Selling!" mindset would have done differently:

In line with the "Stop Selling!" approach

The res

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

ponsiveness and reliability that Chris displayed was perfectly fine and 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

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

I appreciated his efforts in having the engineer answer my questions. 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

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

place.

The way I was received at his office was very welcoming 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 networki

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

ng event. As a potential buyer, I found it way too premature for 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

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

Following aspects would a

have been much more attractive and believable to me.

Also, 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 mor

dd to the challenges in developing combination products:

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

online business in the future." This way, he would have 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 co

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

mpany's products to see whether any of them would interest 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 solution

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

s work for me and which aspects create difficulties. 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 mak

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

e this plan a reality, and if they turned out 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 o

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

Professional from academic institutions, pharmaceutical industries, health care indust

line business to pay for the necessary - perhaps 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

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

possible. To me as a buyer, it was quite 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 buyi

.

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

ng a small solution, which will lead 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 opportu

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

Companies that provide selfless information through particip

nities and will become a mere product consultant. 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

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.adviceyou.org.ua/article/37782/adviceyou-Getting-into-Your-Buyers-Shoes.html">Getting into Your Buyers' Shoes</a>

BB link (for phorums):
[url=http://www.adviceyou.org.ua/article/37782/adviceyou-Getting-into-Your-Buyers-Shoes.html]Getting into Your Buyers' Shoes[/url]

When it comes to providing a checklist for ansi and osha approved industrial strength safety equipment, you will find a host of items that often center on eye and head protection. But there are so many other industrial safety products that provide protection to other areas of the body, including the back, knees and face. Sometimes it is a personal choice for an industrial worker to select additional safety equipment for various parts of their body. Below are a few basic pieces of equipment to consider:

Delegating....we all know we should do it, yet many of us find myriad reasons to avoid it. I even heard someone recently state that delegating is just a traditional management tool that doesn't apply in his fast-paced world. He told me that he just wants everyone to roll up their sleeves and pitch in where they are needed....without prompting.

Negotiating means bargaining, give-and-take - and striking a deal that leaves all parties to a transaction happy with the outcome! Bargaining touches all aspects of life, from the kids promising to be quiet during your television programme in exchange for an increase in pocket money, to the boss offering an extra day off to any employee willing to take his place at a forthcoming seminar. Negotiating is a two-way process between parties who bargain until a middle point - a compromise - is reached which leaves everyone happy. So what's involved?

Tags

Links

Advice You - Getting into Your Buyers' Shoes

Related Articles: