Advice You - Business

Selling your services to corporations is an attractive proposition. The contracts are larger than with small businesses and individuals, and often longer-term. There's the possibility of

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

repeat business worth many billable hours at respectable rates.

But the best clients are not always the easiest to get. If you don't grasp the realities of the corporate environment, y

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

Examples of combination products may in

ou may sabotage even a hot lead. Here are five important keys to working with the corporate buyer.

1. Managers are busy. This is just as true in economic downturns as during a boom. Whe

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

n business is slow, unnecessary employees get laid off. The people left behind have to pick up the slack.

Busy people ignore unsolicited email and letters, and will not return your phon

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

e calls. Even when you are in the final stages of closing a deal, your contact may not return your calls for weeks. If you accept this as normal behavior instead of obsessing about how y

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

Combination pro

ou may have caused it, you will sleep better at night and use your daylight hours more productively.

2. Hot buttons open doors. If you want to capture the interest of a busy person, you

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

need to tell them exactly how you can help them. Calling just to introduce yourself will not get their attention.

What do the people in your target market perceive to be the greatest p

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

roblems they face, or the biggest goals they wish to achieve? Ask these questions of the people you serve and the other businesspeople who serve them. Read trade literature or special in

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

terest publications and educate yourself on the key issues in your marketplace. Then tell your prospects in every communication how you can help address these needs.

3. Every choice mus

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

t be justified. When you sell to the owner of a small business or to an individual for his or her own use, your buyer is free to make purchasing decisions based on instinct, whim, or gut

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

feeling. But every corporate sale must be justified to someone else in the organization.

A supervisor must justify choices to a manager, the manager to an executive, the executive to t

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

Following aspects would a

he CEO, the CEO to the board, the board to the shareholders. Each one of these people wants to look good to the next link up the chain, and dreads making a public mistake. If you want yo

dd to the challenges in developing combination products:

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

ur sale to go through, you need to provide your contact with EVIDENCE why you and your solution are the best choice.

4. The bottom line rules. When you provide your evidence, it had bet

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

ter include dollars and cents. If you are more expensive than your competition, what added value will you provide? If hiring you will cost more than solving the company's problem in some

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

other way, what tangible benefits will they receive that make the added expense worthwhile?

Individuals and small businesses buy services in the category of nice-to-have, often to impr

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

ove their quality of life or that of their employees. Corporations, especially in lean times, don't. You must sell them something they actually NEED and prove how it will enhance their b

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

Professional from academic institutions, pharmaceutical industries, health care indust

ottom line. Real-life examples of results at other companies can speak volumes. Illustrations with charts and graphs are more convincing than any brochure.

5. No budget; no project. Eve

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

n when the company needs what you have and thinks you're the best one for the job, the deal won't go through if there's no money in the budget. You can ask your contact to try for a budg

.

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

et variance, but no budget usually means your project will be deferred until the next fiscal year.

Always ask if the client has a budget at the first meeting. Don't necessarily expect t

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

Companies that provide selfless information through particip

hem to tell you how much it is -- price negotiations will come later. But if your contact can't answer budget questions, it's also a strong clue you are not talking to the decision-maker

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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An original equipment manufacturer or OEM is a company that manufactures goods or gadgets, which are utilized in products sold by another company. These companies are usually termed as a Value Added Resellers or VARs. An OEM usually builds to order, on the basis of the designs provided by the VAR. There are various categories of equipment manufacturing suppliers, such as electrical and electronic test equipment, equipment rental and leasing services, separation equipment and filtration equipment, sprayers and spray coating equipment. The equipment also includes automated test equipment, powder compacting equipment, network test equipment, battery testers and fuel cell test equipment, powder coating equipment and de burring equipment.

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Advice You - Understanding The Corporate Buyer

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