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Advice You - Even the Lone Ranger Needs a Posse
Who was that masked man?
In the “olden days”, salespeople also roamed their territory, shooting from the hip to sell their product. Lone Rangers themselves
In the “olden days”, salespeople also roamed their territory, shooting from the hip to sell their product. Lone Rangers themselves
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
, they aimed for a quick hit and hard
close to get the deal. And working alone, they were the sole point of contact with the client’s representative. If either 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
Examples of combination products may in
ntact moved on, the account was at risk, or in the least, valuable time and momentum were lost.
Riding into the sunset
Fast forward to 2006, where quick h
Riding into the sunset
Fast forward to 2006, where quick h
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
its often turn into very costly mistakes. To target
and win significant business today, especially from large accounts, you must be
prepared to invest heavily in
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
research, in building long term relationships, in
assembling a team and in responding thoughtfully to an opportunity. Welcome to
cross-functional teams.
Lon
Lon
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
e Rangers Don't Win Anymore
It has become rare for a single producer or relationship manager to be able to develop large accounts on his or her own. In the c
It has become rare for a single producer or relationship manager to be able to develop large accounts on his or her own. In the c
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
omplex world of the twenty-first
century, peoples' talents are more specialized, so that we have entered the realm of team selling.
Choosing Your Posse: 5 Imp
Choosing Your Posse: 5 Imp
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
rtant Considerations
Your modern day posse is a cross-functional account team. Consider what resources from various departments should be involved in the cli
Your modern day posse is a cross-functional account team. Consider what resources from various departments should be involved in the cli
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
ent relationship. Think beyond the obvious – how about shipping, IT, customer service – and others who could suggest an innovation that would help your customer ac
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
hieve an objective. To start building your cross-functional account team:
1. Don’t forget to include senior management. Matching executive to executive may help
1. Don’t forget to include senior management. Matching executive to executive may help
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
you gain access and can remove political barriers.
Miller Heiman’s 2006 research study found that in 77% of winning sales organizations, senior-l
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
evel executives actively participate in the sales process.
2. Align your team with your customer’s team in peer-to-peer relationships. Select i
2. Align your team with your customer’s team in peer-to-peer relationships. Select i
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
ndividuals who:
- Are matched with similar level client contacts for better communication.
- Can bring insight on specific industry trends or rese
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
arch.
Have a communication style that matches yours and that of your client.
3. Keep the team’s composition and responsibilities flexible to m
3. Keep the team’s composition and responsibilities flexible to m
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
et the client’s
needs in a dynamic and changing environment.
4. Ensure regular team contact with your client. Your value depends on your ability to understand th
4. Ensure regular team contact with your client. Your value depends on your ability to understand th
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
eir changing needs in order to respond effectively.
5. Hold an initial strategy session and brainstorm every 60-90 days to keep your strategy fresh and to address
5. Hold an initial strategy session and brainstorm every 60-90 days to keep your strategy fresh and to address
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
issues. This will also keep your account top-of-mind with your team. The days are past when the “Lone Ranger” could hold all relevant information in his/her head.
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
Your team can generate new ideas and out-of-the-box thinking that one person can’t do all alone.
Miller Heiman Can Help.
These recommendations are based
Miller Heiman Can Help.
These recommendations are based
.
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
on Miller Heiman’s LAMP® Workshop, which provides strategies for building your team and resources to grow your key accounts. If you’d like more information on this
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
topic, or would like to discuss the results you’d like to improve, contact us at millerheiman.com and we’ll recommend a solution that will best address your needs
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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