Advice You - Business

Sooner or later, you will have to walk away from a prospect or a client relationship that is no longer worth your time, energy, corpora

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

te resources or willingness to continue. What are the characteristics that could contribute to this decision? Here are a few to think

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

Examples of combination products may in

bout:

1. The potential for additional business just isn’t there.

2. The time, energy or corporate resources to keep this sale or rela

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

ionship active are no longer a good investment of your sales time, or your organization’s resources.

3. The prospect/customer continu

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

s to try to squeeze more out of you.

4. The relationship is no longer win/win.

5. The competition will do ‘anything’ (things that are

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

Combination pro

not reasonable or ethical) to get the business away from you because they are desperate or unethical. Your client, as a result expect

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

you to match the competition’s offer. Beware!

6. You have lost control of the sales process.

7. Everything you try just doesn’t get

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

the prospect/customer to respond to you.

8. Your intuition or gut tells you to ‘walk away’ from this one.

9. The prospect’s/client’s

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

nly interest is in price and they are not concerned about service, quality, or your ability to help them solve problems or grow their

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

usiness.

10. They lie to you or misrepresent facts.

11. They delegate the buying process to the bottom of the food chain where no one

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

has the authority to make the buying decision.

12. They take more of your time and energy than the sale/relationship/margins warrant.

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

Following aspects would a

There are other reasons, but most will fall into the previous 12.

Here are a few questions to consider:

1. Are you failing to walk a

dd to the challenges in developing combination products:

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

ay from any business now you feel you should? Why?

2. Are you not walking away from some business for inconsistent reasons?

3. Do you

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

have a walk-away philosophy or strategy?

4. Do you have a successful sales strategy that you use consistently to keep the sales proces

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

alive and well when the prospect or client forces you into a walk away position?

Keep in mind that selling is about making sales, no

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

walking away from opportunities because you have too quickly made an emotional decision or judgment call based on the wrong reasons. I

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

Professional from academic institutions, pharmaceutical industries, health care indust

am not advising giving up too soon, not using creative sales appeals, or terminating the sales process because you may be over your hea

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

. I am, however, suggesting that you have a walk-away philosophy and strategy that you can use as a template when the value of current

.

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

business or potential business is in question. If you want more information on this critical topic, attend my advanced sales seminar in

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

Companies that provide selfless information through particip

Charlotte in September. You’ll learn more in two days about how to sell more than in any other seminar available today. I guarantee it

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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Publishing is a fascinating business and the process that goes into the making of books and newspapers is an interesting one. These days, with the world of digital information and the internet upon us, the scope of publishing now also includes websites, blogs and the like.

Instinctively we are constantly looking for ways to cut costs, save here and there and run a tighter than tight ship, all the while conducting our business in an effective and professional way. Sometimes it is not easy but if you want to survive as a business and stay in business this is something we all must do.

I remember it all so well. The dot-com had just dot-bombed, the stock market was suffering from a sucker punch to the throat, and we were beginning to hear about some guy named Ken Lay. A little while later, news came out about Arthur Andersen, WorldCom, and Adelphia, among others. It seemed that companies were going under and CEOs were getting indicted faster than you can say 'stock option.' And then came the layoffs. Thousands upon thousands began losing their jobs on a regular basis. We started hearing about places overseas that were getting all kinds of work from US companies.

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Advice You - Do Your Salespeople Have Walk-Away Power?

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