Advice You - Business

You can instantly increase your sales conversion rate by digging deep enough to find your prospects pleasure or pain. Now, we are not going to debate which of these sells

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

better, pleasure or pain. Some of the brightest minds in sales and human psychology disagree on this point and I have found my own experience and those of my clients and

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

Examples of combination products may in

students to be inconclusive. Personally, I believe that it depends upon the prospect or even the circumstances. But with the right questions, you'll know what motivates

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

your particular prospect and use it to help them buy.

Anytime a prospect comes into your store or invites you to their store or office to discuss your product or service

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

, they have an interest. And they have an interest for a reason. If they currently don't have your product or service, then there is something about living without it tha

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

Combination pro

is causing them pain or they are imagining the pleasure that will be theirs if they buy. Perhaps they already own a variation of your product or service, then they are m

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

ost likely not completely satisfied with what they have and it is your job to find out why.

Here is a real life example of using this principle. I have a client who sell

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

s computer systems. She was invited to a prospects office to discuss upgrading their current equipment. When she walked in it was obvious that the equipment was old and o

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

utdated. But rather than immediately launch into how much more efficient a new system would make the office, she asked questions instead and found the real issue. Actuall

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

y, as far as the owner of the business was concerned, he had no problem with the efficiency of his current system. It actually did all he wanted it to do. His employees w

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

re happy with it as well. That is except for one.

It seems that the owner's wife came in two days a week to help out. She had been doing so for several years with no pro

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

Following aspects would a

blems. However, she recently began taking some computer classes in the evening to help her to help him. In doing so, she had been exposed to better equipment and now know

dd to the challenges in developing combination products:

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

ing what she was missing had become frustrated with the outdated equipment in the office. And she was letting him know about it. Now, my client knew what to address. She

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

knew that the owner himself was happy with the system he currently had. She didn't have to "sell him" on the fact that the equipment that she provided "would increase eff

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

iciency by 27% and save the company $20,000 this year." No, all she had to do was show him how it would make his wife happy!

By taking the time to ask the right question

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

rather than assuming, she made the sale and made it quickly. She found his pain…the pain of his wife constantly insisting that he needed to upgrade. And she showed him h

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

Professional from academic institutions, pharmaceutical industries, health care indust

ow she could alleviate that pain. No efficiency figures, no cost benefit ratios, no latest and greatest software and hardware demonstrations. Simply, "Your wife will be v

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

ery happy with this system and therefore so will you!"

So simple, yet so rarely used. We have so much knowledge of why our product is the best that we can't wait to shar

.

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

e all of it with our prospects. The truth is, most of them don't care. They only care about what we are going to do for them. Help them find pleasure or help them avoid p

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

Companies that provide selfless information through particip

ain. And in this case, the prospect was looking for someone to take away his pain. And taking away his pain was as simple as making his wife happy. Case closed. Sale made

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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