Advice You - Business

The ability to effectively handle objections is without doubt the single biggest factor in getting prospects to buy. An objection is first and foremost an indication t

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

hat at some level the prospect has or is considering buying and should be welcomed by the salesperson. An objection is a reasonable concern on behalf of the prospect,

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

Examples of combination products may in

n objection is not an unreasonable expectation and this is an important difference. Managing expectations and more particularly unreasonable expectations requires a di

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

ferent skill set and comes under a different heading.

One very effective way to deal with objections is to preempt them as part of your presentation, you will be awar

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

of the four or five concerns that your average prospect has so you can incorporate them into your presentation. This can be effective at promoting you and your compan

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

Combination pro

in a professional manner. Rather than operate a head in the sand approach, you tackle these reasonable concerns as part of your pitch coming from a position of streng

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

th and demonstrated that you do not run from the hard questions.

When dealing with objections it is important to be aware of body language and unconscious communicati

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

n. I sat in on a presentation reasonably and the salesperson was interrupted mid sentence and asked a hard question with regards to a competitor. While he verbally cam

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

across quite well and was able to deal with the issue, the difficult question prompted him to fold his arms and promote a closed stance. This subconscious communicati

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

n gave away the fact that he was uncomfortable with the question and probably was one of the reasons that he was unable to secure the deal.

I will not be dealing with

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

particular objections as part of this piece but rather giving you a four-step technique for dealing with any objection. Try to remember that objections should be welco

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

Following aspects would a

med and they mean that you are in with a good chance of selling.

The first step when dealing with the objection is to acknowledge the concern. Ensure that you make th

dd to the challenges in developing combination products:

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

prospect aware that you understand where they are coming from and their concern is reasonable.

The second step is to qualify the objection, find out exactly what the

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

mean for instance “time to think” means what? What is it that they need to think about? Are there still some issues that you haven’t dealt with? What are they not con

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

inced about?

The third step is to re-sell the corresponding benefit, this time been aware that your approach first time round didn’t work so you will at least have to

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

expand and take different angles to re-enforce the point

The final step in dealing with objections is to seek agreement with the prospect. Ask them if they are happy

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

Professional from academic institutions, pharmaceutical industries, health care indust

and understand what you said and that you have been able to relieve their concern. Obviously if the answer is no, you will need to do some more convincing.

You need o

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

ly to become skilled at handling the most common objections don’t worry about strange or once off objections. Practice and role-play objections as the more times you d

.

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

al with the particular objection, the better you will become.

We will look at managing expectations later this year, which as mentioned requires a different approach

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

Companies that provide selfless information through particip

nd should not be confused with objection handling. Remember an objection denotes an expression of interest and should be welcomed as part of the sale. Learn to love em

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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