Advice You - Business

There is a tendency of many salespeople to see their competition as only those businesses selling a sim

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

ilar product, service or idea. In other words, salespeople selling computers tend to see their competit

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

Examples of combination products may in

rs as other computer stores, retailers or manufacturers. People selling insurance, travel, furniture –

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

ou name it, whatever you sell, your competition is not just your direct competitors, but anyone and eve

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

yone who is trying to get a piece of the corporate or consumer dollar.

I can recall years ago, when I

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

Combination pro

was just beginning my career as a speaker and trainer, I lost my first big sales training contract to a

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

salesperson selling computer hardware. In my sales approach, I strategically positioned my features and

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

benefits so that any other speaker/trainer would have difficulty successfully competing with me. Probl

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

m was, I was successful at keeping my fellow speakers and trainers at bay, but ultimately lost the sale

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

to someone who was selling something totally unrelated to training. I asked myself – where did I go wro

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

g?

It was simple – I saw my competitors as people who sold only what I was selling. WRONG. My prospe

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

Following aspects would a

t, the company president, told me that the training program I was selling was important to him and they

dd to the challenges in developing combination products:

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

would keep it on the back burner for the short term. Upgrading all of their computer hardware was more

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

mportant to him now.

What’s the answer? If you are going to continue to succeed and prosper in sales,

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

you have to be better, smarter, quicker, more flexible, more resilient, etc., etc., than every salespe

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

son in your territory no matter what they sell. Just being better than the people selling copiers, if y

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

Professional from academic institutions, pharmaceutical industries, health care indust

u sell copiers, is not enough.

Your clients/prospects have a limited amount of resources to purchase e

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

erything they need to run their businesses: payroll, taxes, supplies, manufacturing, shipping, utilitie

.

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

, marketing, etc. If you are going to get your share of this available cash, you have to convince your

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

Companies that provide selfless information through particip

lient/prospect that your product/service is more important than any other purchase they are considering

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.adviceyou.org.ua/article/39484/adviceyou-Do-You-Know-Who-Your-Competition-Is.html">Do You Know Who Your Competition Is?</a>

BB link (for phorums):
[url=http://www.adviceyou.org.ua/article/39484/adviceyou-Do-You-Know-Who-Your-Competition-Is.html]Do You Know Who Your Competition Is?[/url]

You may have heard that the best promotional products for online entrepreneurs are those that can be delivered electronically. People shopping online, the traditional wisdom goes, are an impatient lot. They want immediate gratification. That means that your online promotional products should be those that can be downloaded - free software, e-books and the like. Rubbish!

It is becoming increasingly complicated to market a new business successfully. This article will help new business owners to set themselves up for marketing efficiently, maintaining their involvement in the marketing process, and enjoying marketing success.

Business letters are indispensable for professional communication. They are required to update known and unknown recipients on certain information, invite responses, advertise, and keep track of communications within and outside an organization. Writing business letters is not an easy task, though. The intent, audience and language have to be considered so that the message is communicated in the way desired. Aesthetics and formatting also play a role in creating an impression on readers. To ease this process, business letter forms can be used.

Tags

Links

Advice You - Do You Know Who Your Competition Is?

Related Articles: