Advice You - Business

All sales meetings fall into two categories, a one-call close or a more than one call close.

Closings can be in steps. You can close to

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

agree to go to the next step or you can sell the first time.

Either way there are certain key elements that go into closing.

Knowing

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

Examples of combination products may in

a client or prospect’s budget and who the person is who ultimately decides whether or not it gets spent on your product or service is es

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

sential to getting a sale.

Whenever possible one of the best ways to speed up a final closing is to ask your prospect what their budget

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

is for your product or service. It does you absolutely no good to go through all the other steps in your sales process simply to find o

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

Combination pro

ut that their budget is only twenty-five percent of your product or service sells for. When the disparity is that great it may be best t

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

o say goodbye and move on. If, however their distress/need level is so high that the gap can be closed then you know that you have a rea

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

l prospect.

In a non-complex sale it is best to find out your prospect’s budget before the meeting so that you know whether or not to c

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

ontinue. If the party doesn’t know their budget initially tell them that that will be one of the questions on your meeting agenda and th

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

at if they could have a figure or a range before the meeting, you would appreciate it.

The next point to make sure of is that you discu

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

ss who will be making the final decision. If it’s the party who will be attending the meeting then you’re ok. If not you want to find ou

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

Following aspects would a

t who it is. Then it would be best to request that person to also attend the meeting.

Making sure that the decision-maker is present as

dd to the challenges in developing combination products:

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

soon as possible will shorten your selling cycle or save you time by ending the cycle.

In the case of a complex sale your best tactic

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

is to have an agreement that, after the initial meeting, if you move forward, the decision-maker will be at the next meeting.

In the ca

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

se of multi-level sales (i.e. residential and some commercial real estate), the initial close may be getting the mortgage or credit appl

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

ication.

The sooner you have the decision-maker there the closer you are to moving the process along.

In all meetings you want to reme

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

Professional from academic institutions, pharmaceutical industries, health care indust

mber to ask the pertinent questions and then LISTEN for the information. As you bring prospects and clients into their distress zone the

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

y will be revealing the emotions that you need to address. The distress zone is also the place (and time) that their budget becomes bigg

.

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

er and desires become greater.

Remember, when you do sell, whether it is after the first meeting or the tenth meeting, you must make an

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

Companies that provide selfless information through particip

agreement to service this client so that they become a “salesperson” for you.

Sell to close the deal and sell to close another seller!

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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Would you like to be the kind of salesman who could sell ice at the North Pole? The first thing you have to do is stop selling ice. I'm serious. The folks at the North Pole don't need it. It may sound counter-intuitive but if you can find out what they do need, want and like you can charm them into buying that new ice maker every time.

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Advice You - Shorten The Sales Cycle By Finding The Decision Maker As Well As The Prospect's Budget

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