Advice You - Business

Waiting until the end of the sales process before closing a sale is akin to waiting until the last ten minutes of a flight to Venus before making course correction

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

s. In both cases, there is a very low probability of success.

It is of little value to wait until after presenting your product or service to begin applying "clo

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

Examples of combination products may in

ing techniques". You must create a sound foundation for the sale throughout the sales process. Without that foundation, salespeople feel pressured and trigger p

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

ospects' natural resistance: The probable outcome is lost opportunities and lack of sales.

Top salespeople, the Top 1%, close at the beginning of the sale, and ma

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

y times throughout the sales process:

They spend most of their time with people able, willing, and ready to buy - these are High Probability Prospects.
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro
They only do business with prospects they respect, and who, in turn, respect them: These are genuine business relationships, with both parties mutually agree

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

ng to move forward each step of the sales process.

This Mutual Respect results in Total Disclosure of the prospect's needs, wants and buying intentions-

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

as well as Total Disclosure of the product's/service's benefits and limitations.

Mutual Agreements and Mutual Commitments happen early, and often, throu

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

hout the sales process.

These mutual agreements lead to Closed Sales: the 'Closing' is the sum total of the entire series of agreements. Closing must beg

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 at the initial stages of the sales process.

During the sales process, almost any point of discussion provides an opportunity for a commitment. It's as

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

simple as asking:

"This system will produce at least 20% more sales by salespeople that utilize it. Is that what you want?"

"Is it profitable to

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

Following aspects would a

spend between approximately $3500 per salesperson to achieve that magnitude of result?"

"The system requires that your salespeople learn a new sales proc

dd to the challenges in developing combination products:

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

ss. Is that acceptable?"

Each 'Yes' to questions like these is a commitment, and integrates 'Closing' throughout the Sales Process. Depending on your pr

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

ducts and services, closing should occur between 25 and 45 times before consummating the sale.

If this sounds simple, it is. If it sounds easy, it is not. It requ

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

ires preparation, so that every point of discussion is followed by a simple request for commitment or acceptance. It also requires a thorough understanding of a sa

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

es process that appeals to the way the human mind works.

By the end of the sales process, most prospects will have agreed that every one of your product's feature

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

Professional from academic institutions, pharmaceutical industries, health care indust

is acceptable, and they also will have acknowledged your product's benefits to them. At that point, it is an easy, natural transition to ask the prospect what s/

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

e wants to do to acquire your product or service. In most cases, the prospects will create the consum- mation of the sale. That is, they will design the final clo

.

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 for the salesperson's approval.

If this were a sales discussion, rather than an educational monologue, I would have asked for a commitment - a closing question

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

Companies that provide selfless information through particip

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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