Digg It - Business

The second you quit being the 'best deal' for your customer, he'll drop you like a hot potato. Regardless of how many lunches you've bought him or birthday

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 you've remembered.

Every business we've ever consulted tells us the same thing about their sales force. They say that their industry is different from

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

Examples of combination products may in

all the others and the only effective way for their salespeople to sell is to build buddy-buddy relationships with their prospects and customers. We hear it f

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

rom printers, bankers, jewelers, accountants, industrial equipment manufacturers, office equipment distributors...and every other industry that sells stuff.

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

The argument usually goes something like this: "You see, in our industry, people put a lot of thought into this type of decision. They just don't go out and b

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

Combination pro

y from whoever has the prettiest advertisements. As a matter of fact, we still have many of the same customers from when my grandfather owned the business. No

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

w their grandsons buy from us. You just can't change these things overnight."

Relationship Selling Is A Myth. Like all myths, there are some elements

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

of truth to it. Yes, it's true that your customers should like you. Yes, it's true that you can't necessarily influence big buying decisions overnight. But ge

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

t one thing perfectly clear - your customers buy from you for one reason: they believe you have "the best deal."

Now their definition of what's the be

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

st deal may be different from the next person's. But generally, it has a lot to do with a combination of things like convenience, quality, consistency, servic

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

, and price. Usually, about 80% of a given target market will have the same needs, the same problems they want solved, and the same attitudes about buying. If

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

Following aspects would a

you can solve their problems in a cost effective way, then getting their business is just a matter of staying in front of their face long enough to let them

dd to the challenges in developing combination products:

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

know you have the answers they need.

Don't Manage Cherries, Manage Trees!

The cherry tree is a useful sales analogy. Like a fruit tree, sales prospec

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

ts must be cultivated in a certain way if they are to bear fruit. The problem is that most salespeople spend 80% of their time managing leads and trying to bu

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

ild relationships...managing each cherry on the tree. If the prospect doesn't happen to be 'ripe' at the exact moment the sales rep makes the call, the prospe

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

t is forgotten. Goes rotten. At best, he gets the annoying monthly phone call from the salesperson that invariably says, "You ready to move on those widgets y

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

Professional from academic institutions, pharmaceutical industries, health care indust

et?"

In the MYM system, you spend your prospecting efforts on the entire tree. You provide the tree with light, water, and nutrients - and it bears fruit. Yo

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

u provide your entire target market of prospects with information, education and knowledge until it becomes self-evident to them that you are the only logical

.

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

choice when it comes to your products or services.

By the time the prospect figures out that you are the best deal, he doesn't really care who YOU are. He o

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

Companies that provide selfless information through particip

nly cares what you have to offer HIM. When you finally sit down face-to-face, it will be to discuss details of the sale - not to 'persuade' him to do anything

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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Digg It - The Myth Of Relationship Selling Revealed At Last

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