Digg It - Business

Many of you are in businesses where a customer’s credit history is an important piece in the qualifying process. The social security number is just as essential as the name on

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

the application. But what do you say to increase the likelihood of receiving that increasingly important “444-55-7777”?

After building a bridge of rapport with your customer

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

Examples of combination products may in

, asking questions to dig for the true needs and hot buttons, and summarizing your understanding - you are ready to receive permission to look at their credit. Don’t even both

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

er unless you have earned the right by completing the previous steps mentioned.

Before we can go the next step in the sales process and propose any real solutions we have to

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

ee a credit history. This can be difficult because it often resembles a close situation. You may have to sell the customer on trusting you with their personal information. As

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

Combination pro

always, look at this as an opportunity - a great way to measure how hot your customer really is. If they are just jerking your chain, you will definitely find out when you ask

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

this scary, sales question:

“Can I have permission to pull your credit?”

Like most things in sales, if you make a big deal of it; so will the customer
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
ng>. Don’t use words like “pull your credit” or “check your credit”. These sound painful and invasive. I can’t tell you how many times I have listened to sales people prepare
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
their customers for the absolute worst and set the table for a big, fat “NO!”.

“Well…umm…the next thing I have to do is pull your credit history. But don’t worry it won’t
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
hurt your score that bad. I mean nobody really knows how bad your score drops when you run a customer’s credit but we have to do it if you want to see if you’re approved. I’m
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
really sorry…but can I have your social security number? ”

What a loser. Imagine if you were trying to take a splinter out of your child’s hand. This is a fairly simple
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a
procedure that has little to no pain involved. However, if you were to tell your son or daughter “Brace yourself! This is going to really hurt!” You certainly wouldn’t expect
dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod
for little Johnny to stand idly by and wait for the tweezers.

It’s no different when we go on and on about how a customer’s FICO will drop, their information is sensitive, et
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
c. To increase your success try more innocent phrases like “take a quick look at your credit” or “take a peek at your credit history” to ease your prospect’s
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
fears. Both of these sound much less invasive and threatening. You know it’s necessary and essential to see that credit report. Use a summary statement, mention their hot butt
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
on, and make it a logical next move to see the credit.

“To summarize our conversation so far, you said your payments are making it really uncomfortable every month and yo
ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust
u are starting to feel the pressure. Is that right?"

“The next step to getting this payment under control is to take a quick look at your credit. Then we can determi
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
e which program is best for you and get rid of all that worry. What’s your social security number?”

Make it seem perfectly natural. No pauses, no stopping, just straight
.

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
through to what you need to meet their need. You’ll find that when a customer does allow you to take a look at their credit it is a tremendous buying signal and lets
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip
you know that the customer is serious about doing business with you. So next time you get ready to RUN or PULL someone’s credit, set yourself up for a sale instead of a scare

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

Tags

Links

Digg It - Stop Scaring Your Customers - The Credit Transition

Related Articles: