Digg It - Business

The old adage in selling has always been, “Find out what they want, then, give it to them.” The fundamentals of selling are clearly that elemental. The application there

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

of, however, continues to be the litmus test that quickly separates the skilled from the rest.

In the past, the selling profession relied upon its own bullpens crowded

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

Examples of combination products may in

ith accomplished journeymen to assume the role of mentor or coach to guide the up-and-coming. But sadly, those days are gone.

Statistics show the average tenure in toda

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

y’s typical sales force is only two to three years. For many reasons like downsizing, smaller margins, and fewer incentives, experienced salespeople now find it necessar

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

[easy] to move on. Some get entrepreneurial and open small companies of their own. In their wake, younger and far less tenured people fill the ranks - quickly becoming

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

Combination pro

the less experienced mainstay of frontline selling.

There is still another challenge. Due to the evolution and ever-changing complexities of products and solutions, hea

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

y employment emphasis over the last decade in particular has and continues to be, placed on technical skills over selling skills. No one will argue the importance of kno

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

wing one’s products inside and out - especially when they are complex. Nevertheless, without experience, training and a natural aptitude for selling, any sales person is

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

more a “Teller, not a Seller.”

That is to say, a salesrep today can be quite adept at providing correct technical answers for customers but can often lack the sales apt

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

itude and education to do what they need to do – ‘Close Deals’. In practice, now armed with the right solution, customers are free to shop it to other “Tellers” for pric

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

. The result? Dwindling margins, unhappy salespeople and high turnover… Huge Costs for the Corporation!

So what’s the answer? In a word, “Coaching.”

At a time when com

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

Following aspects would a

anies outsource for strategic expertise like legal, accounting and payroll services, professional speakers / trainers / consultants - most of whom with decades of distin

dd to the challenges in developing combination products:

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

guished sales and marketing experience - are in demand to meet the need for coaching, mentoring and training

The sad reality is today’s overworked executives and small

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

usiness owners often find themselves engaged in a delicate balancing act between the needs of their inexperienced sales force and the demands of fundamental day-to-day b

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

usiness survival. Something inevitably has to give and it usually does. For this reason, outsourcing for needed coaching [not available in-house] makes so much sense.

P

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

ofessional Coaches with ‘proven’ experience work directly with companies and individuals to put ‘proven’ programs into place expressly focused on sales/motivation and su

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

Professional from academic institutions, pharmaceutical industries, health care indust

ccess-strategies integral to personal and corporate long-term goals in today’s more Unique Value-Driven marketplace.

Successful companies know:

Coaching prog

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

ams work.

Coaches drive greater sales and profitability.

Coaches are an Investment – Not a Cost. and,

Coaches are far less expensive than the status quo.

.

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

Fact: Government sources purported the cost of recruiting, hiring, benefits/salary and training the average sales rep is approximately $50,000.00. “No small inv

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

Companies that provide selfless information through particip

stment for even a large corporation.”

Fact: “Without proper training and attention, sales aren’t made, reps move on and - the Investment Cost Doubles!”

…………………………………….

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 - Sales Coaching... Fact or Fiction?

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