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Digg It - Put Yourself In Your Prospect's Shoes
You've had a few good meetings with a prospect. You've successfully overcome their objec
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
tions. Before you close the deal, you must ask yourself a very important question.
Shou
Shou
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
d you do business with the prospect? Your answer should not be automatic. Before you mov
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
forward, you need to put yourself in the prospect's shoes. Does it make sense for the p
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
ospect to do business with you?
When answering that question, you must be objective; so
When answering that question, you must be objective; so
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ething that's not easy when your ego is on the line. You must also be totally honest; so
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
ething that’s not so easy when commission is on the line. Will the prospect be better of
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
f choosing you over your competitors or just not taking action at all?
While it's easy
While it's easy
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
o get excited about closing a sale, closing the wrong prospect will damage your credibil
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
ty. The wrong prospect may receive some value from your product or service, but that's n
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
t enough. The wrong prospect becomes a bad client. A bad client, in turn, has more issue
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
that will take the time of you or your colleagues to address.
There is an opportunity
There is an opportunity
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
ost associated with dealing with problem clients. Every minute spent trying to satisfy t
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
em (in what may be a losing battle) is time not spent building stronger relationships wi
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
th your best prospects and clients.
It's really boils down to choosing to do business w
It's really boils down to choosing to do business w
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
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
th those prospects that have the potential to be raving fans. They'll become raving fans
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
if your product or service meets and exceeds their expectations. By focusing on these ty
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
es of clients and weeding out the bad ones, you'll be in a position to exponentially gro
.
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
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
your business through positive word-of-mouth and referrals. This won't happen if you ar
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
willing to sacrifice the wrong prospect's satisfaction for your immediate gratification
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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