Subjects - Business

Have you ever stepped your way through the sales process only to be disappointed by your prospect's objection to your price?

This situation unfolds all too regularly for ma

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

ny small business owners.

The other day I was talking to Joan who was lamenting how she’d spent a ton of time developing a relationship with a new prospect, but in the e

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

Examples of combination products may in

nd wasn’t able to make the sale. Over the course of six sales meetings her prospect seemed like a slam dunk. He was very enthusiastic about her product (inventory con

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

trol software for the food service industry), he hadn’t seen a similar product on the market (Joan’s software has a unique and easy to use interface) and he and Joan se

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

emed to have a great rapport (they both are avid snow boarders and each loves jazz) . But when it came time for Joan to ask for the business the answer was ‘no’. Her h

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

Combination pro

t prospect was cool on her price.

Where did Joan go wrong? She was quite befuddled with her collapsed deal and wanted to know what she could do to prevent such future fa

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

ilings. Not only did she not get the business, she ended up wasting her valuable time which could have been better spent developing a lead that turned into a sale.

Doe

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

s this sound familiar? Have you ever spent time developing a great lead only to have the deal fall apart because your prospect objects to your price?

If so, you may have

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

made the same common sales mistake Joan made: she tried to make the sale without having enough information to make her prospect the right offer, despite her six positiv

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

e sales meetings.

What Joan neglected to do was to ask her prospect about his accounting needs with respect to inventory control. Unfortunately for Joan, she learned thi

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

important fact only after our conversation when she called her prospect back to find out where she went wrong. Her prospect had already decided to use the software of

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

Following aspects would a

one of her competitors. Even though Joan’s software features a nice accounting package, her offer included nothing with respect to accounting. Her prospect assumed tha

dd to the challenges in developing combination products:

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

t her software didn’t feature the accounting functionality he required because Joan didn’t mention it. She talked a lot about the software’s innovative, easy to use int

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

erface and its great database functionality but she never mentioned the accounting features because her prospect didn’t ask. Her price would have been fine if her prosp

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

ect had known about the accounting capability of her software!

During your sales process be sure to ask all the questions you need answered to understand your prospect’s

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

eeds. You can then use the information you’ve acquired to shape your pitch around exactly what is going to solve your prospect’s problems.

Before you tell your prospec

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

Professional from academic institutions, pharmaceutical industries, health care indust

t your price make sure the time is right by asking questions like:

· Does this sound helpful?

· Is there anything I haven’t mentioned that would be helpful?

· What do you

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

like best about our competition’s product or service?

By obtaining answers to these questions you will be able to gauge whether or not you have enough information to make

.

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

an offer that your prospect would be ill-advised to decline.

If you don’t have enough information go back for more; schedule another meeting and then go through another p

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

Companies that provide selfless information through particip

robing round of questions.

If you do have enough information, make your prospect the best offer they’ve ever heard. If you’ve done enough homework you’ll make the sale

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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