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Where is Your Comfort Level?

How many businesspeople do you know who are afraid to get out of the comfort zone to make a call to the top decision maker? Instead, they

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

continually meet with low level management fooling themselves into thinking “a good word” will be put in for them at the top. Worse yet, others remain in their office

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

Examples of combination products may in

and guess at what is wanted without ever venturing out. Their odds of winning business are very poor.

The first step is to do your homework of understanding the compa

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

ny, industry and clientele. Now, you will be able to intelligently contact the top decision maker and get the needed appointment. Why is it necessary to call at the hi

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

hest level?

The top officers know the company intimately and will provide more accurate and usually honest feedback to your questions. The process will be far less ti

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

Combination pro

e consuming because this strategy eliminates the endless meetings. Top officers do not have time to waste. And, your chances of succeeding are much greater because i

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

t is unlikely the top Executive will be challenged by others.

The following is a true story: A client company asked their vendor to produce a proposal for new equipme

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

t. The salesman on the account only met with lower level technical people. He found meeting with the Executive Management intimidating. Most often, the salesman rema

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

ined behind his desk rather than visit with the client.

Meanwhile the salesman sent the technical person to meet with the client’s technical team on a steady basis. 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

is strategy enabled the salesman to learn about technical issues, but he never learned what was important at the top. The salesperson made no effort to learn the long

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

erm goals, or solve current issues.

The salesman’s proposal was filled with guesses. All the while, the competition called on the C.E.O. and C.F.O. The competition l

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

Following aspects would a

earned the burning issues, budget and long term goals. It was no wonder that the competition won the business away from the in-house vendor.

It is true that calling o

dd to the challenges in developing combination products:

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

high up levels of management can be intimidating. If you find this to be so, then seek out magazines that are written for the Executive levels.

A number of years ago

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

, I was to meet with the C.F.O. of a company. While waiting in the lobby for him, I noticed a magazine entitled, “CFO.” I picked the magazine up and began to read the

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

articles which addressed the every day problems CFO’s face. The articles were interesting and the issues dealt with came to life.

Reading the magazine was a great lea

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

ning tool. Best of all, when the CFO came out to greet me, he was delighted to see me take an interest in this particular magazine. By the end of our meeting, I was a

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

Professional from academic institutions, pharmaceutical industries, health care indust

sked to build a proposal for him.

Successful sales are built upon relationship selling skills. Here are a few extra ideas for increasing your comfort level calling on

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

executives: If you are uncomfortable calling high up, practice with less important accounts; Find what words and implement your best practices; Meet as many people w

.

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

ithin the account as possible; Learn to speak the Client’s jargon at all levels.

Ask yourself, am I reaching beyond my comfort zone and making the best decisions for m

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

Companies that provide selfless information through particip

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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Ideas are like sparks -they fly off in thin air. The challenge would be to convert the idea into a full-fledged project and commercializing it into a revenue generating business. When Google started off, they had an idea - one to make it easier for an internet surfer to find precise information in the least possible time. Until the Search engine had a lot many users, the company didn't know how it was going to generate the revenue to earn profits. Let alone profits, there was no business model in place to recover the costs!

Nowadays, prototypes are made of practically all new machines, and prototypes are more commonly referred to as test machines. They are invented with the intention of demonstrating the qualities of a new product to clients and stakeholders. These people know that the prototype is an incomplete model of the final product, and is manufactured just to show the potential attributes of the final product. It can be said that no idea can actually be sold without having a prototype.

Sure, running a successful business takes Know-How. But growing an even more successful business takes Grow-How. In today’s fast-paced world, the challenge to increase revenues takes more wit and wisdom than ever before. Not only is technology changing at the speed of talk, but tastes and trends are changing at the blink of an eye.

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