Answers - Real Estate

One of the greatest challenges to real estate investors - both beginners and more experienced investors - is knowing what to say when talking to a prospective seller or buy

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

er. Many investors go for years with no special phone sales training and just sort of wing it. And in doing so, they leave a lot of money on the table.

The simple reason f

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

Examples of combination products may in

r this is that most of us do not know when to stop being an active talker and switch to being an active listener. By recording phone conversations with prospects and later

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

istening to them, you can see the exact moment the phone conversation went south. You can actually tell the exact second when you lost that bond with the prospect. And by k

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

owing what you are doing wrong, you can take corrective steps.

So how do you get started?

Some people start their phone sales career by writing out a script of an imagina

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

Combination pro

y phone conversation so they can "read" off the script when talking to prospects. I think a well thought out opening paragraph is good but beyond that, I resommend using a

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

hecklist of items I would want to talk about. I don't recommend dedicated use of a formal script as it can get you thinking more about what to say next on the script rather

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

than listening to the prospect and moving the conversation where it needs to go. By listening to the prospect and working your checklist, you can have a much more free flo

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

ing, natural, rapport building conversation.

So whether you are working a script right now or just winging it, start recording all your prospect conversations - or as many

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

as you can - and then study them later that day. Listen to the words and the tone of voice of both you and your prospect. Listen to where you could say something in a bette

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

way or in a more impactful tone of voice or avoid saying something completely. Look for common threads in your conversations that get the prospects excited and also the on

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

Following aspects would a

s that put off the prospect.

Basically, your goal when you are studying the conversations is to totally break apart the phone call and analyze what aspects of the conversa

dd to the challenges in developing combination products:

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

ion consistently work well for you and where your weaknesses are. With that information at your disposal, you can begin to make improvements that will add dollars to your r

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

al estate bottom line.

Take the data you gather every day and work on the phrasing and intonation of your presentation so that you can use a modified, more rapport buildin

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

g style on your next day's set of conversations. Keep doing this for a few weeks and you will soon see a dramatic difference in how your conversations with prospects turn o

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

t. People who practice the technique of recording conversations, studying and applying what is learned, see closing rates jump dramatically. Many times improvements of over

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

Professional from academic institutions, pharmaceutical industries, health care indust

100% can be achieved by this simple technique. What would doubling the activity of your real estate investing business do for your bottom line?

One word of caution is nece

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

sary before recording phone conversations. State laws differ on what is legal in terms of recording a phone conversation. Many allow the recording to occur as long as one p

.

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

rty (i.e. yourself) agrees to the taping. Some states require consent of both parties. If you record a phone conversation in a state where consent is required by both parti

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

Companies that provide selfless information through particip

s without informing the other party, you are violating the state law. So before taking any steps to record phone conversations, be sure to understand the laws in your state

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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