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Answers - Give Cold Calling the Slam Dunk
Imagine you’re at an NBA game. You’ve splurged on floor seats for a sold-out game against your team’s biggest rival
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
. The excitement mounts as your team takes possession of the ball and fires off a three-point shot—that misses.
In
In
; 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
professional basketball, the reality is, if a player’s shot average was below 10%, he wouldn’t make the team. Peri
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
d. To make it in the NBA, a player must sink at least 40% of his baskets—if not more. This is the general expectati
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
on for scoring in pretty much any sport.
In business, salespeople have been told since the beginning of time that
In business, salespeople have been told since the beginning of time that
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
old calling will lead to success—the more calls you make (or the more shots you take) the greater your chances of c
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
losing something. Yet statistics on cold calling show that you need to make about 100 to 150 calls in order to get
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
ne sale—somewhere around a 5%-10% success ratio. Can you imagine what the coach of an NBA team would think of those
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
stats?
Professional basketball players don’t just throw the ball and hope that it makes it in the hoop. They take
Professional basketball players don’t just throw the ball and hope that it makes it in the hoop. They take
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
time to plan things out and they practice. They practice shooting from different spots; they practice speed, mobili
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
ty, nimbleness, and they practice overcoming all of the potential barriers, blocks, and counter-plays of the opposi
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
ng team.
By the same token, professional sales requires a strategy, just like the game strategy of professional at
By the same token, professional sales requires a strategy, just like the game strategy of professional at
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
letes. I’m not saying don’t make sales calls—just don’t make cold sales calls. Do your homework and plan it out—mak
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
e it a warm call and dramatically increase your likelihood of scoring. Understand who you are calling—do your resea
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
ch on the company and the individual you are targeting. Find out about their challenges, their goals, their philoso
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
phy, their successes, their weaknesses, and even their competitors. Call them because you know something unique or
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
pecific about them that compels them to listen to what you have to say.
So either you can play like an amateur and
So either you can play like an amateur and
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
just keep shooting blindly hoping to get that one-in-a-hundred basket or you can stop cold calling and get yoursel
.
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
onto a professional sales team and play like a pro. Think ahead. Strategize. Learn what makes your potential clien
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
t special and engage them as an individual with their own unique needs and go for the three-pointer to win the game
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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