Advice Pool - Insurance

Are you in agreement with this? I am. If my wife is happy then so am I. Being married means being a partner with another person.

My wife and I have different r

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

oles in our marriage; she volunteers, cares for our home and our daughter and more especially takes care of me.

I run the business, mow the lawn and await further i

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

Examples of combination products may in

nstructions. Like most of us living in husband land.

How do I do my job so it does not overflow into her life as a negative? I remember when I couldn’t make enough

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

money to make everything work. I would come home to an unhappy situation and one where worry had overflowed into our home life. How could I do it?

I wrote a bus

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

iness plan and I decided that work was work and play was play.

I finally was able to figure out who my target market really was. Instead of anyone who would talk t

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

Combination pro

o me I decided on the only people I would talk to and wrote it down. My annuity prospect market:

• Seniors over age 65

• Daytime appointments and ac

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

cessible

• Available assets of $400,000 or less

• People who would benefit from my simple annuity products

I needed a prospecting method to

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

round out my annuity selling system -- to reach these people and one which would be affordable. There were lots of options, seminars, direct mail and referrals. I decided to

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

use a combination of these and I also decided keep my marketing budget within reason.

Use this as a comparison for your planning. If you invest $1,000 a month in

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

annuity marketing using a direct mail campaign you should expect about 120 annuity leads a month. With normal lead conversion ratio of 1/3 you should be able to get in front

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

of 40 prospects a month. After a few weeks you would also add to this the closes from the previous weeks along with deliveries. Now you are busy, I was.

By outsou

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

Following aspects would a

rcing the marketing on a real commitment (direct mail) I was able to put more focus on the other portions of the business like appointments and selling annuities. I also outs

dd to the challenges in developing combination products:

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

ourced the telephoning because I am uncomfortable on the phone.

The result of this was I was able to remove the business negatives from our home and only share wit

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

h her the benefits we were now enjoying. I had myself an efficient annuity selling system that worked.

Here are some additional points.

• Write a busines

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

s plan

• Write down your target market prospect

• Decide on how you will reach them

• Outsource the marketing

• Outsource everything you are not good a

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 (I outsourced the telephone)

• Simplify your product line (I do not sell LTC or life insurance) I only sell annuities

• Schedule work weeks, if it is a work week

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

Professional from academic institutions, pharmaceutical industries, health care indust

, work all week. If it is a play week, no work is done (I schedule 40 weeks a year as work weeks)

• If you work at home, have a place to go to work in your home, when y

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

ou are in your office you are working and nothing else. (take solitaire off your computer)

• Do not overanalyze anything, keep things simple (repeat: keep it simple)

.

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

• Buy an annuity and be proud of it

• Do not call yourself a financial planner or estate planning specialist etc. Call yourself an annuity salesman! That is what we

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

Companies that provide selfless information through particip

are!

If you do not enjoy selling and you do not own annuities yourself, do not sell them. And always remember…

A Happy Wife is a Happy Life

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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Advice Pool - Happy Wife, Happy Life – Develop An Annuity Selling System

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