Advice Pool - Business

A business’ success depends largely on how a sales person closes the deal. The ability of the sales team to do a quick need evaluation of the custome

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

r and understand his requirement is crucial. Then build relationship based on truth, trust and good communication to give value for money.

Three Imp

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

Examples of combination products may in

rtant Tips:

1. Before meeting the client, arm yourself with thorough, research-based knowledge of the client, industry, competition and recent chan

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

ges or newsworthy items.

2. Fix a structured meeting with the client. Ask relevant questions to elicit useful information, establishing links to ne

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

t question. Follow the line of thought or topic by periodically summarizing the contents of the meeting. Schedule the next call and further meetings.

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

Combination pro

3. Follow-up the call and assess if the desired outcomes of the meeting were met and commitments honored. Satisfy the client’s specific needs. Tha

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

k the client for his valuable time and prepare for the next interaction.

The Sales Presentation:

• An effective sales presentation gives the salesp

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

erson an advantage to clinch a deal in just 5% of the total time spent with the client.

• Highlight the benefits of the product in your presentation

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

and then demonstrate the benefits logically to close the deal.

• Overcome any posed objection honestly. Try to close the deal immediately after that

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 psychologically the balance is in your favor.

• Pay close attention to body language, words and expressions to seize the moment for deal closur

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

.

• Work steadily and logically to deliver a crisp and sharp presentation before asking for deal close.

Some Sales Closing Strategies:

Practice a

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

Following aspects would a

number of sales closing strategies as different strategic applications are required for different situations.

• Be perceptive, analyze your product/

dd to the challenges in developing combination products:

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

ervice and build up on its strength and advantages to entice the prospective customer.

• After the sale, talk with a little persuasion from client;

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

let him take away the product for trial.

• Establish empathy with your client’s situation. Make an effort to persuade that a prior customer has actu

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

lly dealt successfully with your product in the similar situation.

• Never say ‘sign the contract’; instead gently place the order form in front of

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

him and encourage him to fill it partially while you will do the rest.

• Give a presumptive close when the client gets to talking, making him feel a

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

Professional from academic institutions, pharmaceutical industries, health care indust

d think as if he already owns the item.

• Share more relevant information, to help the client make up his mind.

• Identify, focus and overcome the

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

specific objections of the client and then clinch the deal.

• Give an effective sales talk and direct him to what to do exactly to respond.

• Marke

.

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

your product exclusively for specific customers for them to want it.

Sales strategies are essential for business to progress. The first line of dir

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

Companies that provide selfless information through particip

ect sales person is a very important part of the final deal closure. Time and gradual experience will teach you the nuances of effective sale closing

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 - How To Make An Effective And Appropriate Close Of A Deal

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