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Want more cash coming into your business? Well, read this article to find out how!

Having a great product or service is only one of the critical success factors for your busine

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

ss. The key to increasing the amount of cash in your organization is having an effective sales operation.

The first critical success factor in deploying a winning sales operati

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

Examples of combination products may in

n is hiring the right sales professionals for your organization. Many organizations look for a candidate who is an expert in the field expecting to make them a great sales profe

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

sional. Sales, like any other profession requires specific skill sets. The skill set needed to be a successful sales professional is very different from the skills needed to be

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

n industry expert. A person may know everything they need to know about the industry but when it comes to doing cold calls, listening for the needs of the customer or asking for

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

Combination pro

the business, they may not have the skills to perform. My advice for an organization hiring a sales or business development professional is to hire a person with a solid sales t

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

ack record in the industry. If this proves to be difficult, hire a sales professional with a winning sales track record in a related field. The temptation to hire an industry ex

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

pert with no sales experience is a decision fraught with great risk. It takes less time to teach someone the product knowledge needed to sell the product or service than it take

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

to teach someone the appropriate interpersonal skills to be successful sales professionals.

The second critical success factor in deploying a winning sales operation is the de

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

elopment of a comprehensive sales plan. Sales planning needs to be completed before the hiring process is started. It is crucial that the sales message be consistent and reinfor

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

es the brand message. It is also important that the sales person be focused on the type of sales target that can grow the business. These are just a couple of the areas that nee

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

Following aspects would a

to be thought out before hiring a sales force.

The third critical success factor is to develop effective sales support material. If the typical sales interaction is done on a

dd to the challenges in developing combination products:

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

ne on one situation in a busy environment, the sales professional needs to have paper sales materials that reinforce visually what is verbalized in a one on one sales interactio

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

. If the sales interaction is done in a group presentation, appropriate electronic presentations need to be prepared.

The key to effective sales presentation pieces is the layo

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

ut and amount of information. The job of the sales presentation piece is to visually reinforce what is verbalized to the customer. If the sales presentation piece contains too m

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

ch information, the customer will end up reading the material and not listening to the sales professional. The sales presentation piece needs to facilitate the interaction not d

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

Professional from academic institutions, pharmaceutical industries, health care indust

stract from it. The leave behind materials are designed and intended to be stand alone pieces that contain everything that the sales professional and the customer had discussed.

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

In this article, we learned that no matter who is doing it, the sales process and operation is the part of your business that will bring in the Cash. To start an effective sale

.

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

operation, planning needs to be done very early in the process.

The next article in this series will address the training and on boarding process for the successful deployment

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

Companies that provide selfless information through particip

of the sales operation.

For more information on this topic and others, contact Mark Parbus at MParbus@Unlocked-Potential.com or visit our website at www.Unlocked-Potential.com

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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Staff turnover can kill a business. Not only does it negatively affect customer satisfaction, but it sabotages productivity, revenue, and the business’s ability to grow.

A manufacturing company with 120 staff historically bought their company vehicles from the local dealer who offered excellent service, choice and most importantly a large discount. The quantity of cars required at this stage was six and two vans, which they purchased from ex-demonstration stock. The next step was to contact hire, lease or finance their vehicles to save cash flow.

A major part of keeping profitable and growing your business is maintaining a focus on business development. Even when you've got the right mix of work, clients and employees you should be looking for new opportunities.

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