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E-Folder - The Winning Algebra Selling Formula (X+Y)-O=$
Algebra is a subject many students misunderstand in school. Once we understand how Algebra works in selling, we will want to use it everyday.
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
We reveal the answers to this easy to follow Selling Magic formula so you can benefit from this winning sales strategy.
; 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
trong>The Meaning of "X" = Problems and Challenges: Selling starts with a mystery question - what is "X". In the selling process, "X"
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
represents the challenge or the problem the customer has and wants to eliminate. The "X" is critical because if we can't identify a problem,
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
e can't offer a solution. Salespeople must first ask enough questions to determine what problems or challenges exist.
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ng>The Meaning of "Y" = Solutions: Nobody really understands "Y", it is a crooked letter and can go in different dir
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
ections. In the selling process, it is the solution we offer to our clients. In order for us to understand how the "Y" fits in, we must first
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
understand what "X" is. In algebra, we must learn how to approach our answers in specific order. The same is true in sales. First, we must det
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
rmine what the "X" factors are before we can think about a solution.
The Meaning of "X+Y" = Opportunities:
The Meaning of "X+Y" = Opportunities:
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
> When we add the problem with the solution, we have an opportunity. Salespeople live for opportunities. The more opportunities there are the
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
better chance we have for success. Typically, if a prospect has at least 3 problems and we have 3 solutions, we have a much stronger opportuni
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
ty. Therefore, salespeople are better off if they can identify at least 3 opportunities before they proceed to sell a client. Trying to sell s
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
mething based on a single problem rarely captures a sale.
The meaning of "O" = Objections: Everyone has ob
The meaning of "O" = Objections: Everyone has ob
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
jections before they buy. Many salespeople are able to define these objections and eliminate them along the selling process. If we want to sel
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
l more opportunities, we must understand what the client's objections are. Objections are important factors of every selling opportunity. Quit
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
e often if we don't determine these objections, the client isn't interested enough to share time with us. This is because we haven't defined t
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
eir "X" factor. If we truly understood their problems and had the solution, we could help them eliminate the objections. This also goes back t
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
o us having enough opportunities in the first place.
The Meaning of "$" = Money and Profits: Salespeople
The Meaning of "$" = Money and Profits: Salespeople
.
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
don't need an explanation for sales or commissions. However, in sales, we must always focus on the customer's "X" factor. When we do this, we
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
get the results we are looking for. Sales and commissions are the direct result of following the selling algebra formula in the right sequence
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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