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Wouldn’t it be just fantastic if in the first quarter of this year you acquired a new sales force for your business? Now I’m not just talking about 1 or 2 new people, I’m talking about hundreds or even thousands of new sales people a

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

ll out there in the market place spreading the word and selling you and your business. Mobilising an entire army of raving fans all bought into you and your business and the difference you make in the market place.

What impact would

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

Examples of combination products may in

this new sales force have on the growth of your business? Could this be the break through your looking for in to order hit double or even triple digit growth this year?

A pipe dream or a reality?

Well actually it could be a reality

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

– I’ve seen it done many times with our Clients; let me tell you how?

Firstly it requires you to take a leap of faith for a moment and think differently about your business. You’ve spent a great deal of time, effort and money in att

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

acting and building the loyalty from your existing customers and clients – True?

Those customers and clients have bought you – they’ve bought your business brand and as long as you’re delivering on the promise and engaging in the ap

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

Combination pro

ropriate retention strategies then they’ll remain loyal to you forever! (We’ll talk about retention strategies in a future issue of the Business Accelerator Ezine coming soon).

These loyal clients are the ‘ideal profile’ of client f

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

or your business. They;

STAY! SAY! And PAY!

- Stay for as long as possible

- Say great things about you

- Pay on time…every time!

Now it’s the “SAY great things” part that I want to talk with you about today. Because in saying g

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

eat things about you – you can create a torrent of referrals through the front door of your business!

By just being pro active v re active, by thinking about this strategy from a different prospective you can turn your clients into

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

our Silent Sales Force!

Think about it for a moment; there already bought into you and your business, there passionate about what you do and how you do it, there loyal, talk about you and your business with enthusiasm, understand yo

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

r products & services probably better than some of your own people because they are actually using them! WOW aren’t these the traits you’d look for in recruiting a new sales person. And perhaps the sting in the tail;

As they are you

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

‘ideal profile’ of client who do they shake and move with both professionally and personally? Yes – other like minded individuals similar to them, and most importantly for you similar to the profile of clients you want to attract to

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

Following aspects would a

your business and… FAST!

Now I’m not just talking about referral capture here on an adhoc basis – I’m talking about a Systematised Referral Process where you go back to the well on a regular basis and have a structured process.

Le

dd to the challenges in developing combination products:

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

’s look at the numbers for a moment by taking a generic model; our ABC Limited or as I prefer to say ‘UnLimited’ – the only limiting factor being our mindset about what we can and cant achieve in our businesses.

Imagine in our ABC b

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

siness we have 500 Customers. Taking the 80/20 rule – the top 20% are the ‘ideal profile’ of client. So we focus on the top 100 Clients as our Silent Sales force.

On average we pick up just one referral from each of those clients (I

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

say on average as I have a number of thoughts on the number of referrals we should ask for; a discussion for another day) that would now give us 100 prospects.

Now I don’t know what your conversion rates are in your business at the

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

oment. What I do know however, and I’m sure you’d agree is that referral business converts at a higher rate than any other form of lead generation activity.

So – in this example I’m going to work on a conversion of 1:10 (I’d probabl

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

Professional from academic institutions, pharmaceutical industries, health care indust

y expect it to be more like 1:5) this would equate to 10 new clients from your new sales force.

Now – if we systematised the process and went back to the well on a quarterly basis this would generate 400 new prospects; at our conver

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

ion rate of only 1: 10 = 40 new clients per year!!!! How much would this be worth to your business?

I’m sure you could run your real numbers in terms of number of customers and conversion rates through the formula I’ve used above, a

.

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

d calculate precisely what impact this strategy would have on the growth of your business?

So there you have it! How to create a torrent of Low Cost/ No Cost Leads through the front door of your business and turn your key clients an

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

Companies that provide selfless information through particip

customers into your Silent Sales Force!

Written by Royston Guest, Sales & Marketing Director Pti International. Please visit http://www.http://www.pti-worldwide.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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Business Articles - How to Create a Torrent of Low Cost/ No Cost Leads through the Front Door of Your Business!

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