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Periscope — February 2011 Issue

 

New Business Opportunities for Companies Serving Pharma

February 2011


The PharmSource PERISCOPE provides valuable insight into sales issues and trends for companies that sell goods or services to bio/pharma. It helps you recognize new business opportunities, and overcome sales obstacles. Enjoy the February issue.

The PharmSource Team

454 overall leads for pharma vendors were reported by the PharmSource Lead Sheet in January 2011:

Lead Type January 2011
Non US 170 170
Early Dev 87 87
Late Dev 71 71
Large molecule 80 80
Small molecule 136 136
Newly-funded 125 125
New sourcing 28 28
Parenteral 107 107
Oral 91 91
Total Leads 454 454

Below are two actual leads from recent issues of the PharmSource Lead Sheet (PLS), the weekly, web-based information service that delivers new business opportunities and key market intelligence information to companies serving Bio/Pharma. It includes new information on products in development, acquisitions, alliances, financing transactions, and more, and delivers up to 70+ fresh leads each week in pharma/biotech companies around the world. Use the PLS to stay on top of opportunities as soon as they’re announced, to keep attuned to market activity and trends, and as a key resource for targeted marketing.

For The Week Of
February, 6th 2011



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This section of the PERISCOPE summarizes just a small sampling of the many recent appointments of new people to high-level positions in pharma/biotech. For more information of this nature, see the “Key Appointments” section of the weekly PharmSource Lead Sheet.


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How to Master a Sales Meeting in 30 Minutes or Less

By Kelley Robertson

You get a call from a new prospect who wants to meet with you and discuss your solution. He gives you a 30 minute time-slot four days from now. Unfortunately, you didn’t take the time to ask this new prospect any questions during your brief telephone conversation and now you’re concerned because thirty minutes isn’t much time to fully explore his situation AND present your solution. Here’s how you can master that sales meeting.

First, your main objectives are to gain some understanding of his situation, position your company as the solution-provider and then gain a commitment for a secondary full-length meeting.
After you meet your prospect and exchange the usual pleasantries say, “Let me tell you a little bit about us” and follow this with a short 20 second success story. Avoid telling them anything else such as how long you’ve been in business, the clients you have, etc. Stick to a success, preferably one that your prospect can relate to. Use this same approach if the prospect says, “Tell me about you or your company.”

Here’s an example, “We specialize in helping businesses like yours improve their call centre performance. We recently worked with another company in the financial sector and were able to help them improve their specific metrics in less than six months without incurring additional costs.”

Pause briefly. Then ask a thought-provoking question such as, “What prompted you to consider this now?” Make note of what they tell you and probe with two to three more high-value questions to gain a basic understanding of their specific situation. This should take you no more than 15 minutes.

Next, summarize your understanding of their problems, concerns, and issues in bullet point form and check for confirmation before continuing. This is critical because it allows the prospect to hear EXACTLY what they told you and give you the opportunity to validate the information.

Then show the prospect how you will address each of the concerns or problems by explaining what you have done for other clients. For example, “Mr. Jones, you mentioned that one of your mandates is to reduce your abandoned call rate by 25%. We worked with a company last year and were able to achieve a similar goal by showing their call centre staff how to…”
Avoid talking about elements or aspects of your product, service or solution that have no relevance to the other person. Focus strictly on showing them how you can solve the problems they mentioned to you. This should take you approximately 10 minutes. The key is to keep your explanation concise and to the point. Don’t get into details, Don’t discuss the entire solution. Don’t talk about price or implementation procedures. Above all, don’t get side tracked into other conversations or topics. You have limited time for this meeting which means every word counts.

When you reach the 25-minute mark, look at your watch and say, “Mr. Jones, I know we only had 30 minutes scheduled for this meeting. I’d like to suggest that we meet again so we can discuss exactly how we would help you achieve the results I mentioned. Does that work for you?”

In some cases, your prospect will suggest that you stay and grant you more time. In most other situations, they will agree to a secondary meeting which means you will have achieved your main objective. You will also stand out from virtually every other sales person and company that meets with that prospect.

This is a deceptively simple approach. The key is to verbally rehearse your opening, know exactly what questions you will ask, and concentrate on keeping the explanation of your solution short and concise.
A thirty minute meeting is definitely not enough time to fully explore a prospect’s situation AND present your solution but it is ample time to differentiate yourself from the competition.

About the Author
Do you know which sales blunders are costing you money? Get a FREE audio program, Sales Blunders That Cost You Money and two other sales-boosting resources by subscribing to Kelley’s newsletter at http://www.Fearless-Selling.ca..

Article Source: http://EzineArticles.com/?expert=Kelley_Robertson.

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How to Win the Discount War

By Kelley Robertson

Let’s face it, in recent years there has been more focus on price which has led to increased pressure to discount. Corporate buyers and decision makers as well as savvy consumers all seem to demand lower prices and price breaks. What’s a sales person to do? Here are six things you can do to win the battle and reduce the amount you have to discount.

  1. Ask better (aka tougher) questions to REALLY determine your prospect’s buying motivators. This sounds simple but few sales people have developed the ability to ask tough, penetrating questions. The purpose of these questions is to gain a thorough and accurate picture of your prospect’s situation. The days of asking easy low-value question have long gone.
  2. Demonstrate the impact. Help your prospect see the potential impact of their problem by clarifying it in terms that relate to their business. For example, Mrs. Smith, you mentioned that your equipment broke down three times in the last quarter. How much did that cost in terms of lost productivity, personal time and customer complaints?”
  3. Position your solution more effectively. This is the reason you execute the above point. The more you can show a person EXACTLY how they (and their company) will benefit from your offering, the less they will be inclined to demand heavy discounts. This means that you MUST execute the above two strategies with every customer and prospect.
  4. Discuss return-on-investment (ROI). Focus on the impact to the company in terms of increased market share, sales, profits, customer loyalty, etc. Or show the prospect how your solution will help them save money, reduce costly errors, or eliminate waste.
  5. Develop your negotiating skills. Great sales people know how to negotiate effectively. They have learned how to say no, limit concessions and ask for something in return. It’s important that you do that same.
  6. Be prepared to walk away. If (or should I say when) a prospect gets to greedy and demands unrealistic concessions, you need to seriously consider whether it makes good business sense to do the deal. Too many sales people fail to walk away from deals that cost them money or don’t generate sufficient profit to make the sale worthwhile. I have spoken to many people who accepted the terms of a deal that ended up costing them time, money, frustration, and stress. If something feels wrong, take a time to consider your options and don’t be afraid to pass on a sale that doesn’t feel right.

These six strategies may simplify the process but they can make a significant difference in your top lines sales and bottom line profits. It is critical to remember that every time you discount a product you need to generate more revenue to make up for the loss in bottom-line profits.

About the Author
Do you know which sales blunders are costing you money? Get a FREE audio program, Sales Blunders That Cost You Money and two other sales-boosting resources by subscribing to Kelley’s newsletter athttp://www.Fearless-Selling.ca..

Article Source: http://EzineArticles.com/?expert=Kelley_Robertson.

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Prospect Profile highlights a newly funded bio/pharmaceutical company each month. This includes important insights into the featured company’s product pipeline, manufacturing and business relationships, and likely sourcing opportunities.

LifeCycle Pharma

LifeCycle Pharma is a public pharmaceutical company that develops therapeutics for immunosuppressive and cardiovascular conditions.

As reported in the January 9, 2011 issue of the PharmSource Lead Sheet, LifeCycle raised $85 million in a fully subscribed rights offering. The proceeds will support the completion of a Phase III program for LCP-Tacro. The financing also may represent sourcing opportunities in clinical trials, manufacturing, sales and marketing.

Corporate Highlights

  • June 2002: The company was founded as a spin-off of H. Lundbeck A/S.
  • November 2006: The company’s shares became available for trading on the NASDAQ OMX Copenhagen.
  • 2006: A subsidiary in New York was established.
  • Corporate Headquarters: Hørsholm, Denmark.
  • At the end of 2009, the company had 93 total employees.

Manufacturing Status

  • LifeCycle has scaled up its manufacturing process to meet commercial requirements.
  • The company manufactures the API of LCP-Tacro, tacrolimus, utilizing its proprietary MeltDose technology.
  • The FDA-approved MeltDose technology relies on conventional process equipment.
  • The company has produced clinical supplies to conduct a future pivotal study of LCP-Feno.
  • LifeCycle has prepared drug material for a future Phase III trial of LCP-Atorfen.

Business Relationships

  • 2006: LifeCycle and Sandoz entered into a US commercialization agreement for LCP-Feno.
  • 2006: LifeCycle and Mylan formed an alliance to commercialize LCP-Feno in Europe.


Pipeline

TBA Anti-fungal TBA Preclinical TBA
TBA Dyslipidemia TBA Preclinical TBA
TBA Endocrine TBA Preclinical TBA
TBA Metabolic TBA Preclinical TBA
TBA Pain/Inflammation TBA Preclinical TBA
LCP-Feno Dyslipidemia Oral Phase I Phase II in 2011
LCP-Atorfen Dyslipidemia Oral Phase II completed Select a partner to conduct Phase III trials
LCP-Tacro Transplant Oral Phase III File NDA/MMA
in Q1 of 2013


Finances

(In $ thousands) 2008 2009
Revenues 31,109 457
R&D Expenditures 49,542 38,423
Administrative Expenditures 13,406 11,412
Total Operating Expenses 62,948 49,835
Capital Expenditures 1,202 2,019


Contact Information

LifeCycle Pharma Key Officers
Kogle Allé 4 William J. Polvino, MD, President & CEO
DK-2970 Hørsholm, Denmark Peter G. Nielsen, EVP, Pharmaceutical Development & CMC
Tel.: 45 70 33 33 00 Timothy C. Melkus, SVP, Development Operations
Fax: 45 36 13 03 19 Edward Koval, SVP, Business Development & Strategic Corporate Development
Web: www.lcpharma.com John Weinberg, SVP, Commercial Development & Strategic Planning

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The PharmSource Lead Sheet is the weekly web-based information service that identifies fresh business opportunities for companies serving pharma and biotech. Respected, endorsed and depended on by the top companies, the PLS informs you of new business opportunities. It lowers your prospecting costs, raises the productivity of your sales staff, and helps keep your lead funnel full.

If you’re not yet a subscriber to the PharmSource Lead Sheet, we invite you to take a complimentary test-drive to see for yourself how this service can be a vital tool for growing your market share and building your brand recognition.

Subscribe by February 28th, 2011 and

Get 10% Off!

*This offer is for new subscribers only at the Corporate subscription level or above.

To request a free test-drive of the PharmSource Lead Sheet, call Judy Miller at 1-703-383-4903 (ET USA) or complete this simple form and we’ll contact you:

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provides valuable insight into sales issues and trends for companies that sell goods or services to bio/pharma. It helps you recognize new business opportunities, and overcome sales obstacles. Enjoy the February issue.

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