Advice Pool - Business

Whether you’re in the process of starting a new service business or growing an existing one, networking is a valuable way to get your name known in your community, develop a rich base of

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

contacts, gather valuable resources and meet potential new clients. But oftentimes clients and colleagues will tell me that networking is a waste of time, or that it never really seems

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

Examples of combination products may in

to "work" for them. The truth is, networking does work for ALL types of service professionals when done correctly. If you're not seeing positive results from your efforts, you're most

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

ikely approaching the process in the wrong way - meaning that you're attending events looking to "get" rather than "give." As a result, you may be limiting your potential for successfu

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

l outcomes by making the following mistakes or what I like to call, "networking no-no's":

No-No #1. Not having a clear (and well-rehearsed) message that quickl

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

Combination pro

educates others about what you do in a compelling way: You have a limited amount of time to get your message across quickly in networking situations. Create a concise elevato

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

r pitch and practice saying it as many times as you need to until it rolls off your tongue with ease.

No-No #2. Not having business cards (or forgetting to bri

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

g them when you attend events): Don’t laugh. This one is more common than you think – especially among established professionals! When the goal is to make a positive first impr

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

ession, writing your number on the back of a cocktail napkin just doesn’t cut it (not to mention the person you gave it to will most likely toss it out with her wine glass). Put a fresh

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

supply of cards in your purse or briefcase today - and make it a habit to replenish them on a weekly basis.

No-No #3. Not making the other person feel importan

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

t: Remember the "two ears, one mouth rule"; and listen twice as much as you talk when meeting new contacts. By asking others about their business you not only come across as

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

Following aspects would a

a good listener, but you’re also able to quickly determine if someone is a good contact for you or not. And always, always ask for someone’s business card before offering up your own.

dd to the challenges in developing combination products:

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

No-No #4. Not understanding that networking is all about relationships: It’s a well known fact that people only do business with those whom they kno

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

w, like and trust. And quality relationships (the kind that turn into strategic partnerships, referral sources and new clients) take time to build. If you want to find success throug

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

networking, you must consistently make new contacts, follow-up and continue to stay in touch.

No-No #5. Networking it’s not a one-shot deal: It’s i

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

mportant to go out and connect with others even when you’re busy. In fact, the best time to start networking is not when your pipeline is empty, but BEFORE you actually need clients.

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

Professional from academic institutions, pharmaceutical industries, health care indust

You don’t have to do it every week, but make sure you're doing something to stay in touch with others (phone calls, email, etc.), so that you continue to move your business forward. By

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

the way, if any of these networking faux pas "hit home" for you, don't worry – Simply bringing them into your awareness will help point you in the right direction toward becoming a stell

.

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

r networker.

WANT TO USE THIS ARTICLE IN YOUR E-ZINE OR WEB SITE? You can, as long as you include this blurb with it: "Connie Scholl, the 'Client Generator,'works exclusively wit

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

Companies that provide selfless information through particip

h sales & services professionals who want to generate more clients and make more money in their small business. For a FREE seven-day marketing e-course visit http://www.conniecoach.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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Getting the most from your company's brand requires more than knowing what you do. It requires an understanding of who you are.

What exactly is lean manufacturing? How does it benefit the consumer and-or the industries who use it? How can lean manufacturing improve quality while keeping costs down? These are just some of the questions answered here.

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