Advice You - Business

Whether you own a small business or work in sales for a Fortune 500 company, relationships are critical to success in business. With the addition of do not call lists and tougher gate

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

keepers, networking is rapidly becoming the hot ticket in creating new contacts and developing new business. Networking, like in sales, is a learned skill that can be enhanced through

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

Examples of combination products may in

education and practice. Your ability to be effective in networking can make the difference between success and failure in building your business.

Here are a couple of basic things to

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

help you think clearly about effective networking and some tips to excel at it.

First you must decide where to spend your time:

1. Try out a number of events before you make a deci

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

ion to joining one. Most groups will allow you to visit 2-3 times before making a decision.

2. Talk to the people who actually run the group and their members to make sure there are

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

Combination pro

industries or people that you have interest in meeting. For example, I like to work in the Business-to-Business market, not in retail. I want to make sure there are a number of compan

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

es in that segment.

Then understand the basics of networking:
1. Networking has the word “work” in it for a reason. You are not there only to eat and socialize, but to create me

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

aningful business relationships. Go there with a plan to meet and follow up with at least 5 new contacts.
2. Take the bull by the horns. Walk up to new people and introduce yours

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

lf. Don’t be a wallflower waiting around for someone to talk to you first.
3. Ask them about their business first. Some good questions include, “How did you get your start in the

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

________ business?”- “What do you enjoy most about your profession?” and “What are some of the changes that have occurred in your industry?”
4. Connections are everywhere!! The

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

erson you are speaking to generally has over 250 people in his network. One of his contacts could be the right one for you. If you don’t get to know him, you might not have the chance

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

Following aspects would a

to meet the people he knows.

Let’s get advanced, shall we:
1. One of the keys to networking is to look how you can help others first. I know for some it’s hard not to think of o

dd to the challenges in developing combination products:

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

urselves first, but it’s important to really WORK and try to connect the people you meet. This must be done with integrity and without the need for immediate reciprocation. Basically,

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

I’m saying to give selflessly. This does not produce the fastest results for your business, but pays off in spades down the road if you’re patient.
2. Find the best people to net

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

work with. As you probably know there are 2 types of networkers out there, the takers and the givers. Your job is to find and develop a relationship with someone like you, hopefully a

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

giver. For example, I am looking for someone with integrity, an open mind and a willingness to go the extra mile to help me for no other reason than to see me succeed. As you can prob

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

Professional from academic institutions, pharmaceutical industries, health care indust

ably imagine, it doesn’t take too many people like this in my network to help me get ahead.
3. If you are truly a giver in networking, there is one question that can separate yo

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

from most networkers. This question should be asked after a relationship has already been established with someone. “How do I know if someone I’m speaking to is a good prospect for y

.

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

ou?” A more selfless question, I’ve never heard.

Networking can produce tremendous results for your business, but only after you take the time to understand how it REALLY works. Try

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

Companies that provide selfless information through particip

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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