Advice You - Business

We've all been on the receiving end, haven't we? We've had the business card thrust under our nose, or stuck into our hand, accompanied with the words

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

, "Here, take my card." Most certainly we all react similarly, taking the card, but never wanting to do business with that person. Those let me tell

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

Examples of combination products may in

ou about me people give networking a bad name.

Networking can be the best way to gain more success, but if done improperly, it can be the death of the

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

important relationships needed for your success. Ivan Misner, Founder and Chairman, BNI (Business Network International), would tell us that the prope

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

r motto for networking is, "Giver’s gain." Tim Sanders, author of Love is the Killer App, says it a little differently. To properly network, Sanders

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

Combination pro

ays that you must give three things to those you meet; knowledge, connections and compassion. Focusing on the people you meet is away to use all three

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

At networking function, the objective of the event is to meet new helpful people instead of conducting business. When you meet someone, you should a

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

sk for their card before offering yours. You can then either share your card, or wait to send it to them later in a note via the mail. Their business

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

ard will usually provide the address. Remember, shining the interest spotlight on them, will make them feel wonderful, and they will have pleasant memo

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

ies of you, even if they talked the whole time. In the Tim Sanders world, he would call this compassion. In your world you’d call it success!

At the

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

ame event, you may meet a new contact who would be a perfect connection for someone in your network. Making the effort to ask for this new acquaintanc

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

Following aspects would a

e's business card will be the first step in making an introduction. Actually initiating conversation helps, too. Find out about their business focus.

dd to the challenges in developing combination products:

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

While at first glance they seem like a perfect fit for your friend, you may find out that it just isn't so. Conversely, they may be the one link your

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

network friend has been seeking. You will look like a hero.

Knowledge sharing is probably the easiest and the most challenging to reveal. If the kno

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

wledge is just giving a person's name or information about another event, that's the easy part. The knowledge step that some want to hide is what they

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

deem personal success knowledge. It is that secret marketing step with which they've had great results. The mindset is that if they tell others, it w

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

Professional from academic institutions, pharmaceutical industries, health care indust

ll dilute or even negate their success. People who do easily share this type of information find that having others pursue the same avenue helps to fi

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

ne tune the effort. They understand that what they give comes back much stronger. BNI's motto of "Giver’s Gain" certainly applies in this instance.

.

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

ood networking employs people skills. Showing interest and sharing compassion, knowledge and your connections will help to make you stand out. You’ll

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

Companies that provide selfless information through particip

be so much more memorable than the business networker whose goal is to give as many business cards away as possible. Memorable leads to future success

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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