Advice You - Business

How many of you think networking is overrated?

I used to think so. Not until recently I started realizing that everything I have (my apartment, my car and my real estate) and everyone I know (my boyfriend, my friends, my

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

colleagues) are all results of my past networking. Networking is a fancy word for building relationship. Most people think networking is planned activities that only happen in a defined space for a short period of time

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

Examples of combination products may in

(i.e. drinking champagne in your best outfit at cocktail party for 3 hours talking about nothing). My suspicion is that probably someone in the professional world invented this term just to make it sounds more technical so

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

the introverts would just shy away. My fellow readers don’t let this little trick fool you. The true definition of networking is building relationship & rapport with new friends while being yourself anywhere anytime.

D

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

esn’t this sound easy enough?

I know what you are thinking about right now: ‘It is easy for you to say. You are an extrovert! How about the shy bunch like me? It doesn’t matter where and when, I am just not comfortable t

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

Combination pro

alking to strangers!’ Trust me I know how you feel. I am an only child and I was very shy as a kid. If you grew up in a city like Hong Kong with 2 working parents, the chances were you would spend a lot of time alone i

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

n your tiny apartment. I had a few friends in school yes, but it’s not that we could go out and play on the street after school. Hong Kong is a big city with almost 7 millions people. Even though the crime rate was (stil

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

l is) relatively low compared to the US, kids were usually not allowed to leave the house until at least we were 13 or 14. So what did I do home alone before I was 13? Not much! Not until I came to the U.S when I was 1

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

, my situation changed from ‘no one to talk to but I still have my parents’ to ‘no one to talk to but I really have no one!’ In extreme situation as such, I was forced to break out of my cocoon. I trained myself to talk,

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

build relationship and make friends.

Here is my 7 Rules of Networking Made Easy:

1) Ask questions. The truth is everyone loves to talk about themselves. When I say ask questions, I don’t mean what is you

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

r name or what do you do for living types of questions. I meant real questions that bring up the past, the feeling, the experience and passion out of your new friends. Vice versa, when someone ask you: ‘How are you?’ Don

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

Following aspects would a

’t just say I am fine then stop there. Speak with sincerity and put some context to your fineness. For Example: I am doing great because I just closed a BIG deal in San Francisco.

2) Offer help. You can always add

dd to the challenges in developing combination products:

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

values to someone’s life anytime anywhere. Offering help doesn’t mean you have to spend hours of research and work overnight to make things happen. Send your new friends a thank you note with information you think they mi

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

ght be interested such as an intriguing article, shocking news or fun facts that could benefit them.

3) Business Cards. Always bring and offer your business cards. This does show your professionalism and you alway

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

s seem prepared. If those who work for yourself; design a unique business card that make you stand out. (Check out Scott Ginsberg’s How to Make Your Business Cards UNFORGETTABLE)

4) Write things down. After a good

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

conversation, ask for their business card immediately and jot down how you can help. If the person didn’t bring their business card, ask for their contact anyway and write things down on your notebook.

5) Set goal an

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

Professional from academic institutions, pharmaceutical industries, health care indust

practice. Set goal to meet someone new person every week. Networking does take work. The more you practice the more you will get better.

6) Follow Up. If you promise someone that you will send them info. Do

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

it within the next 24 hours.

7) Be yourself at all time. You cannot pretend to be an angel at a cocktail party and become a bitch at Starbucks yelling at the barista. You never know who is behind you waiting in l

.

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

ine.

To recap, the 7 Rules of Networking Made Easy

1. Ask Questions

2. Offer Help

3. Bring Business Cards

4. Write Things Down

5. Set Goal and Practice

6. Follow Up

7. Be Yourself at All Time

All of us are unique.

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

Companies that provide selfless information through particip

We are all worthwhile individuals that everyone should meet and learn from. There are also great people on the street waiting for you to meet them. Have fun networking and turn the next stranger to your new best friend

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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Putting words on paper that cause people to take a desired action is the most profitable skill a small business owner or sales professional can learn. I often get asked if there are any secrets to banging out effective copy.

So you’re starting a small business. You figured out what you wanted to sell or do and went out and got it all set up, had your DBA framed and on the wall and now all you need is for someone to buy your product or use your service. Right? How are you going to go about getting your public to know you even exist?

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