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Useful Advices - Leads: It’s Not (Just) in the Cards
One of the most enjoyable professional experiences is the “aha” moment that erupts when you’re able to provide a business contact with a lead. It’s a tremendously enjoyable, productive, and effective way to network.
That is, it’s all of these things when it actually occurs.
The thing is, these peak “aha” moments are quite infrequent; and, apparently
That is, it’s all of these things when it actually occurs.
The thing is, these peak “aha” moments are quite infrequent; and, apparently
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
, much less common than most people think. In truth, because these experiences can be so memorable (for all of the reasons noted above), that it’s easy to think that they happen every other week. But upon closer look, it’s probably more like once every few months; maybe a handful of times a year, if you’re lucky.
Paradoxically, while the “aha” lead
Paradoxically, while the “aha” lead
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
link experience is in itself a very efficient thing – because you’re tangibly and measurably helping solve a business problem through your referral – the approach to generating leads is woefully inefficient. This is explained below.
From Bartering to Stores of Value: A Trip Down Economic Lane
To understand the dynamics of the “aha I know someone who
From Bartering to Stores of Value: A Trip Down Economic Lane
To understand the dynamics of the “aha I know someone who
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
can do that” experience in all of its well intentioned but inefficient glory, let’s take a quick glance at one of the greatest inventions in the history of our species: money.
Not all that long ago, if you wanted something – say, a pair of shoes – you had to have something to trade for them. And furthermore, the person selling you the shoes had to n
Not all that long ago, if you wanted something – say, a pair of shoes – you had to have something to trade for them. And furthermore, the person selling you the shoes had to n
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
eed what you had to trade. In other words, if you and your shoe salesman didn’t have mutually aligned “aha” moments, then there was no immediate deal – he was stuck with a pair of shoes that he could have sold, and you were stuck wanting a pair of shoes, and not having them. It was very depressing. Many people went shoeless.
What had to take place,
What had to take place,
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
was that you had to trade your stuff to someone else in order to obtain something that the shoe salesperson wanted. Then, and only then, could you make the deal. It could take months; or just shelved entirely.
And then, cheerfully, money started circulating. And this money was nothing but a store of value. It was a piece of paper (or a piece of met
And then, cheerfully, money started circulating. And this money was nothing but a store of value. It was a piece of paper (or a piece of met
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
al) that held a certain value, and could be traded with ridiculous ease between multiple buyers and sellers. Need some shoes? No problem! Send in some of that money (and add a little bit extra, the service was great) and get a pair. It brought people together, and enabled them to do business because they had money. They had something in their pock
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
et that enabled an “aha” moment to occur.
From Money to Lead Generation: Being Proactive
In a nutshell, the introduction of money allowed people to be very proactive. They didn’t have to wait for infrequent aha moments in order to do business. Thanks to the money in their pocket, they could be prepared for an unforeseeable future. They could, in e
From Money to Lead Generation: Being Proactive
In a nutshell, the introduction of money allowed people to be very proactive. They didn’t have to wait for infrequent aha moments in order to do business. Thanks to the money in their pocket, they could be prepared for an unforeseeable future. They could, in e
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
ssence, experience aha moments all of the time. Several times a day, in fact.
Generating leads through your business network can take the same path, and benefit in much the same way, as the economic system did in its evolution from bartering goods to exchanging money.
How? Simple: when you network, don’t limit yourself to looking for aha moments. T
Generating leads through your business network can take the same path, and benefit in much the same way, as the economic system did in its evolution from bartering goods to exchanging money.
How? Simple: when you network, don’t limit yourself to looking for aha moments. T
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
here’s no need! Rather, learn about what your business contacts do; even if you don’t immediately need them, and they don’t immediately need you.
When you develop relationships with quality partners and learn about what they do, how they do it, why they do it, and with whom they do it, you are in essence acquiring a store of value. You are increasin
When you develop relationships with quality partners and learn about what they do, how they do it, why they do it, and with whom they do it, you are in essence acquiring a store of value. You are increasin
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
your capacity to be proactive, and to generate exponentially more aha moments in the future if and when an opportunity to work together (or make a referral) happens.
The thing to remember here – and it’s important, because it’s a new way of thinking – is that you don’t need to need anything from a potential networking partner in order to proactively
The thing to remember here – and it’s important, because it’s a new way of thinking – is that you don’t need to need anything from a potential networking partner in order to proactively
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
find out all you can about them. Nor do you need to be trying to find a fit for someone who asked you if you “knew someone” who did this or that. As you develop relationships and generate leads, you are adding to your “bank account” of quality partners; both for yourself, for your partners, and for your clients. And at the same time, you’re investin
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
g into someone else’s account; they, too, now know what you do, how you do it, why you do it, and with whom you do it. And when they need you, for themselves or for a contact, they’ll be in touch.
A New Way of Thinking
The freshest way of looking at this is as an opening up of a closed box. For centuries, generating leads has been a reactive exerci
A New Way of Thinking
The freshest way of looking at this is as an opening up of a closed box. For centuries, generating leads has been a reactive exerci
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
se. You (or your business ancestors) went to a so-called networking event, and tried to find a “fit” for your current need. At the same time, you were sought out by other businesses as possibly filling of their current needs. If there was no immediate aha moment – if you didn’t need shoes and someone there didn’t sell the shoes you wanted – then lit
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
tle was accomplished.
And even if you did walk away from a networking event with a pocket-full of business cards, that wasn’t as helpful – or valuable – as it should have been. There was no proactive attempt to learn about quality partners who didn’t fit one of your current needs, or vice versa. In other words, you (naturally) focused on the partner
And even if you did walk away from a networking event with a pocket-full of business cards, that wasn’t as helpful – or valuable – as it should have been. There was no proactive attempt to learn about quality partners who didn’t fit one of your current needs, or vice versa. In other words, you (naturally) focused on the partner
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
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
that could help you here and now; and so did the other people in the room.
But that’s the closed box; and it’s extinct (but doesn’t quite know it yet). The new way of looking at this – the open box – is to proactively generating leads regardless of whether there is a current need.
This increases your bank account of potential partners down the road
But that’s the closed box; and it’s extinct (but doesn’t quite know it yet). The new way of looking at this – the open box – is to proactively generating leads regardless of whether there is a current need.
This increases your bank account of potential partners down the road
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
, and at the same time, increases your exposure to quality professions in various walks of workforce life. Indeed, even if a business deal is never struck with a proactively generated lead, the cross-dialogue with quality, excellence-driven professionals can be incredibly rewarding and totally profitable. After all, as we all know, innovations in how
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
business is done is not limited to any particular field or type of professional; knowing how an automotive manufacturer is successfully anticipating customer demand can help you sell your hotel rooms. Learning how a marketing firm is branding itself can help you increase market share for your law firm.
It’s Not Just About the Cards
“Aha” moments wi
It’s Not Just About the Cards
“Aha” moments wi
.
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
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
ll still pop up from time to time, and they’ll still be very enjoyable experiences. But remember: networking these days, and in the future, isn’t merely about trading cards and seeking that rare “oh yes, I know someone who can do that” moment. It’s about proactively building your business bank account with stores of value; with information that you h
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
ave learned from actively generating leads.
In this way, your access to new business professionals will increase as your circle widens and opens outside of its conventional framework. The results? More “aha” experiences. A high quality network of diverse professionals who can provide answers and insight. And, of course, our old favorite: more money
In this way, your access to new business professionals will increase as your circle widens and opens outside of its conventional framework. The results? More “aha” experiences. A high quality network of diverse professionals who can provide answers and insight. And, of course, our old favorite: more money
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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