Useful Advices - Business

I often hear clients and colleagues say that they wish they lived in or closer to a big city that offers many networking opportunities.

I count m

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

yself fortunate to live in such a city—and one that has a strong entrepreneurial presence—that offers countless networking opportunities. But to t

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

Examples of combination products may in

ll you the honest truth, I only belong to one local networking group for women in business. Why only one? Local networking is time-consuming and e

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

pensive.

I do, however, participate in many other forms of networking. Here are some examples of how you can network, without leaving your office

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

Yahoo Groups, Google Groups, et al: Hang out with your target market, competitors and colleagues. The secret lies in

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

Combination pro

our participation.

Online networking organizations: Most are fee-based, but there’s no need to get dressed, drive and sp

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

nd money on a meal, cocktail or entry fee. The trick is to not only join industry-specific organizations, since they may be attended by some of yo

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

ur competitors. Join at least one group targeted to your clientele, rather than your peers.

Volunteer your services: By

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

olunteering your services to a charitable organization or to a company whose philosophy or product you admire, you gain experience and make valuab

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

e connections that you probably wouldn’t have otherwise. This gives you a chance to make yourself known to people you would like to work with, tha

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

are associated with communities, products or services toward which you want to expand your market.

Past clients: Keep t

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

Following aspects would a

abs on them and their industry. Is there someone in your network you can refer to past clients? This makes them more likely to remember you and re

dd to the challenges in developing combination products:

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

urn the favor. Execute an “appreciation campaign” designed to let your past clients know that you keep them in mind by sending out small promotion

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

l items, for example.

Social groups: Do you belong to a club, social organization, family-oriented group, sports team, e

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

tc? Do they know what you do? Do you know what they do?

Keep in touch: Make sure your contacts know where you’re at and

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

ow your business is doing by sending regular updates or even a newsletter. This way, they know your business is doing well and it inspires confide

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

Professional from academic institutions, pharmaceutical industries, health care indust

ce if they should ever need your services in the future. Remember, networking does not mean pumping business cards out to everyone you

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

meet. Everyone knows someone else. Maybe their network contains your target client. The point is they can’t know if you don’t tell them, and remi

.

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

d them (subtly, of course). So go through your business cards, address book (personal and professional) and find ways to tap into the networking o

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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