Useful Advices - Business

I have a client who came to me complaining about a lack of business. He started his accounting business six months ago and has spent months and a good deal of money designing and building a dece

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

nt website, brochure, post cards, etc. He is also a member of a BNI (Business Area Network) group. However, he wasn't doing the business he thought he would be doing by now. I asked him why he 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

hought new business was slow in coming in. He told me, "Because no one is referring good business to me".

...hmmmm. Excuse me? You're business isn't growing because no one is referrin

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

g to you? ...Being the diplomatic person that I am I didn't actually say that. I did, however, start a line of questioning that guided the conversation to the topic of success, his success - or the lack thereof

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

being his responsibility, not his fellow members', nor his competitors', his spouse's, his mother's or anyone else's.

Don't get me wrong, BNI is a wonderful organization and I've built relatio

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

Combination pro

nships that have been instrumental in my business success. Did you notice, however that I said "the relationships I'm building have helped me." I didn't say "the BNI members gave me business"

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

.

To the small business owner word-of-mouth-networking is one of the most important and cost-effective practices you can use to promote your business. The numbers of small businesses are growin

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

dramatically. With that there are more and more organizations providing networking opportunities every week - every day, for that matter.

Most small business owners know the importance of word-of-mouth

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

networking, but like my client, most don't understand that it is just one 'tool' you use to build your business; it's not something you do and then you wait for the clients to arrive when others direct

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

the business to your door.

As Ivan Misner, the founder of BNI, says; "Word-of-mouth is more about farming than it is about hunting." Your goal with n

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

tworking should be to get to know people and their business and for them to get to know you. Networking is about developing close relationships because people do business with people they like and they trust.

I

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

Following aspects would a

t's not what you know that counts; and many times it's not even who you know. It's how well you know them that counts.

Networking isn't something that necessarily come naturall

dd to the challenges in developing combination products:

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

y; it's a learned skill for most. There are a number of things to keep in mind if you want to increase your business through networking, the first being, you have to put yourself out there.

For example,

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

my client attends his weekly BNI breakfast. ...that's it. The rest of the week he gets up - drives to work - works - goes home ...and does it all again the next day. Sure he sees friends and has a life

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

but regarding networking efforts - his weekly BNI meeting with 25 or so members is it. Word-of-mouth networking, to be productive, needs to involve more than 25 'mouths'. You need to be visible in the community

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

and participate in a variety of networking groups and trade associations.

A friend and BNI member, Carl Loomis is master networker. In addition to BNI, Carl is a Greater Portland Chamber Ambassador, the past p

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

Professional from academic institutions, pharmaceutical industries, health care indust

resident of the Portland Kiwanis, the first to volunteer to support a colleague by sponsoring a team at an upcoming American Cancer Society fund raising event, get thrown in jail every year during the Muscular D

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

strophy fund raiser... and on, and on, and on… Everyone knows Carl and Carl knows everyone. He's not only a great networker, he's a great guy. Or maybe he's a great networker because he’s a great gu

.

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

y?

The point is, networking isn't 'doing time'. Networking is getting out there, getting known and participating in the community and operating under the philosophy "Givers Gain". At

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

Companies that provide selfless information through particip

the end of the day, it's your business and your responsibility. Networking, while a good tool, is just that; a tool. It's up to you to use it.

And remember, Be Bold! It all starts with a vision

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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Useful Advices - Networking - It's a Tool, Not a Crutch

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