Useful Advices - Business

You can create Wealth Networking magic in a minute--but not if y

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

ou stick to the same old advice to memorize your 30 second comme

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

Examples of combination products may in

cial and be prepared to engage in small talk. When was the last

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

ime that a 30 second commercial recited to you triggered your bu

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

ing impulse--or even the impluse to talk to the person again? Wh

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

Combination pro

n did a sincere and deep business relationship develop as the re

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

sult of ten minutes of small talk or schmooze? It may be fun to

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

ak about the local team but that's not the way to find out anyth

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

ng about the other person's business hot buttons.

Wealth Networ

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

ing is about the creation of the NET--the connections that the g

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

nerate trust that leads to interest in spending more time explor

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

Following aspects would a

ing how you can work together--either as customer/vendor, referr

dd to the challenges in developing combination products:

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

ls partners, or vendor partners. The Net connections must be tig

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

t and numerous and strong.

Networking Don'ts

1. No 30 second c

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

mmercial

2. No schmooze

3. No beating around the bush

Wealth

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

etworking Do's

1. Ask the single most important question 'What'

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

Professional from academic institutions, pharmaceutical industries, health care indust

s the biggest challenge in your business today?'

2. Listen to t

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

e answer (that is, listen, listen and listen some more)

3. Find

.

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

out if this is something the other person wants to fix now.

4.

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

Companies that provide selfless information through particip

ake specific plans to strengthen the connection in the days ahea

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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Corporations in every sector are spending more than ever before in an attempt to improve their customer service levels. Every year they pour hundreds of millions of dollars into new systems and training programs that promise them the ability to win customer loyalty. Despite their efforts, however, customer satisfaction results continue to fall. Why aren’t these massive efforts paying huge dividends? One would think that by now the organizations that have committed these vast resources would have a large cadre of satisfied, loyal customers, but in most cases just the opposite is true.

Can a brochure pump up leads and sales? You bet, with careful planning and smart execution.

Always compensate with cash anybody that provides you with a business referral. This article explains why.

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Useful Advices - Wealth Networking Don'ts and Do's

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