Useful Advices - Business

Networking and marketing may be similar but they are definitely not one in the same.

Networking is the art of making acquaintances and sharing information about yourself, your business or product. Its purpose is to build relatio

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

nships that offer a mutual opportunity for both parties to prosper.

Marketing is publicizing a service or product with the intent of closing a sale.

In promoting my business, I use networking efforts far more than sales and mark

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

Examples of combination products may in

eting tactics mainly because it is fun and I love people. I don’t like to be face-to-face or on the phone with a pushy salesperson and I do not enjoy hard-sell printed ads that use in-your-face (blatant) methods to persuade me to

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

uy a product. Many times these ads are boastful and make promises that I know cannot be fulfilled by the product. On the other hand, I do enjoy reading content-rich articles or listening to an online seminar or teleclass that off

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

ers good information even if there is a subtle sales plug in it. I also like to talk with people and find out more about them and what they do. Many times that involves the swapping of information about the services and/or product

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

Combination pro

we each offer. This information is shared for the purpose of building a friendship and helping one another grow our businesses.

By letting me know what you do or have to offer, I will keep my eyes and ears open for someone I mee

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

t who might benefit from your products or services. In the same manner, the person I share my information with may know someone who needs a writer and because we now have a business and personal relationship, they will recommend m

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

. After all, most people would rather utilize the services of an individual or company who has been recommended by someone we trust rather than hiring someone from the Yellow Pages. For example: if you need an auto repair would yo

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

u rather take your car to the mechanic your friend has been satisfied with for years or would you rather drive into a greasy garage not knowing anything about the reputation of the company?

Ways to network

I enjoy reading

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

newsletters so I have subscribed to several. In them I find people and services that interest me and I take the time to email or call the person to say hello. Many times I’ll offer to put an announcement in my newsletter or ask to

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

interview them for my podcast, thereby furthering their opportunity to have their name or product in front of people on my subscriber list. In return, I have content-rich material to offer my readers and listeners. I always use a

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

Following aspects would a

permission-based service to launch my newsletters. Spamming is no way to network or build a relationship.

Where to Network

The possibilities are endless. If you meet someone at the gym, or at school, or church, or in you

dd to the challenges in developing combination products:

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

social club, or while dining out, you have an opportunity to make a new friend and do some networking. Think of the times when you have taken a silent elevator ride with a stranger. Who says that person has to be a stranger by th

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

e time we reach the 7th floor? Most people know what an “elevator speech” is and a good networker has refined their one-minute blurb to a few concise sentences that explain who they are, what they do and how they can help people.

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

e bold and make the attempt to speak to people. Even if you only have one minute with a stranger, introduce yourself. Be friendly and always have your business cards handy.

Tools

You still need some marketing tools when n

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. I give people my brochure, a giveaway item or a business card with my contact information whenever I talk to someone. Otherwise, they may forget your name and web address by the time they have access to paper and pen to

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

Professional from academic institutions, pharmaceutical industries, health care indust

write it down. I give two of any item so the person I’m speaking with has a way to contact me and they have something to give to the next person they tell about me. Networking is a win-win situation for everyone.

How has networki

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

ng paid off for me? I met the terrific writers in the Lieurance co-op through my networking efforts and I have learned a lot from each one. We have swapped books and sent leads to one another. I have found new clients through netw

.

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

rking groups such as Meetup.com, Toastmasters and NashvilleCable.org. I have found opportunities for book signings, to participate as a vendor at local events, and to appear as guest on several radio shows. I also found a good fr

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

Companies that provide selfless information through particip

iend and publisher/editor Valerie Connelly of Nightengale Press to publish my next book.

We all benefit from networking. Give it a try. You might be pleasantly surprised by how fulfilling it is to help others as you help yourself

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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Why a successful business person could use a coach, is no different than why a professional athlete needs a coach. We all have limits and boundaries, but with a coach, you can learn to succeed beyond those limitations.

Always promote with benefits over features. Benefits show the value of your products. They solve your particular audience's problem! They sell your product or service.

People literacy is knowing how to read and understand the behavioral style differences of others.

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Useful Advices - The Difference Between Networking and Marketing

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