Useful Advices - Business

Many people think that there is some diabolical contest between the importance of networking and cold-call

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

ing in the pursuit of higher sales numbers and advancing marketshare.

WRONG.

To be successful in your bu

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

Examples of combination products may in

iness it is not choosing between "networking" or "cold-calling".....it is a combination of cultivating all

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

skills....and actively using both to increase your level of success.

If you only cold call you are placi

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

g your future success in the hands of strangers, and by only networking you are relying 100% on those you

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

Combination pro

lready know. To own your future yourself you must do both.

Neither of these business disciplines is diffi

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

cult, but professionals often shreek in fear at the thought of both of these very importance business prac

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

ices. There are countless examples of professionals who have been wildly successful using just one of thes

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

e skills, but most who reach the top are experts at both. (*I do not know of any who have increased their

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

ales by avoiding both skills). Ask any sales person and she will tell you that she uses a variety of techn

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

ques to achieve her goals.

I believe that the networking and cold-calling should work together. If you de

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

Following aspects would a

velop a good network of contacts and have a reputation of high integrity, then you will get more referrals

dd to the challenges in developing combination products:

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

While you will still need cold-call on potential customers, if you and your company are well known in you

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

r business community, then your calls wont be "chilly". Quickly establishing that you have mutual contacts

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

in business will lead to a better chance the other person will take an interest in your product or service

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

Remember, your networking and cold calling efforts are both tools that can lead to more sales. You need

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

Professional from academic institutions, pharmaceutical industries, health care indust

to appreciate both and learn to improve your skills. Do not make up excuses about why networking or cold-c

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

lling do not work. They do work for millions of other business professionals. If they are not working for

.

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

you, then figure out why and adjust how your approach. There are countless books, tapes, websites, blogs a

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

Companies that provide selfless information through particip

d seminars that can help you improve your business skills. Do not wait for your skills to expand by magic

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 vs. Cold-Calling

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