Useful Advices - Business

Today's business is all about relationships. Business networking is a critical strategy and tactic to build those critical

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

business relationships. In observing business owners, executives and sales people at numerous networking events and coachi

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

Examples of combination products may in

ng many of these same individuals, I have recognized 7 consistent networking mistakes. If you avoid these 7 mistakes, you s

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

hould quickly build your business in the New Year.

Mistake #1 – No plan, no goals

Without a networking plan, you waste yo

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

r valuable resources of time, energy and money. Your networking activities should be aligned to the marketing plan and spec

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

Combination pro

ific goals within your strategic plan.

Mistake #2 – Poorly constructed elevator speech

The first 7 words that you speak w

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

hen meeting a potential client, AKA as a prospect, may be the only chance you have with that individual. Your elevator spee

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

ch should be a series of sentences that are linked together with each sentence "elevating" your story.

Mistake #3 – Too bu

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

y telling

As an old mentor said "If you are telling, you

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

ain't selling." The primary goal of the networking event is to make a friend, not to make a sale.

Mistake #4 – No tra

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

cking

Attending networking event after event without tracking the results, again wastes limited resources. Contacts, appo

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

Following aspects would a

intments and eventual sales from each networking opportunity should be tracked to determine sales to close ratio as well as

dd to the challenges in developing combination products:

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

client acquisition costs. This is especially true is you belong to a specific business networking group.

Mistake #5 – Talk

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

ing to "Knowns"

Networking event presents opportunities to cold call in a warmer environment. Since many sales people hate

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

cold calling, they end up talking to "known" friends instead of finding "unknowns."

Mistake #6 – Poor etiquette

Not unde

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

rstanding how or when to join a group of individuals talking with each other is a continual etiquette problem. Additional p

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

Professional from academic institutions, pharmaceutical industries, health care indust

or etiquette includes handshakes, introductions and even table manners.

Mistake #7 – Not being present

Many times network

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

ing attendees believe the goal is to collect as many business cards as possible. In their haste to meet that next prospect,

.

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

they are not present with the current prospect. This does achieve the goal of making a friend.

By avoiding these 7 busine

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

Companies that provide selfless information through particip

ss networking mistakes, you may be able to enhance your networking activities and reap even greater rewards in the New Year

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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We all know that these days one need very good “networking” to get a good break…or jump in their career. As they say, “what you know is not important but whom you know is very important”. At times it so happens that the person you knows…in the industry turns become your boss in any of the future assignment.

Unfortunately, many buyers end up purchasing equipment that lacks the capability and flexibility to meet production volumes and tolerances, simply because they don't understand all available options and considerations. Between diminishing factory orders and increasing labor and energy costs, companies that use plate metal in their fabricating processes are finding their profit margins increasingly pinched.

For both large and small businesses operating on a global market, finding a reliable translation service is a key decision. You run the risk of heavy financial losses if you do not consider your choice carefully.

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