Main Subject - Business

Once again, I experienced why ethics is so critical for today's small business owners and why many small business owners just don’t get it.

The other day I was invited to a networking event from someone whom I had just met at another networking event. He said that there would be some time f

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

or us to get to know each other better, information presented about his company and there would be opportunity to meet some potential prospects. I asked two very direct questions that I advise all my entrepreneurial and small business clients to ask:

Would those in attendance be

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

Examples of combination products may in

in my target market of small business owners of $1 million to $10 million in sales?

Is this a multi-level marketing event?

I was told emphatically Yes and No. So I agreed to come because I believe in power networking: Attending as many networkin

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 events that are in or potentially in your target market.

After registering for the event at the front door, I then was given a tour of the facility with the emphasis on the people within each office and their accomplishments. My ethic's detector antennae(EAD) began to tingle. Then I w

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

s introduced to a variety of associates who began asking me personal questions. Now my EAD is in full vibration. From a sales process, these individuals hadn't established any relationship, but presumed that my relationship with the person who invited me immediately extended to them. There r

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

Combination pro

eally wasn't any opportunity to meet any potential ideal prospects because each guest was being held in conversation by anywhere from one to three associates nor was there any time to meet with the individual who invited me because he was circling the room meeting all the other guests. Now th

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

words, multi-level marketing and cult began circling in my head.

Given that my time is quite valuable, I asked one of the associates as tactfully as possible if this was informational or a recruitment meeting. Again, I was told it was informational, absolutely not a recruitment meeting an

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

d to please keep an open mind because everything would be shortly explained.

Guests were then directed to a small room with stacking chairs (minimum padding) and spent the next almost 2 hours listening to their successful marketing director all the reasons to buy into this multi-level market

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

ng business. Since I was in the back of the room and was not raised to be a rude individual, I stayed. However, I was not a happy camper because I was definitely lied to by the person who invited me because 2 of the 3 points on the last Power Point slide specifically involved recruitment.

W

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

hat really bothered me was that the majority of people (mostly young people under the age of 30) in the room were actively listening to this sales pitch which was identified numerous times by the marketing director as not a sales pitch. After all, if you joined them part time you could make

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

ver $20,000 annually by just working with 4 families in a month. Of course, the marketing director did not say that you need 4 new families each month to sustain that income. As the old adage goes If it sounds too good to be true, it probably is.

So what does this have to do with et

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

Following aspects would a

ical values in business? Absolutely everything! Ethics first and foremost are about being honest. When I asked the associates what they did, the only response was We help people. Any further questions were slickly evaded by having a new associate enter the conversation

dd to the challenges in developing combination products:

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

.

Second ethics is a referral mechanism or criteria. Since I network a lot, I also believe in referrals. Ethics is about knowing individuals and what type of values that guide them. Since I was intentionally mislead, I can no longer refer this individual or his organization and when asked w

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

ll honestly share my perception that this is not a reputable firm no matter what some nationally known business guru said.

As in this case, not only was I mislead by the individual who issued the invitation, but the associates I met at the firm as well as the marketing director. Isn't it

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

funny that a firm can’t even be honest and call their marketing director a sales director? I guess by calling them a sales director would be too honest or ethical and might scare people. NOTE: Upon returning home, I did a Google search of this organization and discovered yes they were

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

multi-level marketing firm. Yes, I should have done this before accepting the invitation, but I believed that the person was forthcoming in directly answering my 2 questions.

So you as a small business person who may actually have such a firm in your formal networking group can avoid my une

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

Professional from academic institutions, pharmaceutical industries, health care indust

thical networking experience by following these two rules. (I used to have only one rule, but expanded to a second one.)

Directly ask if your potential client market will be there?
Do a Google, Yahoo, etc. search on the Internet regardless of the response to question #1
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
>

You will learn two things. The first is the ethics of the person involved and the ethics of the organization. Possibly the individual has been conditioned hence why the word cult is used as a descriptor not to think of the organization as MLM.

Small business owners have limited ti

.

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

me and need to leverage every moment to build their business. Networking is one such activity. Yet, when other small business owners take advantage of their colleagues through the demonstration of unethical business core values, then everyone loses.

I am sure that this national firm will c

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

Companies that provide selfless information through particip

ntinue to grow because many individuals want that magic pill for success. However, I believe that by being a lot more ethical, this firm and some of the other similar firms could grow with greater speed and not earn the negative unethical reputation as a cult based multi-level marketing firm

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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