Main Subject - Business

What is networking? Networking is a way to meet new leads, possible partners, idea makers, and/or problem solvers (“potentials”). Networking is a way to advertise you

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

r business and/or services. Networking is a way to expand your business, make deals, and make money!

Networking is not a business card dumpster. In other words, you

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

Examples of combination products may in

should not go to a networking event with the intention of dumping as many business cards as possible. The quality of a contact is far more important than the quantity.

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

You do not want to shovel your business cards away or waste your time talking to somebody that has no chance of yielding any possible results for you.

Networking eve

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

ts can be dangerous. You would be surprised how many people go to these events thinking that passing out business cards constitutes effective networking. How is this

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

Combination pro

different from passing out your business cards in front of a grocery store? The point is, you do not need to go to a networking event if all you want to do is pass out

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

business cards. Networking events are your time to shine! Show who you are and what you and your company are all about.

Some guidelines should be followed in order

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

o guarantee a successful networking event. First, DO NOT BE SHY! You are not going to these events to huddle in a corner and to hope somebody talks to you. This is n

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

ot a sixth grade dance! Do not hide in the shadows! Do not wait for people to come to you. You have to be aggressive, but not pushy. Introduce yourself, strike up a

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

conversation, and get the ball rolling.

Make sure you keep your meetings short. Although you are looking for quality, you can only do that by talking to as many peop

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

e as possible. Remember, you are going into these events blind. Usually, you only have a general idea about the type of people that are going to be at these events.

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

Following aspects would a

This means that you do not know their motivation level, their goals, their skills, or their business. As such, you need to meet many in order to benefit from the few.

dd to the challenges in developing combination products:

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

Keep your conversations short, sweet, and on point.

What should you talk about at these events? Logic tells you that you should pitch your business and tell everybod

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

y you meet everything about you and your business. I caution you not to do this. In these situations, you should use the restaurant metaphor. Think about it like thi

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

; when going out to eat, most people have an appetizer before they dive into the main course. Think about that in networking situations. Networking events are the tim

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

e to give “potentials” a small taste of your business. Your goal at these events is to build curiosity, wonder, imagination, and excitement. By doing this, you will s

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

Professional from academic institutions, pharmaceutical industries, health care indust

ee a large increase in your follow-ups.

You need to bring a little hardware to these events. Bring business cards, a writing utensil, and a small notebook or notepad.

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

Talk to people before forcing your card onto them. Do not waste a perfectly good business card on somebody you feel will yield no results.

Lastly, but most important

.

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

ly, be polite, approachable, and yourself. You could have a great product, but if people do not like you, they will not work with you. Make introductions easy, make t

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

Companies that provide selfless information through particip

he conversation interesting, and most importantly, be polite. Your reputation travels fast at these events. Be the life of the event and make sure people remember you

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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No matter who you are the banks, business angels or government agencies who are lending you the money all want to know that their money is safe.

You are in business to accomplish several goals. The main goal, and rightfully so, is to make a profit! Seems like a simple enough end result for all of the hard work you and your teams have poured into your business craft. Well, perhaps not, especially if your firm’s basics are in disarray.

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Main Subject - How to Maximize Networking Opportunities

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