Main Subject - Business

The Art of Business is the Art of Relationships. After all, wouldn't you rather do business with someone you know and like rather than with someone yo

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

u don't know or don't like? So if that's the case, doesn't it make sense that the more relationships that you have, the more business that you will al

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

Examples of combination products may in

so have? So how do you create more relationships? Networking, that's how.

I've said it many times, the art of networking is the most crucial skill t

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

o your sales career. Networking leverages your sales ability by maximizing the amount of eyes and ears that are working to send you recommendations an

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

warm leads.

Networking is not about using people. In fact, it's quite the opposite. Networking is about forming deep and long lasting relationships

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

Combination pro

with people that hopefully can help you to achieve your goals. And the best way to get what you want is to help other people get what they want.

I'v

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

e been to networking functions and seen "sales professionals" walking around with a pocket full of business cards, just handing them out to anyone that

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

will take them. They walk up, introduce themselves, hand out their card, ask for a card in return and then without much more investment of time, they

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

walk off looking for someone else to do it again with. How much benefit do they really believe that they are going to get by spending an average amoun

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

t of about five minutes with each person that they meet? How much can you really find out about someone in five minutes? How much real bonding is goi

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

g on here. The problem is that unless there is an immediate reward, most people don't want to invest much time in building a new relationship.

The ot

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

Following aspects would a

her mistake that I see at networking functions is when the attendees seek out people that they already know and spend most of their time just chit-chat

dd to the challenges in developing combination products:

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

ting. This is not networking. As long as you are taking the time to attend these networking functions, you might as well try to meet some new people.

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

And when you do, take a real and genuine interest in them and their careers and look for ways that you can be of benefit to them. By taking an inter

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

st in them and their job, you are demonstrating to them the value of a relationship with you. When they realize that you are not trying to get somethi

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

ng out of them, but instead you are looking to help them, the seeds of trust are planted and trust is the foundation of a strong relationship. But wha

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

Professional from academic institutions, pharmaceutical industries, health care indust

t about you and your needs? Well, the rule of reciprocity will take care of that. No one can be helped without them feeling a need to return the favo

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

. And here is where a leap of faith comes in. Even if the person that you are helping is not in a position to return the favor immediately, somehow,

.

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

someway, your benevolence will be reward, perhaps even from some unexpected source.

By repeating this process multiple times over the course of your c

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

Companies that provide selfless information through particip

areer, you will create a network of valuable business contacts that leverage your sales ability by having more eyes and ears looking out on your behalf

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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