Main Subject - Business

Prepare for your selected events

Optimize the Wealth Networking opportunities of selecting the right events by preparing bef

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

ore you go. You need to refresh your preparation each time you participate in an activity because:

• The people you know may not remember

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

Examples of combination products may in

your earlier conversations or

• They will have developed a need since the last time you met which means they will be listening more a

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

ttentively or

• You will meet new people.Know your solutions

• Forget the elevator speech or the 30 second commercial!<

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

l>• Review the kinds of problems you solve for your best prospectsHere’s a two-part 10 minute exercise that will help you focus your prep

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

Combination pro

aration

Part One: At the top left of a page write the two primary pains you alleviate for your customers. These are not bene

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

fits of your service or product, these are the problems or anxieties or needs your clients and customers typically have.

Examples of primary

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

pains: high employee turnover; low retention of clients and customers; high customer recruitment/marketing costs; low quality products; diffic

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

lty differentiating your company in a crowded market; poor employee morale; complicated technology that costs a lot to maintain; disappointing

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

results from financial investments; resistance to change within the company; training investments that don’t produce long term results.

Once

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

you have the two primary pains your company fixes, think about related pains and write these across the rest of the page. You will be better

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

Following aspects would a

focusing on narrow and deep solutions than wide and shallow ones.

Part Two: Underneath each of the pains, jot down a few wor

dd to the challenges in developing combination products:

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

s that you have heard your clients say that expressed their pain. People don’t typically tell you clearly “I have this problem and I want you

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

to help me solve it.” They will be indirect, telling a story, or giving an example, or relating a disappointment or frustration. It’s up to yo

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

u to recognize when these indirect conversations indicate that they are experiencing one of the pains that you alleviate.

Think about convers

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

ations you’ve had with current clients, and jot down the key words of those conversations Your awareness will be heightened once you have writ

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

Professional from academic institutions, pharmaceutical industries, health care indust

en down the words you usually hear that indicate the presence of the pain.. The ten minutes you spend on this exercise before each event will

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

lead you directly to Wealth Networking.

Now you are ready to go. Remember that Wealth Networking happens when you strengthen the relational c

.

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

onnections, and avoid conversations that are simply transactions.

The second step in Wealth Networking is to be prepared to initiate a relati

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

Companies that provide selfless information through particip

onal conversation. In Chapter Three you’ll learn the single most important question to ask, and when and how to exchange cards in Chapter Four

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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Some times you just need to change your way of thinking and turn a bad thing into a great thing. Learn from other's mistakes.

In a true merger, no one culture should win. Having one side win over the other can be the kiss of death to the deal. Unfortunately, more often than not, what we have experienced in the merger frenzy are acquisitions disguised as mergers. There is typically an acquirer and an acquiree, and the lead company's culture typically dominates.

Some people are happy with just a business card. For others it’s not enough to be glanced at once and packed away. They want to be attached to something that you have to open in order to eat and therefore live.

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