Main Subject - Business

Networking is perhaps second only to cold calling in terms of the contention it creates as an effective small business marketing strategy. Some small business marketing expe

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

rts say that networking is a waste of time; others insist that it’s the only small business marketing tool that’s really vital to success.

The debate probably arises because

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

Examples of combination products may in

of differences in what networking is. Staying in touch with past customers, for example, is undoubtedly a highly effective and important small business marketing tool. Regu

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

arly attending networking functions may or may not be as effective a small business marketing tool.

So let’s consider those two types of networking separately:

Networking t

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

pe 1: Staying in touch with past and current customers as well as those who have inquired about your services

This type of networking is probably one of the most important s

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

Combination pro

all business marketing tools you have. Past and current customers, as well as those who have inquired about your services make up the ideal small business marketing list: pe

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

ple for whom you have complete contact information and who, you know, are interested in your products or services.

To successfully network with these customers and prospecti

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

e customers, set up a way to contact them on a regular basis. One way to do that is through a monthly (or quarterly) newsletter in which you offer relevant information (news

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

etters have the added benefit of positioning you as the expert). Another is to send out promotional offers that will entice those customers to return and do business with yo

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

again. Yet another is to send holiday cards (try sending cards on holidays that aren’t traditionally celebrated with cards, such as the Fourth of July or Thanksgiving to re

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

lly stand out from your competition).

Networking type 2: Attending networking functions with other business owners

Attending networking association functions is no doubt le

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

Following aspects would a

ss effective than the first type of networking. Some small business owners consider this second type of small business marketing to be a complete waste of time, while others

dd to the challenges in developing combination products:

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

find that they make contacts that turn in to business customers.

Perhaps the best argument against attending networking association functions as a means of small business ma

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

keting is that your network association is made up of other small business owners just like you who are anxious for customers, not looking to make friends with other small bu

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

iness owners.

The flip side of that argument is that networking associations, when run well, offer you a chance to network with other small business owners selling different

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

kinds of products or services from whom you may get referrals or with whom you may start a joint venture.

If network associations are going to help your small business marke

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

Professional from academic institutions, pharmaceutical industries, health care indust

ing efforts, though, they should meet a few conditions:

1. They should limit members to one business in each market sector, so that you’re not “networking” with your c

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

mpetition

2. They should require each member to meet a leads quota – to ensure that no one is trying to free ride

Whichever type networking fits well within your smal

.

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

business marketing strategy, the key point to remember is that staying at the forefront of your contacts’ minds is critical to getting the referral (or the repeat business,

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

Companies that provide selfless information through particip

n the case of current and past customers). There are a number of software programs that will help you establish a list of contacts and remind you when it’s time to follow up

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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