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Main Subject - What’s Your Time Worth – or - HOW TO WASTE $12,000 Networking
What's your time worth? If you regularly spend time attending networking meetings and/or events, you're making a BIG investment. It may not be a large dollar investment, but think about the time you invest. Time, as they say, is money and there's no better way to waste that resource than foll
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
owing these 4 networking tips:
FORGET IT'S BUSINESS A networking event is not a party and getting there is only part of the battle. If you plant y
- Forget It's Business
- Don't Have an Objective
- Wing-It
- Go for the Numbers
FORGET IT'S BUSINESS A networking event is not a party and getting there is only part of the battle. If you plant y
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
urself in a chair or attach yourself to someone you already know well and you're talking about the weather and the great food on the buffet table because it is comfortable; that's not networking.
It's not about the food and it's not about the cocktails so if your idea of a good Chamber After Hours is a free
It's not about the food and it's not about the cocktails so if your idea of a good Chamber After Hours is a free
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
inner and to knock back a few beers, you are probably not seeing a lot of networking success. You're here to make new contacts and develop other important contacts. It's not about making an appearance and it's not to party. BE FOCUSED.
DON'T HAVE AN OBJEC
DON'T HAVE AN OBJEC
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
IVE
Why are you going to these events? (If it's for a free dinner and drinks, we've already addressed that in #1 above.) Who will be attending this event? What client or potential client would you like to meet or get to know better? Make it a point to think through the result yo
Why are you going to these events? (If it's for a free dinner and drinks, we've already addressed that in #1 above.) Who will be attending this event? What client or potential client would you like to meet or get to know better? Make it a point to think through the result yo
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
would like to walk away with.
If it's to meet new prospects, do your homework. Learn about their business before hand. Spend some time thinking of people you know with whom this potential prospect or client may be able to do business with or who they might be interested in knowing. BE PREPARED.
If it's to meet new prospects, do your homework. Learn about their business before hand. Spend some time thinking of people you know with whom this potential prospect or client may be able to do business with or who they might be interested in knowing. BE PREPARED.
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
rong>
WING-IT
First impressions matter. You'll need it to introduce yourself and answer the question "What do you do?" at networking events. If you're a member of BNI (Business Network International) you have to introduce yourself and answer the question "What do you
WING-IT
First impressions matter. You'll need it to introduce yourself and answer the question "What do you do?" at networking events. If you're a member of BNI (Business Network International) you have to introduce yourself and answer the question "What do you
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
do?" every week. And surprisingly even BNIers, who have to recite their 60-sec (elevator pitch, audio logo, etc.) every week, even many of them have a hard time giving a crisp, clear description of what they do and for whom they do it.
Many people you meet at other networking events will be unfamili
Many people you meet at other networking events will be unfamili
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
r with you and what you do so it's important to practice your audio logo so when someone asks "What do you do?", you'll be able to tell them:
- Who your target audience is;
- The problem your target audience has (This is important.); and
- Your solution that solves this problem
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
the benefit your clients get from working with you.
Not only will you be able to tell what you do, you'll sound natural doing it. Be confident, but not stilted or pushy. Remember, a networking event isn't a formal interview any more than it's a party. BE SUCCINCT. (And don't forg
Not only will you be able to tell what you do, you'll sound natural doing it. Be confident, but not stilted or pushy. Remember, a networking event isn't a formal interview any more than it's a party. BE SUCCINCT. (And don't forg
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
t to smile!)
GO FOR THE NUMBERS
I talked about networking being more like farming than hunting in a previous article, Networking: It's a Tool, Not a Crutch. For your networking efforts to pay off most effectively, you should focus on getting to know people and thei
GO FOR THE NUMBERS
I talked about networking being more like farming than hunting in a previous article, Networking: It's a Tool, Not a Crutch. For your networking efforts to pay off most effectively, you should focus on getting to know people and thei
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
r business and on them getting to know you; not on how many contacts you can check off the list. It shouldn't be a card gathering contest.
Networking is about developing close relationships because people do business with people they like and they trust. It's not what you know that counts; and many times it'
Networking is about developing close relationships because people do business with people they like and they trust. It's not what you know that counts; and many times it'
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
not even who you know. It's how well you know them. Focus on the quality of the connections you make rather than the quantity. Look at the person in the eye when you're speaking to them and when they are speaking to you. Don't be scanning the room looking for your next target. BE PATIENT.
<
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cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
trong>And the $12,000, where did that come from? Let's say, on average, your time is valued at $50/hour. (If your hourly rate is more or less make the adjustment to your calculation.)
- You're a member of a local networking group such as BNI. You meet once a week for 90 minute
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
a meeting. You have approximately 30 minutes travel time to and from the meeting. 104 hours a year. $5,200 (not counting the annual membership dues) You meet with your networking partners throughout the year to get to know each other and your work better. You meet i
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
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
dividually as well as in Referral Sphere groups and training venues. Let's assume you have these types of meetings/ gatherings 36 times a year, which is 3 times a month for 1 hour each time. $1,800 You're a member of the Chamber of Commerce and you attend a few Chamb
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
er After Hours events as well as a few breakfast networking (it's called Eggs 'N Issues in Maine) events throughout the year for a total of 26 hours a year. $1,300 You're also civic minded and are a member of the Kiwanis, the Rotary or another civic organization. Whi
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
e technically, your primary reason for joining this group isn't to network, let's face it; you make some great contacts and do some great business through these contacts. Assuming weekly meetings of an hour and a half per meeting you're looking at an investment of 78 hours a year. (This doesn't take into cons
.
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
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
deration the various projects and additional time these organizations sponsor.) $3,900.
$5,200 + $1,800 + $1,300 + $3,900 = $12,200
Whatever time you invest in whatever activities you consider to be valuable networking opportunities, it
$5,200 + $1,800 + $1,300 + $3,900 = $12,200
Whatever time you invest in whatever activities you consider to be valuable networking opportunities, it
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
s important you treat this investment as you would any other financial investment you make. Because when you get down to it, networking IS a financial investment.
BE FOCUSED * BE PREPARED * BE SUCCINCT * BE PATIENT
and remember... BE BOLD. Success starts with a vision
BE FOCUSED * BE PREPARED * BE SUCCINCT * BE PATIENT
and remember... BE BOLD. Success starts with a vision
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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