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Main Subject - Wealth Networking - What a Catch
Imagine there are three fishing nets in front of you. The first one is full of business cards you collected during a networking event. The next one has no cards because you spent all your networking time giving away your own cards. The final net has a few business cards and writ
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
ten on them are times and dates for mutually agreed-upon follow up phone calls.
Which networking style is your favorite? Each approach seems to have a benefit. If you collect lots of cards, you can add those people to your database and mailing list. If you give your card to eve
Which networking style is your favorite? Each approach seems to have a benefit. If you collect lots of cards, you can add those people to your database and mailing list. If you give your card to eve
; 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
yone, you are fulfilling the axiom that ‘it’s not who you know, it’s who knows you.’ If you exchange cards with a few people and make plans to follow-up, there is a chance that you could do business together.
What if you suddenly realized that what is important is the net itsel
What if you suddenly realized that what is important is the net itsel
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
f? Look at a net. Small, light weight fibers are connected together and those are connected to other small fibers. It’s the intersection of the fibers that creates the net and that gives something quite flimsy serious heft and utility. You should approach business networking wit
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
that mind set: create the net, tighten the connections, and increase the number of connections and the ‘working’ will fall into place. The greater the number of tight connections there are the greater the wealth the net will capture over time.
How do you create a strongly conn
How do you create a strongly conn
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ected wealth network? Focus on the connections and the wealth network will build itself.
1) Attend networking events where the people you want to meet will be
• Know the profile of your best prospects (yes, the best, this costs time and money, so use your resources wis
1) Attend networking events where the people you want to meet will be
• Know the profile of your best prospects (yes, the best, this costs time and money, so use your resources wis
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
ly)
• Know the profile of the typical attendee to a particular networking event – select ones where this profile matches your prospect profile
2) Prepare for networking events
Let’s start with how not to prepare—forget the elevator speech or the 30 second commercial!
• Know the profile of the typical attendee to a particular networking event – select ones where this profile matches your prospect profile
2) Prepare for networking events
Let’s start with how not to prepare—forget the elevator speech or the 30 second commercial!
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
You don’t need, or want, a perfect 30 second commercial or elevator speech.
Why? They are phony—who talks like that? Who listens like that? Who connects like that? They are all about you—and the other person, whom you have just met, wants to tell you about himself or herself. T
Why? They are phony—who talks like that? Who listens like that? Who connects like that? They are all about you—and the other person, whom you have just met, wants to tell you about himself or herself. T
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
at’s the human way. So don’t fight it—make this self interest work for you.
What should you do to prepare?
• Review the kinds of problems you solve for your best prospects—make this a short list of succinct ideas
• Review the comments people make that tell you they have these
What should you do to prepare?
• Review the kinds of problems you solve for your best prospects—make this a short list of succinct ideas
• Review the comments people make that tell you they have these
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
problems – in other words, people typically talk around their problems and you have to interpret and check them out
Here’s a short routine to practice out loud until it is second nature: • Ask the other person: “What brought you here today?” Then you listen, listen, listen
•
Here’s a short routine to practice out loud until it is second nature: • Ask the other person: “What brought you here today?” Then you listen, listen, listen
•
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
Then ask: “What’s the biggest challenge in your business today?” You encourage the speaker to elaborate with quiet phrases such as: ‘really’, ‘tell me more about that’, ‘what have you done?’, ‘how has it worked?’
3) Card exchanges:
If another person asks you some questions fi
3) Card exchanges:
If another person asks you some questions fi
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
st and you decide to answer them, do not immediately offer your card. Wait until the other person asks for your card. Then—be deliberate in how you give it away.
Your card is valuable, and you want something in exchange for it. Say, “thanks for asking for my card” while you are
Your card is valuable, and you want something in exchange for it. Say, “thanks for asking for my card” while you are
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
holding it carefully in your hand. “I just wonder, what did I say that made you decide to ask for my card?” You get a lead on what problem they think you might be able to solve. You can ask a little more about this while still holding your card—“has this been something you’ve b
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
en working on/trying to fix/having difficulty with for a while? How long? What have you tried? Are you looking for help?“
Ask them to invite you over or to call them, then give them your card.
4) Follow up:
Lack of effective follow up is one of the main reasons why people who
Ask them to invite you over or to call them, then give them your card.
4) Follow up:
Lack of effective follow up is one of the main reasons why people who
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
attend networking events don’t fill their net with wealth. Follow up enhances the first tentative steps towards connection.
Follow-up isn’t inundating people with emails. It isn’t sending them some literature.
It is sending a short, handwritten personal note, followed in two
Follow-up isn’t inundating people with emails. It isn’t sending them some literature.
It is sending a short, handwritten personal note, followed in two
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
ays by a phone call. If you have had the value add conversations/connection at the networking events, you have information that is very specific to them—their challenges and what they’ve tried to do about them—and their invitation for a meeting or call.
Not everyone who told yo
Not everyone who told yo
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
u their challenges and even said they were looking for help will in fact end up doing business with you. They’ll screen your calls and hide behind voice mail. After you’ve done what you promised to do, you can decide to keep in touch in a less personal way. Don’t keep calling an
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
leaving messages that you are “following up.”
Those that do respond are the ones to invest in. They will work with you and together you will strengthen the connection. Over time, the connection between you can expand to create connections with others--people they refer to you,
Those that do respond are the ones to invest in. They will work with you and together you will strengthen the connection. Over time, the connection between you can expand to create connections with others--people they refer to you,
.
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
people you introduce to them; people you bring together.
* * *
When you’re ready to create wealth from networking, know the characteristics of your prospects.
When you’re ready to create wealth from networking, attend networking events where your prospects will be.
When you
* * *
When you’re ready to create wealth from networking, know the characteristics of your prospects.
When you’re ready to create wealth from networking, attend networking events where your prospects will be.
When you
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
re ready to create wealth from networking, ask the single most important question: “What the biggest challenge in your business today?” then listen, listen, listen.
Remember this—the way to wealth networking….
It’s not collection, it’s Connection!
How are you going to connect
Remember this—the way to wealth networking….
It’s not collection, it’s Connection!
How are you going to connect
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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