Main Subject - Business

Networking has gotten a bad name. Ever visit one of those networking events? You’re told, “Arrive with a pocketful of business cards and don’t leave until they’re all gone.”

Do you get so desperate to escape th

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

at you stuff the free gift box with a fistful of your cards and take off?

Myth #1: You must give your card to everyone in the room.

If people aren’t interested they won’t keep your card, let alone call you.

R

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

Examples of combination products may in

eality: It is more important to get business cards than to hand yours out.

After you identify a prospect, ask for their card. Mark the ones that are important to you. When you have their card you control the co

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

tact. Add the names and contact information to your database and follow up.

Myth #2: Networking is selling.

The term network marketing confuses people. It is meant to. Network marketing, also known as MLM, or

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

Multi-Level Marketing, generates sales through a vast layered network of product representatives. Each of these representatives is given incentive to recruit still more committed reps. MLM sales pitches can come

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

Combination pro

across as vague and evasive.

Reality: Networking is marketing.

When you network you are building a network – hence the term – of people who know about you and your product. They might buy from you or help you.

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

Networking is a long-term strategy, not a quick-sell scheme.

Myth # 3: Networking is telling your story

Watch out for Power Networkers who, full of bluster, talk at you. They condescend and announce, in effec

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

t, “You must be stupid not to buy my product. If you order now, you’ll get the network special discount.”

Reality: Networking is communicating.

Listen more than you talk. Remember the simple formula: two ears,

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

one mouth. Use them in correct proportion. Get your message into a 30-second format. Open with a question, appeal to your listeners’ self-interest, and end with a call to action. Whey you talk, observe their int

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

erest level. When their eyes glaze over, it’s time to move along. Thank them and walk away. But if they show interest, ask them questions. “Do you see a way that this service might help you or someone you know?”

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

Ask about their business, their most nagging problem, their greatest achievement, their next challenge, their best advice, or their newest idea. Listen to the answers. You will learn more by listening.

Myth # 4

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

Following aspects would a

: Networking ends when you walk out the door.

Don’t make the mistake of breathing a sigh of relief as you walk out the door of the networking event and think, “Well that’s my networking done for another month.”

dd to the challenges in developing combination products:

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

Reality: Networking is about building and maintaining relationships. Record the names in your database. When you walk out that door you begin the next stage of networking. Follow up with a phone call, an e-mai

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

message, regular mail, or a meeting over coffee or lunch. Maintain your contacts.

Myth # 5: Send them information only about your products.

If all you do is mail brochures, then all you are doing is advertisi

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

ng. It’s okay to advertise, and a mailing is good; but a mailing list is not a network. If you want to build a relationship, you must send something that is of value to them.

Reality: A network is built by prov

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

ding something of value.

The fuel that keeps your network alive is helpfulness. How do you help people? If you listen, you will discover their interests. Send them an article that might interest them, recommend

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

Professional from academic institutions, pharmaceutical industries, health care indust

a book, compliment them when they do something wonderful – or better still, give them a hot lead. It’s okay to send them your brochure, but do more than that. Most importantly, do things without expecting tit-f

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

or-tat. If you nurture your network and help others, eventually you will reap your rewards.

Remember the Bamboo

Networking is like planting bamboo. You seldom see immediate benefits. When you plant and cultiva

.

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

e bamboo, you do a lot of work over the first seven years, but see little growth. Bamboo only grows about 12 inches – in seven years! Then after the seventh year they shoot up to be six feet tall.

Imagine if ba

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

Companies that provide selfless information through particip

mboo farmers gave up in the seventh year – or before. Imagine if you cultivate your network and give up too soon. Networking is about systematically and patiently cultivating relationships to grow; it takes time

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.mainsubjects.org.ua/article/31791/mainsubjects-Networking-Five-Myths-and-Realities.html">Networking: Five Myths and Realities</a>

BB link (for phorums):
[url=http://www.mainsubjects.org.ua/article/31791/mainsubjects-Networking-Five-Myths-and-Realities.html]Networking: Five Myths and Realities[/url]

Customer loyalty is a rather ephemeral term as are online customers. We will explore loyalty with a view to learning from our own experiences. This article will be followed up by several as we examine how we can keep people we never meet face-to-face.

Over the next year, 43% of the U.S. population which covers 18 states can expect their policies to either be dropped by their insurance carriers or have their premiums escalate between 20% and 100%.

Media means different things depending on how you are marketing your business. Media could be newspapers, magazines, radio, or TV. Media is also many more things. To influence businesses to buy your products or services, you need to have a media arsenal.

Tags

Links

Main Subject - Networking: Five Myths and Realities

Related Articles: