Main Subject - Business

Consider the scenario of a business networking event. These are superb sources of leads and referrals that can be the life blood of your business. The business skills you develop in this arena can easily be applied in any business scenario. Assume you hav

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

e engaged in conversation with a good potential contact. Once you have created a positive first impression start the interesting chat about various areas of common ground. By careful listening, you may identify an opportunity to do some business to your m

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

Examples of combination products may in

tual benefit at some later date. You are looking for the moment when someone says something to you to make you think, "Ahaa, there's a potential business opportunity here." Suppose you are a business development consultant who specialises in the food indu

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

try and who has a good track record in helping companies to increase their margins. If you were asking all the right questions such as "So how you finding things at the moment?", and you hear the answer "We're doing reasonably well but we don't seem to be

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

getting the efficiencies in the factory." That is an Ahaa moment.

Can I mention again, that networking using business development skills isn't selling; it's building business relationships, and gathering business information?

This should be the start o

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

Combination pro

the follow up business development process which is as follows

1. Ask for their business card and read it carefully.

2. Always find something to comment on; maybe the spelling of their name or perhaps they have their business in a particular part

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

of town which you know intimately. It doesn't matter as long as you show them that you are interested in them, their business and their circumstances.

3. Now this is a key moment. Ask if you can phone them next Wednesday or Thursday to discuss the pr

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

blem they have with their margins. You can say something like "Now isn't the time or place, but maybe your problem is a simple issue which I can give you some help on". The chances are if you have made the right impression, the answer will be "yes".

4.

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

Bear in mind all the time that if you don't ask the question then you don't give the other person, with the business opportunity, a chance to say yes.. You will be at your most popular at this juncture. If you have done it all right, are you really going

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

to waste a great opportunity? Not every business event and not every person you meet is going to turn into a business opportunity but if you are awake alive and alert, listening attentively and with empathy... you just never know.

5. Write down on the

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

r business card the day you have agreed to call and let them see you do this. This shows that you are serious and the chances are you're likely to do it. At this point, there is no reason whatsoever not to excuse yourself in one of several ways which we w

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

Following aspects would a

ll show you another time.

6. As part of the bridging process ensure that when you get back home or to your office or even before you leave the business networking event write down where and when you met the person a quick description of them and any s

dd to the challenges in developing combination products:

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

lient facts which you may use at a future date to show them that you are truly listening to what they had to say.

7. When you make the follow up call as agreed, review the business card or refer to your business development software if you use it and

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

onfirm that they were happy for you to follow up. If you had picked up that the person was going away for weekend then make sure that one of the questions you ask is "How did the weekend go?" I'm not asking you to remember these details. What I am doing i

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

asking you to write down some small talk facts that you gathered on their business card. It helps break down their barriers to talking about business. When I ask my audiences "what is the most important thing with regard to business cards?" the normal a

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

swer I get is "make sure you carry plenty of them with you". Of course you know now that the most important thing is to ask for theirs. Offer your business card by all means, but don't be too quick to do this. I think it's a little pushy and it's another

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

Professional from academic institutions, pharmaceutical industries, health care indust

orm of saying "aha you want to know all about me don't you. Here's my business card". It just may be that they don't want to know all about you … not at that moment anyway. There's a lot more to say about business development training and in particular wo

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

king the room but you can find out about that on my other articles. Take note that business development and networking is about giving first and receiving second. If you go into it thinking "What's in it for me and what am I going to get out of this ton

.

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

ght" then the chances are you won't succeed. If you ask questions such as

· "How can I help you?"

· "Who would you like me to introduce you to?"

· "How will I know if someone I'm talking to will be a good introduction for you?"

You will be sh

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

Companies that provide selfless information through particip

wing them you are a proficient and skilled business networker.

Dr. Albert Scweizer once said "Give without remembering and receive without forgetting". That should stand you in good stead when you're out there looking to create new business opportunities

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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