Main Subject - Business

As a small business owner, we have various marketing options to promote our business: advertising, telemarketing, direct mail. But my favorite is definitely networking. First, it is the most low cost marketing tool and second it is a way to build long-ter

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

m relationships with people. If advertising can give you a great result in one shot, networking will bring you more in the long run.

Since 2003, when I started Biba4Network, I organized many business networking events, which were a great opportunity for 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

to meet a tremendous amount of people, make deals, get clients, make friends and learn from other entrepreneurs.

During those events I also noticed that a significant number of people had great products or services but just didn’t know how to present the

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

. And as a result were not able to attract the clients they were looking for.

One of the keys to networking is to be able to introduce yourself and your business in 30 to 60 seconds or less, in one or two sentences, in a very concise way. In other words,

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

ou need to have a very efficient elevator pitch. You should be ready to deliver your elevator pitch in the blink of an eye at a moment’s notice.

But what is an elevator pitch?

An elevator pitch is a short presentation that introduces you and your busines

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

Combination pro

s’mission and makes you memorable. It focuses on the benefits you provide and can be delivered in 30-60 seconds or less, even in an elevator, hence the name.

If you are passionate, excited and eager to create and manage your own business, then you should

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

e able to describe, in one or two brief and concise sentences, exactly what you do, why your offering is the best in the marketplace, and in effect, why the person should buy from you.

The best way to develop your elevator pitch is to summarize or list th

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

most enticing, exciting and valuable benefits that your customers will get when they use your products and services. How can your products and services solve problems or meet needs?

An effective elevator pitch makes a lasting impression, demonstrates yo

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

r professionalism and allows you to position yourself with your target customers.

Remember that your clients’s main concern is: “What benefits will I receive when I buy your product or service?” So when you prepare your elevator pitch always make sure tha

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

t your audience need to answer this question “What's In It for Me?”.

People are always more interested in how you can help them than in what you do or how they can help you.

Consider these points when you develop your elevator pitch:

1/ Write down the “

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

eliverables”- the products, services and features that you provide. Then, analyze your offering and put yourself in your customers’ shoes. What good things will they get or what good things will happen to them when they make a purchase?

2/ Be specific.

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

Following aspects would a

se numbers and statistics when you can. For example, double your revenue in less than 12 months, achieve a 30% increase over last year, lose 20 pounds in 10 weeks, triple your number of subscribers in 5 days or less. People are driven by numbers becaus

dd to the challenges in developing combination products:

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

they add a sense of credibility to a claim. Numbers also generate curiosity and anxiety, another useful tool that motivates people to make a purchase.

3/ Never reveal your entire story in your elevator pitch. Highlight the main benefits your products and

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

/or services provide, which will encourage people to ask questions and start the conversation.

4/ Create a tagline that will grab your listener’s attention and force him/her to stop what he/she is doing and listen to you. The most effective openers leave

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

he audience seeking additional information. Compare your elevator pitch to the cover of your favorite magazine. Most likely, you’ll find the titles of the key stories in that issue. If the titles don’t grab your attention and raise your curiosity quickly,

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

hen you probably won’t buy that issue.

5/ Practice your elevator pitch to the point where you can recite the language with perfect ease, great confidence and clarity and total poise immediately. It is extremely important that you feel totally comfortable

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

Professional from academic institutions, pharmaceutical industries, health care indust

henever you deliver your elevator pitch. Learn it; practice it; master it; but never read it. Your delivery must be very smooth and totally fluid. Continually practice your elevator pitch in front of the mirror and before your friends until your Pitch beco

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

mes part of you.

So do you have a better idea? Are you ready to write your elevator pitch? Try this the next time you describe what you do. Choose your words. Hook your listener. Make them ask questions. Make them want to meet with you and buy your prod

.

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

cts and services.

Still having trouble writing your elevator pitch? You’re definitely not the only one. The good news is, I’ve developed a Networking Training that will help you to not only create your effective elevator pitch, but also redesign your busi

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

Companies that provide selfless information through particip

ess card to be unique and memorable, choose the best networking group for your business and create a follow-up system to maximize your networking effort. You can learn more about the Networking Training at http://www.biba4network.com.

© 2006 Biba F. P?dro

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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Maybe the reason you're not reaching your audience is because you know too much about your subject! Find a sympathetic ignoramus, or hire one, to ask the dumb questions that you forget about, but that are foremost in the minds of your prospects, customers, and employees. Preaching to the choir is fun and easy, but learning how to talk to those who are ignorant about your products and services is a much more powerful approach.

The Federal Bureau of Investigation is getting ready to make a huge bust on a giant Chinese Spy Ring, which goes very deep and involves many players. In fact, the group has been operating for years in the United States and stealing technology. The number of companies they are involved with is astounding and the number of college students who are involved is also interesting.

It was due to earthquake struck in Taiwan at 10.26pm on Tuesday (26 December 2006) – the second anniversary of the deadly Asian tsunami (26 December 2004).

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