Main Subject - Business

A few years ago I attended a business networking function through my local chapter of BNI (Busi

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

ness Networking International). Upon entering the room there was a desk with tags that you can

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

Examples of combination products may in

write your name on and wear. It wasn’t mandatory and not everybody did it. But I did. I wrote

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

y name, Tino Buntic, and my occupation, Home & Auto Insurance Broker. I wanted everybody I woul

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

d meet to know who I was and what I did.

This name tag worked unexpected wonders. As I walked

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

Combination pro

round and mingled I had people approach me. They would call me by name and say things like "Tin

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

o, you're an insurance broker? What a coincidence; my auto insurance policy is coming up for re

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

newal and I was about to search for quotes. I want a better rate than what I'm paying now." I m

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

st have done at least ten quotes just for people that approached me that night. Not only that,

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

I also was approached by a used car salesman that wanted to network with me because he needed a

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

reliable insurance broker to refer his clients to. I ended up doing business with this gentlema

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

Following aspects would a

n for the following two years after that, until he moved to another state. During those two yea

dd to the challenges in developing combination products:

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

rs he had referred dozens and dozens of clients to me. That one contact provided me with many c

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

osed sales that I otherwise would not have had.

I've attended a few business networking functi

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

ons prior to this night but none were as successful. The reason being is that I had never bothe

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

ed to wear a name tag. I had to approach people myself to start conversations and hand out busi

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

Professional from academic institutions, pharmaceutical industries, health care indust

ness cards. It is easier to have people approach you than it is for you to approach others.

We

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

aring a name tag at business networking events works; it will allow you to gain more contacts a

.

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

d referrals. You should always wear one. Bring your own in case they do not provide them at the

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

Companies that provide selfless information through particip

event. Not only that, you should also wear name tags at trade shows for the exact same reasons

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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Often times we believe the depth of our customer does not extend beyond that of the business they do with us.

You probably have realized that word-of-mouth can be a very strong marketing tool. Most self-employed professionals know that referrals can be a great building block. But you may think that building enough word-of-mouth to generate a substantial amount of business is a dream. It isn't.

Managing a negotiation, all of the parties at the table, requires exceptional people skills to influence and motivate others. Honing these people skills is a sure way to improve your ability to negotiate successfully.

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Main Subject - Business Networking Tip Number 239: Wear A Name Tag

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