Main Subject - Business

In the business networking context, people are encouraged to craft and use "elevator speeches" when introducing themselves.

But I f

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

ound myself resisting the concept. Something about having a canned speech to introduce myself made me uncomfortable.

As I thought a

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

Examples of combination products may in

bout it, I realized why.

In my mind, there is a big difference between "elevator speeches" and self-introductions.

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

Let's think about this for a bit.

The story behind the elevator speech concept is that one day you might find yourself riding up

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

the elevator with someone with whom you've been wanting to talk for a while. This is your unexpected opportunity! You have a just a

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

Combination pro

few minutes to "pitch" your offer (product, service, whatever), and persuade this person that whatever it is your offering they real

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 need it.

Elevator speeches can be very useful when you're out prospecting; in other words, specifically looking to find people t

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

o whom you can sell your products or services). It can even be helpful in networking situations.

However, there are several

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

implicit assumptions that may or may not be true.

It assumes that:

You have something the other person wants,

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

whether to sell or for free.

You *know* what the other person wants.

You have *only a few minutes* to convince t

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

he other person that you have what they want.

When I meet someone for the first time, I don't know if any of these assump

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

Following aspects would a

tions are true.

Do you?

So, in such situations, I find that a concise self-introduction is more useful.

A good s

dd to the challenges in developing combination products:

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

elf-introduction includes your name and something about you that establishes what you have in common with the person you're talking

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

with.

Depending on whom you're talking with, and what the context is, you will of course introduce yourself differently. You will u

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

se different analogies to explain what you do. Or highlight different aspects of your work.

There is no pitching or selling involve

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

d. However, by simply highlighting a particular aspect of what you do, that you think might be of interest to the other person, you

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

Professional from academic institutions, pharmaceutical industries, health care indust

can create an opening for an interesting conversation to emerge.

And once you truly *engage* in conversation with another person,

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

you begin to find out all kinds of information.

This information is what you can then use to determine whether the person you're ta

.

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

lking with would be a good prospective client or customer for you. Or whether they'd be a good source of referrals for you. Or a goo

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

Companies that provide selfless information through particip

d mentor for you.

Now you're in a much better position to make a "pitch", if that's what you decide you want to do.

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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Main Subject - Effortless Networking: Elevator speeches vs. Self-introductions

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