Main Subject - Business

If you’re networking with strangers, you’re wasting your time. A consultant friend of mine recently complained, “I’m doing 2-3 networking events a week – and I’m worn out.” When I asked why she felt networking was important, she replied, “One of my marketing goal

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

s is to do at least 1 networking event a week.” (I pointed out that she just admitted to doing 2-3 a week – and perhaps doing 1 a week is smart and doing triple that goal is causing some of the fatigue.) But there’s much more to the great American business myth o

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

Examples of combination products may in

f networking.

Myth 1: The more you network, the more effective your networking activities become.

Truth 1: It’s much more important to become well-known in 1-2 circles than to spread your networking activities over many different groups. Depth beats breadth eve

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

ry time.

I then asked her how networking was working for her. She said, “I don’t think I have gotten a shred of business out of it in the last six months.” Her rationale for doing networking: “Everybody knows that you build a business by networking!” Does this m

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

ake any sense? Or worse, does it sound familiar?

See if this networking scenario has happened to you:

You meet someone for 30 seconds. They mumble something about real estate as you are tuning them out. They ask you what you do, and you say you are in insurance

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

Combination pro

After 10 seconds of staring blankly at each other, you both head to the celery sticks for lack of anything better to do.

Myth 2: The cocktails and miniature wiener circuit is the way to network to success

Truth 2: Networking with strangers to build business is

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

about as effective as going to a bar to get married. In the words of Dr. Phil, “It simply ain’t gonna happen that way.”

Here’s why you’re not going to meet your business soul mate at a networking event:

1) You aren’t going to do business with someone after me

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

eting them for a few minutes and getting handed a poorly printed card.

2) Businesses are built on relationships and not “30-second commercials,” no matter how effective and intriguing.

3) Most of us have major trouble in explaining what we do, much less getti

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

ng past that explanation and listening for what prospects need.

4) Networking with strangers is not targeted or specific and in fact is completely random. For some people, networking is exactly as effective as cold calling, which is the least effective marketin

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

g tool there is.

So am I saying that networking is a waste of time? Absolutely not. What I’m saying is you need to start networking smarter.

Here are a few thoughts to jog your noggin:

* Network by having coffee or lunch with people one on one. Get to know the

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

and their business. They may become a prospect, alliance partner, or referral source. But aim first and foremost to make them a friend. The rest will follow naturally.

* If you’re going to network with strangers, go with the goal of making 2-3 lunch or coffee d

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

Following aspects would a

ates with people you find interesting.

* Ask every happy customer you have (they’re all happy, right?) for just one referral of someone who would be interested in your type of goods or services, then call and use their name. (“Hi I’m Fred and Ginger said I shoul

dd to the challenges in developing combination products:

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

d call you. Isn’t Ginger great?”) You already have one thing in common – Ginger!

* Create a network “hit list” of the exact kind of businesses you want to network with – maybe you sell software and you want to meet IT managers at medium-size companies. Make the

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

list and put it in your little black book or PDA. Focus your networking and outreach activities on only those people – or others who can refer you to those people.

* Join non-business groups and spend time doing non-business activities: Civic, social, religious,

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

recreational, musical, athletic... the list is endless. Establish relationships with people in your group. Perhaps you’re a Moose and a realtor. A Moose, as it turns out, wants to by a house from another Moose. If so, you have the Moose Market cornered! Are you

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

nto hand-drumming. Guess what? A hand-drummer will want to do business with another hand-drummer. Get it?

* If you do go to a “mixer” go with a targeted goal in mind. For example, your goal might be “to meet three people on my target list and get their card so I

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

Professional from academic institutions, pharmaceutical industries, health care indust

can follow up for breakfast, lunch, coffee or badminton.” A traditional “networking event” now becomes simply the first phase of your targeted plan for global domination, and not an end in itself.

Here’s a final thought to shake up your networking mindset: Netw

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

ork with people who already know you, like you, or have done business with you.

Myth 3: Networking is all about getting more people to know what you do.

Truth 3: Networking is all about getting people that already know you to share opportunities where you can b

.

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 helpful to each other.

Make 2-3 phone calls a day to connect with people from past jobs, former clients, or influential people who have expressed interest in you in the past.

We all have a “fan base” that we grossly underutilize.

Think about tapping into fri

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

Companies that provide selfless information through particip

ends, colleagues, mentors, and family to mine the connections you already have at your fingertips.

So get out there and network – but make it worth your investment of time and energy by networking smart. As your mother always said, “Don’t network with strangers.

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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We hear how difficult it can be to be a single mother and hold a career. A few fathers may have this problem so it applies equally to all those single fathers out there as well. Few of us know really how many hurdles these woman (single parents) have to go through in order to advance in their careers. Hurdles often include skills, wages and competing interests.

Why do women buy magazines? What does attract them most? If you think about it, you’ll come to realize that magazine cover is an advertisement itself. Not only it brings up to your attention the main points and articles in the magazines, but it also tries to sell the product to you. Colors that are chosen for the magazine cover, the pictures of the beautiful women on it and striking comments about different issues women are mostly concerned about- all these are advertisement forms and techniques.

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