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Main Subject - Networking Strategy: Just Say No to Business Cards
People spend far too much time fussing over their business cards. One-sided or two, picture or no picture, what format, and the list
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
goes on. The fact is most business cards are thrown away and you need a better strategy to get what you really want for your time –
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
new clients.
Here's a simple strategy to increase sales and maximize your networking ROI. JUST SAY NO when someone asks for your bu
Here's a simple strategy to increase sales and maximize your networking ROI. JUST SAY NO when someone asks for your bu
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
siness card. Stay with me, I tested this strategy while conducting research for an article, "Business Networking Organizations - Sho
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
ld You Pay to Join?"
If you plan to join a networking group, like BNI for example, you first need to prepare a marketing plan and b
If you plan to join a networking group, like BNI for example, you first need to prepare a marketing plan and b
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
dget. Your costs are far greater than the joining fee. Marketing strategies such as the one below will help you close more clients a
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
nd maximize your networking ROI.
I attended several group meetings as a guest. At one meeting, I introduced myself during the intro
I attended several group meetings as a guest. At one meeting, I introduced myself during the intro
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
uction session and handed out my business cards. Later that day I sent a follow up email to everyone at the meeting using email-trac
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
ing software. I tracked open rates, links, and the number of replies.
At a second meeting - same organization, different group abou
At a second meeting - same organization, different group abou
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 the same size as the first group - I introduced myself then said, "I don't have any more business cards with me." The eyes rolled.
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
Then I announced, "I'll send everyone an email with my contact info so you won't need to type it." The expressions quickly turned to
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
smiles.
Before sending my contact info to the second group, I called the group member I felt was the most qualified prospect for my
Before sending my contact info to the second group, I called the group member I felt was the most qualified prospect for my
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
services (second marketing contact if you're counting). I asked him if he could send me his email list for the group, save me some
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
ime typing. He said sure. In return, I offered to buy him lunch, which he accepted.
I sent the same email to the second group. The
I sent the same email to the second group. The
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
pen rates and clicks were significantly greater for the meeting where I didn't hand out business cards. I also received several repl
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
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
y emails from the second group - none from the first group. Why?
Several possibilities, but I think the main reason was the second
Several possibilities, but I think the main reason was the second
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
roup "expected" a communication from me (pseudo-permission to send the email to them). The first group had no expectations, fewer op
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ned the email, and no one sent a reply email.
Also, not having business cards gave me a legitimate reason to call my best prospect
Also, not having business cards gave me a legitimate reason to call my best prospect
.
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
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
in the group. BTW, after meeting this prospect for lunch I continued to build a relationship with him and he's now a client.
This s
This s
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
rategy works, but you need to be diligent with the follow-up. Give it a shot and you’ll see a better return for your networking time
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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