Main Subject - Business

“Networking” has become one the sales bywords in recent years. Many will tell you that the key to building your sales is to “network” effectively. There is no question that building a strong network can be incredibly helpful to your sales efforts. Ne

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

vertheless, many people in sales face the same difficulties in networking that they face in cold-calling. It sounds great, yet for some reason they just don’t seem to be able to do it effectively. Let’s look at some of the factors and see if we can d

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

Examples of combination products may in

ebunk some of this.

Exactly what is “networking?” The first thing comes to mind for many salespeople is that networking about finding customers without having to make cold calls! A common perception is that networking means going to a lot of events, m

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

eeting as many people as you can (also called “working the room”), handing out your business cards to “qualified” prospects, and then waiting for them to call you. Once you’ve met all these qualified people at an event, the thinking goes, you can call

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

them up the following day or week to instantly secure an appointment to do business with them. When this doesn’t happen, our erstwhile networker gets discouraged, concluding that she is just not a good networker, and that the people she needs to sell t

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

Combination pro

o just aren’t going to the same “networking” events she is.

According to the Merriam Webster dictionary, a network is a “fabric or structure of cords or wires that cross at regular intervals and are knotted or secure at the crossings.” If we rewrite

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

that definition a bit for sales purposes, we could say that a network is a “structure of people and contacts that cross at regular intervals and are secure at the crossings.”

Notice that this definition does not say anything about handing out business

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

cards, giving elevator speeches, or closing business. Does that mean that networking is a waste of time or that you shouldn’t be doing these things?

Not at all. However, to reap the rewards, you do need to rethink your approach and expectations fro

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

m your networking efforts. Building an effective network means making an ongoing investment in other people, without an expectation of anything in return.

“What”, you say? “That’s blasphemy! How can I spend time networking without getting anything i

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

n return?”

No – that’s not what I said. I said not to EXPECT anything in return. Your only goal for networking should be having other people view you as a valuable resource and as a part of THEIR network. Wow – when you start thinking of it this way,

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

you can begin to see and reap the benefits of a strong network. Networks take time to build and nurture. In addition, just as in a direct selling situation, the most effective networkers focus on what they can do for the people they meet without focu

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

Following aspects would a

sing on what the other person can do for them. Over time, you build credibility as someone who truly cares about other people, is trustworthy, reliable, and a good person to know. That’s when the benefits begin to come back to you.

The real power in

dd to the challenges in developing combination products:

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

networking comes from understanding a simple fact; everyone you know and each person you meet knows on average 250 people. Your goal in networking should not be to get the people you meet to become your customers – it should be to become a part of THE

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

IR network, and for them to become a part of yours. Every contact you make puts you at the reach of potentially another 250 people. Think of it as weaving an intricate web with many crossings. Every positive impression you make strengthens that web.

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

As author Bob Burg puts it: “the true strength really comes though when we realize that all the people in our network are also parts of other people’s networks that we ourselves don’t personally know. And that, indirectly, makes each of those people

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

part of our network too.”

So, how do you get started?

Here are some tips:

- Don’t approach networking with the expectation of immediate gratification; your goal is to meet people and to understand as much about them as you can.

- Don’t give peo

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

Professional from academic institutions, pharmaceutical industries, health care indust

ple you meet for the first time a “sales pitch.”

- Don’t get discouraged if you don’t see things happen right away; true networks take time to build.

- Do ask questions about the other person.

- Do ask if you can stay in touch.

- Do send a fol

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

low-up note, and touch on a few things you discussed.

- Do take active steps on a regular basis to strengthen your network by both staying in touch with people you’ve connected with, and by finding ways to connect with new people.

- Do use network

.

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

ing as one of many tools in your arsenal for effective prospecting.

- Do actively find ways to make connections between members of your network – remember making more and more connections is what it’s all about.

- Do offer to do things for others

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

Companies that provide selfless information through particip

in your network, even if there’s no immediate promise of reward or reciprocation.

Start changing the way you think about networking and before long you will start to see the positive impact it can have.

Copyright 2005 Lexien Management Consultants, In

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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