Main Subject - Business

Real networking isn’t about handing out business cards at a networking event, or seeing how many you can collect before the event is over. Real networking is about relations

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

hips that, when cultivated properly, will breed referrals and positive word of mouth about you and your company.

Too often I hear the famous networking complaint: “networki

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

Examples of combination products may in

g doesn’t work for me.” There are a variety of reasons why someone might feel this way. 90% of the time it has nothing to do with them or their business; it has to do with w

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

hat they think networking really is. Networking IS NOT simply going to networking events and hoping that you’ll get some new clients or referrals. Let’s say you join your lo

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

al Chamber of Commerce and go to every lunch meeting that they offer. You do this for a solid year. Are you likely to get any business? If all you did was go to the lunch me

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

Combination pro

tings then the answer is either probably not, or very little.

Networking events are just the beginning of the most important part of networking; Building Relationships
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
b>. You’re not going to be able to build strong relationships simply by saying hello to a few people once a month at lunch. The relationships that are likely to generate tho
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
e precious referrals you’re looking for are built outside of the networking event. These business events are really just a great place to meet people with whom you’d like to
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
build a relationship. Certainly there’s a little more to it than that, but identifying these prospects is the primary benefit of these meetings.

The key to building real,
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
rofitable business relationships is what happens outside these networking events. It’s the one on one personal interaction with the gentleman or lady that you met at
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
hat last event where you’ll find the gold. It’s difficult to get to know someone, and learn what they’re truly passionate about in a noisy room with dozens or even hundreds
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a
of other people. If you sit down with that same person for coffee, or lunch you’ll have a much better chance to get to know who they really are.

Solid networking relationsh
dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod
ps are built on trust. The best time to do this is while sipping latte’s, slurping spaghetti, or slugging Shiner (a local Texas beer). Of course a meal doesn’t have to be in
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
volved. You might call and ask if you can take a tour of their business operation. Invite them to another coming event that they might be interested in, and schedule time af
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
erwards to sit down and share what you though of the event with each other. Even a phone conversation will get the ball rolling. The point is you’ve got to take the time out
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
ide of these networking events to get to know these folks

The next time you go back to your office from a networking event take out the stack of business cards you collecte
ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust
d. Find a couple of people that you’d like to really network with. Now pick up the phone and give them a call. Take a few minutes to get to know them a little bit better and
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
schedule a time to get together. Coffee, lunch, beers, it doesn’t matter. Just make sure you’ll have enough time in a suitable environment that you can learn more about each
.

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
other and your respective businesses. This is the beginning of real networking.

Once you’ve really gotten to know someone the possibilities are unlimited. Just reme
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip
ber that networking with someone is not a one time event. It’s an ongoing process. You’ve got to communicate regularly and follow-up on the things you say you’re going 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

Tags

Links

Main Subject - Real Business Networking Doesn't Happen at Networking Events

Related Articles: