Main Subject - Business

1. Recognise the importance of networking

Ask any successful business person and they will tell you that above all else networking skills are absolutely vital to grow your business. Networking can incre

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

ase your market share, help you gain new ideas, provide work and perspectives on life and business. Speaking to one person can potentially give you access to over 200 clients and suppliers.

2. Aim to be

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

Examples of combination products may in

come visible

You need to let others know you exist and what you do by becoming highly visible and being set apart from the crowd, which is what good networking skills can provide. Be seen and get known

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

. Look for interesting events to go to; clubs, associations, meetings, seminars, conferences, presentations, breakfast briefings, lunches, or start your own networking club.

3. Take care of your image

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

To have success in networking you need to maintain your self-esteem and build your confidence. Consider how you dress, speak and maintain your body language; aim to present a professional, positive image

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

Combination pro

.

4. Always be positive

By having an open “can do” attitude and having the belief in giving and sharing as well as offering assistance your reputation will soon grow.

5. Treat all events as networking

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

Going into a specific networking event you may experience fear and trepidation but there is also the thrill and challenge of who potentially you might meet. However we all have all sorts of events we at

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

tend which are in effect networking ie meeting people to build mutally beneficial relationships. The networks we belong to can include schools, colleges, work, social life, small businesses, corporate bu

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

sinesses, family, neighbours, advisors or the church.

6. Build your relationships

You need to project an excellent image of warmth, approachability, understanding, knowledge, empathy, and an ability to

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

engage with anyone.. Don’t forget your most powerful contact might not be the most useful to you. Above all be genuine. You should take an interest in everyone you meet, remember their name, listen acut

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

ly to them to understand their needs and how you could assist each other. Tact, reassurance and the building of trust are also the hallmarks and vital components of relationship building. Be relaxed and

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

Following aspects would a

stay interesting.

7. Develop the ability to “small talk”

Being able to talk to anyone about anything is a valuable skill in its own right and essential in networking. Being able to initiate a conversat

dd to the challenges in developing combination products:

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

ion means you are more likely come into contact with people who may well turn out to be invaluable contacts. Small talk can be difficult but have a few stock phrases up your sleeve such as “How did you ge

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

t started in…..?”, “What do you particularly need to succeed?” “Where are you going with it next……?”

8. Develop active listening skills

Networking is not about selling it is about listening to the other

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

person and showing them you are interested in them by active listening. Allow others to open up & talk freely. Give you’re your undivided attention even if it is only for five minutes. Take an interes

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

t in what’s said and acknowledge this by nodding or agreeing. Use positive body language such as facing them with lots of eye contact. Used subtle mirroring techniques (body language copying) to develop

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

Professional from academic institutions, pharmaceutical industries, health care indust

rapport.

9. Use your business card

With the many people you meet this is the only way to maintain the initial contact. 90% of businesses have no card and only 25% have a card that is up to date and inf

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

ormative. At the very least your own should have on it your name, address and phone number and ideally your email address if not your website. Try to include on the back your skills focus to help other

.

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

s identify what you have to offer. You should also create a tracking system to identify and remember all those who you meet.

10. Be organised

Keep a written list of everyone you know and everyone you m

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

Companies that provide selfless information through particip

eet and what they do or keep a database. Write memory joggers on the back of business cards. You may find it useful to keep a diary of who you meet and where and any mutual contacts for future reference

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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Small businesses fail too often. These 10 Commandments can help to prepare the new or old business owner for longevity.

It happens all the time. Successful leaders- people with great business acumen, great teams and great vision- are moving along, growing their companies when, all of a sudden, they fall flat on their faces.

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