Main Subject - Business

You can find numerous references in the business literature about the importance of a company’s mission. These sources emphasize that the mission is not to make a profit; that a profit is the outcome of and reward for fulfilling the mission. In the same sense, the mission of networking is

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

not to gain business and close sales. The mission of your networking activities is to make connections, develop relationships, and help others. The outcome of these activities will ultimately be increased business. It’s the reward, not the purpose.

Matt Soltis, in his book Strategic Ne

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

Examples of combination products may in

tworking, says, "Although an early supporter of business networking, I became quickly disillusioned with it as a mainstay of my marketing plan. I found that something was missing from those long sessions of glad-handing and exchanging business cards. I had collected a pocketful of busines

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

cards but little else.

"While I was analyzing my needs and talents it was pointed out by my personal coach that I had a behavioral style that lent itself to chatting, while listening took a back seat. How could I learn if I would not listen?

"At the next opportunity to network, I intent

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

ionally listened, never interrupted, and found myself very interested in the other person’s business. When I spoke, I asked questions, just a few, but selective so that they elicited answers about the other person’s needs. I had stumbled on to the answer I was looking for. I wasn’t there

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

Combination pro

to find clients. I was recruiting others to look for my clients and pledging to reciprocate as I learned more about their business. I was participating in something I later described as strategic referral networking."

So how can you approach networking from a prospective that ultimately

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

leads to increased business? First, it is important to understand that developing a network is a process, and it is about building relationships. A key objective of effective networking is to find out about others – their concerns, problems, needs, and wants.

Become a problem-solver and

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

resource. Listen for problems you can help others solve, either directly or by referring them to someone else in your network.

Practice the fine art of questioning (and listening). Asking open-ended questions, and really listening to the other person’s responses, is one of the most impo

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

rtant networking skills. Some key questions or statements you can use to elicit additional information include:

· What would be an example of that?

· Please expand on that.

· Tell me more.

· How do you do that?

Be curious. Develop a true interest in others, what they do, and what the

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

need.

Follow up and stay in touch. Developing a network is not about attending a bunch of meetings, having a meal, and going home. After all, the word “work” is part of “network.” Remember, developing a network is a process. Ivan Misner, founder of BNI, describes networking as a proce

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

ss of developing visibility and credibility. Only then will your activities lead to profitability. It may take as many as five to 15 contacts with an individual over a period of weeks, months, or even years to develop the kind of visibility and credibility that leads to profitability.

Lo

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

Following aspects would a

ok for ways you can support your network members. It’s not always about doing business with or even referring business to them. Some ways for you to support your network members include:

· Posting their information on your website or in your newsletter.

· Inviting them to speak at an or

dd to the challenges in developing combination products:

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

anization in which you are involved.

· Doing joint promotional projects with them.

· Distributing their information.

· Nominating them for recognition and awards.

· Inviting them to attend events with you.

Arrive early, stay late, and get involved. Take a leadership role in the organi

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

zations you are involved in. It’s a great way of becoming more visible and developing greater credibility with a larger number of people in a shorter amount of time. Focus on giving, not getting. If you look for ways to assist others, you will be rewarded for your efforts both directly

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

nd indirectly in unexpected ways.

Don’t keep score. “Successful networking is never about simply getting what you want. It’s about getting what you want and making sure that people who are important to you get what they want, too,” said Keith Ferrazzi during a January 2003 interview for I

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

nc. magazine. Or as Sandra Yancey, founder and CEO of eWomenNetwork quotes her mother as saying, “Give without remembering and take with out forgetting.”

In addition to the ultimate reward of increased business, effectively developing your network will bring you:

· Different prospe

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

Professional from academic institutions, pharmaceutical industries, health care indust

tives

· Information

· A support team

· Connections

· Strategic alliances

· Access to resources

· Advice and Ideas

· More potential solutions

In his book, Soltis points out another value of networking: the ability to bring your clients value

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

-added relationships through referring them to the right individuals to help them solve all of their personal and business dilemmas – whether it is a tax question, temporary housing, or a place to board an exotic pet. As you determine the role that networking plays in your business-buildin

.

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

strategies, ask yourself these questions:

· How can I assist the members of my network?

· What are their needs?

· What resources can I bring to them?

· What connections can I help them make?

What can you expect if you put in the time and effort required to develop an effective network

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

Companies that provide selfless information through particip

? To paraphrase Yancey, from her CD, Increase Your Net Worth by Developing Your Network: A strong network brings the power to make things happen and provides a safety net when things aren’t going so well.

© 2004 Strategies-by-DESIGN. May be reprinted with credits and contact information

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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Ultimately to create margin improvement, your entire sales team must have good judgment of market potential as it relates to margin improvement. They must be self disciplined and make intelligent decisions based on fact. Each territory manager must develop his own plan for profit improvement and be flexible on the implementation of that plan. They must be action oriented and customer driven and yet be extremely conscious of profitability objectives.

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