Main Subject - Business

Business networking is a proven way to grow your business. This strategy has been formalized by numerous

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

organizations where members provide ongoing business referrals to other members. The rules or policies va

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

Examples of combination products may in

y, but for the most part, these organizations:

Allow only one business per industry
H

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

ave some structure to monitor the referrals

Meet on a weekly basis

Limit the number of

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

missed meetings

After belonging to a couple of these groups as a business coach, I have obser

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

Combination pro

ed some consistent mistakes that small business owners have made:

No strategic plan

Without 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

strategic plan of who does what by when, these individuals are working harder not smarter.

No marketi

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

g plan

The marketing plan is the why for joining a particular group

No target market identify

A lac

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

k of clarity of the potential prospects keeps solid referrals from happening

No marketing message

A

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

oorly crafted elevator speech does not help the small business owners explain the value of their services.

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

Not understanding the other members’ products or services

The elevator speech provides a quick insig

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

Following aspects would a

ht into a small business, but to truly understand the business requires spending some time with that busin

dd to the challenges in developing combination products:

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

ss owner. This understanding allows both parties to make better referrals.

Not understanding the basi

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

cs of referral networking

Referral networking is to develop mutually beneficial relationships through the

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

act of making referrals. When a member expects to receive referrals, but does not make referrals, he or s

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

e is violating the purpose of the group.

Not researching the networking referral group

Members of th

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

Professional from academic institutions, pharmaceutical industries, health care indust

e group may not reach the small business owner’s target market. Hence referrals will be limited to non-ex

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

stent. Every group should be researched to ensure that there is a good potential to reach the designated t

.

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

arget market.

Business referral networking is a great business building strategy. Just make

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

Companies that provide selfless information through particip

ure you have done your research so that you give and receive the referrals for everyone’s business success

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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