Cases - Business

How would you assess your effectiveness as a small business owner or executive in these critical areas of business development?

I am a pro-active networker
I maximize every networking opportunity by asking: Who do you know who...?
I present

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

myself in a way that is clear, succinct and generative

I enjoy promoting and creating visibility for myself and my business

I have a structure that is effective in organizing and promoting follow-ups

I model a professional look that represents who I

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

Examples of combination products may in

am and what I do

I am satisfied with the bottom line outcomes of my networking efforts

If improving your skills in any of these areas would generate greater income, would you be interested? Most of us would answer yes. The question then is

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

HOW?

First, networking needs to be defined. Lillian Bjorseth in her book Breakthrough Networking offers one of the best definitions for networking that I have read.

Networking is an active, dynamic process that links people into mutually beneficial relations

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

hips.

Business really is about relationships especially in today’s competitive marketplace where the economy has created numerous entrepreneurs who are all competing for the same piece of pie. With the ever-increasing impact of outsourcing, the pie for many of today's busi

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

Combination pro

ness owners has changed not only in taste but also in size. Knowing the right person or persons is critical to converting networking activities into billeable dollars.

The next step is to plan your networking and work your plan. This is really a series of steps that integrate

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

s the communication process, your strategic plan and professional image.

Turning Communication into Dollars

Understanding that communication is a process separates successful networkers from unsuccessful networkers. Effective networkers excel at active listening by:

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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

Taking the time to listen

Being present

Listening using the FOR acronym – Feelings, Open Mind and Retention

These individuals respect the 55+38+7 Communication Rule and many have extended their skills into neuro-linguistic programming.

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

Mark Twain understood active listening when he commented that if the good Lord wanted us to talk more than to listen, he would have provided us with two mouths instead of two ears.

Effective networkers also have developed an infomercial, tag line or elevator speec

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

h. In less than ten seconds, these individuals can state what they do. This short statement generates additional dialogue and interest. Creating this short statement is an evolving process that utilizes trial and error. However, the outcome is well worth the effort.

Align

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

ing Strategic Plan with Limited Resources

In reviewing one’s sales activity, every effective salesperson understands how many contacts generate how many prospects which in turn result in a confirmed sale. A strategic plan based upon market and sales analysis helps to deter

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

Following aspects would a

mine where individuals need to direct and align their networking efforts. These efforts may focus on local chambers of commerce or extend to professional networking organizations. Each effort needs to be regularly reviewed to determine the impact both on return on investment (R

dd to the challenges in developing combination products:

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

OI) and daily time.

Maximizing Professional Image

Professional image is three fold: physical appearance; business stationery and personal behavior. By combining all three of these areas, individuals create greater opportunities for business development.

Physical appear

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

ance includes color, fit, and style of clothing. However, physical appearance extends into other areas such as hairstyle, cologne, posture and even vehicles. Effective networkers present a complete physical appearance that is convincing and natural.

For many, business cards a

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

e one area that is often overlooked since they:

Reflect your professional printed image
Speak to your professionalism
Communicate who you are

This is the time to revisit the marketing section of your strategic plan as well as your ad

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

vertising budget. Hiring a graphic artist to create a professional logo will be dollars well spent as long as you understand what your business does. Creating additional stationery from letterheads to brochures is much easier once your printed professional image is established

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

Professional from academic institutions, pharmaceutical industries, health care indust

.

Personal behavior encompasses everything from handshakes to common etiquette. By walking your talk, you project a consistent professional image. With much of today's business coming from satisfied clients or informed business acquaintances, maintaining high standards of per

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

sonal behavior will help to develop additional business. The following statements may help you determine if you are walking your talk.

I handle all personal contacts with confidentiality.
I refrain from negative verbal comments regarding competitors,

.

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

suspects, prospects and clients.

I treat all individuals with respect according to my company's values statement and my own personal and ethical beliefs.

I keep my word by responding within a designated time frame.

I have a positive attitude at all

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

Companies that provide selfless information through particip

times.

Networking is an on-going experience in which we continually hone our skills. Successful individuals continually network and build upon those mutually beneficial relationships because business in today's global market place is all about relationships.

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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Cases - Translating Networking into Increased Business Dollars, Growth, Profits and Success

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