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Subjects - Strategies for Successful Networking.
Networking is a popular buzzword these days. Every blogger seems to be talking about Networking, Buzz Marketing and Word of Mouth Marketing. However, not many of them seem to be presenting specific strategies for making the most of loca
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
l networking groups. This is why I decided to write this article.
There are a variety of organizations that run networking groups across the country. The largest group is probably BNI, which offers members the chance to attend weekly m
There are a variety of organizations that run networking groups across the country. The largest group is probably BNI, which offers members the chance to attend weekly m
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
etings and develop new professional relationships to help them grow their business. some chambers of commerce are now organizing "leads groups" for their members as well. These groups are intended to offer members a way to connect with
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
ach other and potentially refer each other business.
In most "leads groups" each group allows no more then one representative from any industry, so if the group has a mortgage broker other mortgage brokers have to join another group or
In most "leads groups" each group allows no more then one representative from any industry, so if the group has a mortgage broker other mortgage brokers have to join another group or
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
wait for the seat to open up. The idea is that by restricting membership, you eliminate competition within the group.
The agenda at most structured networking meetings is pretty straightforward. Each member is given an opportunity to
The agenda at most structured networking meetings is pretty straightforward. Each member is given an opportunity to
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ntroduce themselves, then there is a short presentation by one or two members (each member gets the chance eventually). The meeting ends with members discussing potential referrals for each other. This means that most of the members get
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
about one minute to present who they are and teach the other members of the group how to refer to them.
Most people do a great job of presenting themselves. However, most people do not think to ask for referrals. At most networking eve
Most people do a great job of presenting themselves. However, most people do not think to ask for referrals. At most networking eve
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
nts, you are not expected to ask for a referral or explain what a good referral for you is. However, at a leads group it is not only acceptable, it is expected!
I am involved in a number of networking groups and have used the simple ou
I am involved in a number of networking groups and have used the simple ou
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
line below to create my elevator pitch (quick introduction). When I deliver my elevator pitch to a leads group, my goal is to educate everyone in the room about my company and what I do, as well as to teach them the best way to refer ot
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
ers to me. In addition, I want to make sure I actually ask for a specific referral. I will go through each piece of the outline in detail, but here are the basics.
* Introduction
o Name
o Position + company name
o Location of the co
* Introduction
o Name
o Position + company name
o Location of the co
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
pany
o Overview of services
* Tell a story
* Call to action
The introduction piece of your presentation should stay the same every time you give it. You might say something like, "My name is Joe Smith. I am mortgage broker at ABC mo
o Overview of services
* Tell a story
* Call to action
The introduction piece of your presentation should stay the same every time you give it. You might say something like, "My name is Joe Smith. I am mortgage broker at ABC mo
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
rtgages in Anytown, USA. We offer a full line of residential and commercial mortgage products." You can add some additional detail, but you should really focus on keeping this short and on point.
At each meeting, you will have the chan
At each meeting, you will have the chan
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
e to differentiate yourself from the competition by telling a short story during your presentation. The story can be related to a specific challenge you helped a client overcome, a unique feature of your product or service, or you can s
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
mply talk about a new development at your company. Consider writing out your stories in advance so you know what you are going to say at each meeting. In addition, you can schedule the content so that the other members of your group lea
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
rn more and more about you at each meeting. You need to focus on educating your group a little more each week.
The "call to action" is very important and the piece that most people overlook. You need to tell the other members of your g
The "call to action" is very important and the piece that most people overlook. You need to tell the other members of your g
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
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
oup exactly what type of referral you are looking for. For example, our mortgage broker, Joe Smith, might say, "Today a good referral for me would be a Realtor at XYZ real estate company." Joe may also say, "Today a good referral for me
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
would be anyone who purchased their home more then 10 years ago."
I alway recommend that your "call to action" is as specific as possible. If Joe stands up and says that a good referral would be anyone who needs a mortgage, the rest of
I alway recommend that your "call to action" is as specific as possible. If Joe stands up and says that a good referral would be anyone who needs a mortgage, the rest of
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
the group will have a harder time thinking of people to refer. If Joe asks for an introduction to a specific person at a specific company, someone in the group may know that person or know someone at that company who can facilitate Joe
.
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
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 introduction. The more specific the request, the more likely it is to trigger someone else in the group's memory.
A last minute hint:
Keep focused on the networks of the people in the group, not on the people themselves. In other wo
A last minute hint:
Keep focused on the networks of the people in the group, not on the people themselves. In other wo
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
ds, when you are participating in a networking or leads group, you should not focus on gaining the business of the people at the table. Instead, you should focus on gaining their trust so that they will refer you people in their network
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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