Subjects - Business

Each year time pressed small business owners spend hundreds to thousands of dollars in the marketing activity known as networking. This activity has multiple purposes including:

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

To gain the attention of prospects

To expand potential prospects’ list

To build relationships with prospects

To secure referrals

Bottom

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

Examples of combination products may in

ine to increase sales

However, when looking at the use of resources employed to network through local chambers of commerce, professional associations or specific networki

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

g organizations such as BNI, LEADS or LeTip, the two questions that need to be asked are:

What is this traditional networking strategy delivering to me in terms of clients whether di

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

ect or indirect through these leads or referrals?

And is there another way to achieve more clients and sales using less resources?

Let’s examine the traditional networking return on

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

Combination pro

investment or ROI.

A business owner joins a local chamber for $200 and then attends 1.5 hour monthly luncheon meetings at $20.00 She then spends 3 hours each month on two chamber com

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

ittees. Additionally, she joined a local association for another $200 as well as a formal networking group for $700. The local association meets monthly in the evening for 1.5 hours

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

and there is no food bill, but the networking group meets weekly for breakfast that costs $10.00 and takes 2 hours. Additionally, she spends 1 hour per week on her reports for the n

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

tworking group to preparing for the other events.

When we total her time, this active and time starved business owner is devoting 18 hours each month not including drive time which c

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

uld be easily add another 7 hours for a total of 25 hours. By placing $100 per hour on her time, she is investing $2,500 each month. Her monthly fixed networking costs are $60 for foo

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

and $40 for travel. When we annualize these costs combined with the annual membership fees, the total is a conservative $32,300.

Let’s also presume that her average client is worth

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

Following aspects would a

$5,000. She would have to secure 6.5 clients each year just to break even. For this marketing strategy to demonstrate a positive return on her investment, she would need to acquire a

dd to the challenges in developing combination products:

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

least 7 clients. Even if she acquired 20 clients, the cost would be $1,615 per client leaving her with $3,385 gross profit per client.

Now let’s consider a non-traditional networkin

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

strategy called “Fast Pitch” or table networking. Using this strategy, the same business owner would spend 2 hours at

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

each event along with an hour of drive time and would be guaranteed meeting 25 new prospects at each event. She attends 8 events for a total of 24 hours and meets a minimum of 150 pr

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

spects (presuming there is some duplication of attendees at each event) during the year costing her $2,400. The fee for the event averages $40 and her gas is $10.00. There is no annu

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

Professional from academic institutions, pharmaceutical industries, health care indust

l membership fee saving her hundreds of dollars. When annualized, her networking costs are now a conservative $2,800. Her clients are still worth $5,000. So she needs just to acquir

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

2 clients to break even. If she secures just one client per event for a total of 8 clients, her acquisition cost per client would be $350 leaving her with a $4,650 gross profit.

Aft

.

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

r “doing the math,” Fast Pitch Networking or table networking appears to potentially deliver greater value and yields a dramatic return on investment. For each individual busin

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

Companies that provide selfless information through particip

ss owner, the results would vary. However, if you want to recover your networking investment, maybe it is time to consider the non-traditional, Fast Pitch, networking strategy

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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