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These 6 simple questions will help you to identify an ideal networking group.

It has been said that 80% of business today comes from referrals. Pe

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

ople want to do business with people they know, like, trust and respect. One of the best places to develop strong referral relationships is at a 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

working group. These groups typically meet once a week, with the same core group of people in attendance. Here are the top 6 ways of selecting a gr

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

oup that is right for you:

1.Talk to the members
All networking groups allow you to visit as a guest before asking you to decide joining the

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

. Spend time talking to as many of the existing members as possible to learn about how it’s worked for them. You might want to know more about the

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

Combination pro

turnover rate of members. What results are being produced? What do they like/dislike about the group? What have they learned since joining? How,

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

besides receiving leads, have they benefited? Do they feel their best interests are being looked after?

2. Consider the fees
How do the fees

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

compare with traditional methods of generating leads? Ask yourself if it is cost effective - not is it expensive? Assess what each lead could be wo

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

th to you and how that equates to the fees involved. Everyone seems to know the cost of things and not their value.

3. Consider the group's struct

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

ure
Some people like structure, some don't. Decide what works best for you! The structured groups do tend to produce the most results as the

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

keep you focused on producing qualified leads for one another. Consider if the structure suits your personality. Will you be able to adhere to the

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

Following aspects would a

rules and regulations?

4. What opportunities are there to take on a leadership role
This is really important as it gives you the chance to s

dd to the challenges in developing combination products:

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

ow off how you do things. It will raise your status and credibility in the group and show you to be a leader. You will also create a greater awaren

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

ess of your offering, which, in turn, will bring you more leads.

5. Be honest about your level of commitment
Will you be able to attend the m

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

etings regularly? Building business relationships takes effort and you’ll need to be committed to growing them. If time is an issue, join a group t

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

hat is less structured and works more on a drop-in basis. Go as often as you can to create mutual business relationships. If you resent the time i

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

Professional from academic institutions, pharmaceutical industries, health care indust

takes to go to these events you will not be going with the right attitude for yourself and your fellow members.

6. Make sure there is a code of e

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

thics
Remember, you're making referrals. Your name is on the line. You need to know that the other people in the group are reputable, too. Fi

.

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

d out who is running the group. What is their reputation? Do they provide training on networking strategies and techniques? What other kinds of sup

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

Companies that provide selfless information through particip

port are provided? Be sure that the values of the group are a good match for you.

Remember…networking is also meant to be fun so relax and enjoy!

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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Management retreats are tremendous opportunities to review, assess, align and move your team forward. Get the most out of your next retreat through effective planning and preparation.

What is the emotional energy like in your organization? Does it attract customers or does it cause them to flee? Most organizations exude some form of negative energy that causes them to lose customers. Do you know what causes it in your organization? Do you want to clear it and its negative effects on your bottom line?

Years ago I learned a simple yet powerful marketing secret: You must become so convinced of the benefits of your product or service that you feel you'd be unjustly depriving people by not doing everything in your power to get the word out. I was infected by this attitude from Jay Abraham. Jay has an absolutely brilliant way of thinking about marketing. For example, if you're an accountant, and you're skilled at saving people money on their taxes, Jay might ask how much you save your average client. Say it's $500 per year. And then Jay would ask how much you charge. Say it's $200. Then Jay might take you through a conversation like this:

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