Actual - Legal

Most attorneys say that their business comes through word of mouth or referrals. How do we keep those referrals coming? How do we establish and maintain relationships with referral sources and potential clients? Through effective networking.

Here are 10 steps to ensure that your networking effor

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

ts are productive:

1. Have a purpose

Set clear objectives when you attend a networking event. Is there someone in particular that you want to be sure to meet or speak with? Do you want to get known within a certain circle? Are you simply trying to determine whether a particular

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

Examples of combination products may in

group is worth joining? Are you seeking information about a particular person or group? Are you trying to identify potential prospects or strategic alliances? Do you want to make 2 good connections? Having a clear objective will help you determine whether the event was worthwhile.

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

rong>2. Focus on quality, not quantity

Networking isn’t a race to collect the most business cards. It’s about making connections. Remember: people do business with people they know, like and trust. Focus on meeting one or two pe
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
ple and establishing an initial connection, rather than just collecting business cards. Make sure to learn something concrete about each person you meet. The more you know about your contacts, the more effectively you can market to them.

3. Get involved with something y
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro
ou’re passionate about

Networking isn’t just cocktail parties and networking breakfasts. It’s making lasting connections with other people that are mutually beneficial. You are more likely to participate if you’re passionate about a cause or activity, and you’ll create deeper bonds with
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
others in the group. Sharing experiences creates a more meaningful connection – and makes it more likely that you’ll get business or referrals.

4. Listen

People love to talk about themselves. What people really want to know when they meet you is what you can do for them or how
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
you can benefit them. If your goal is to meet new people and make a positive and lasting connection, make sure that you’re listening much more than you are speaking. Make it about what you can do for them. Listening allows you to find out about others’ needs and address what you can do for them a
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
nd how you can benefit them – whether directly through the services that you provide, or by putting them in touch with others that can help them if you can’t. As Bob Burg, author of Endless Referrals suggests, ask questions about others’ needs, business, problems, challenges, and desires
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
. Some examples of questions to ask include:

How did you get started in your business?
What do you enjoy most about what you do?
What would you do if you knew you couldn’t fail?
What significant changes have occurred in your business or industry within the past se
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
eral years? How have those changes affected you?
How would you want people to describe you?
How would I know if a certain person is a good prospect or lead for you?

5. Be prepared

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

Following aspects would a
e question about what you do with a response that focuses on the benefits to your clients, the problems they face and the results you create, NOT on activities or on what you ‘do.’ Don’t use labels like ‘lawyer’ or ‘attorney’ – usually labels make people stop listening and rely on their pre-conce
dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod
ived notions about what that label means.

6. Seek out strategic alliances

Potential clients aren’t the only reason to attend networking events. You can’t be all things to all people. Consider networking events as places to meet other who can provide services to your clients tha
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
t are complimentary to yours, and who can become referral sources for your business. Remember that when you’re networking or meeting people, you’re connecting with their entire network, too.

7. Make diverse contacts

Many lawyers make the mistake of joining groups or speaking to
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
people that are too similar to them. That creates an ‘echo chamber’ effect in which people are echoing back the same information and contacts to you. The goal in networking is to widen your net.

8. Follow up

Most networking efforts fail in the follow up. Intentions aren’t enoug
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
h. Action is the key. Networking is about creating relationships, and real relationships can’t be formed in a few minutes in a room full of people. For networking to be effective, you need to follow up with those you meet at a networking event. Some ideas:

Send a handwritten thank you no
ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust
te reminding the recipient who you are, where you met and what you discussed
Contact a new connection and suggest meeting for coffee to learn more about their business
Send an article or information on a topic you discussed
Introduce a prospect t
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
someone else that can help them, personally or professionally

9. Be patient

Research shows that it can take between 7 and 9 contacts with a prospect before they make a decision to do business with you. The same is true for strategic alliances or refe
.

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
rral sources. Don’t get discouraged if business doesn’t magically appear immediately.

10. Keep track of your networking contacts

Create a database or place to organize and store information about the people you meet – don’t just throw a pile of business cards in a drawer. Your
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip
database should include information about where and when you met them, what they do professionally, and what their business and personal interests are.

(c) 2007 Allison C. Shields and Legal Ease Consulting, Inc. This article may be reprinted, but must include the copyright and resource box below

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

Tags

Links

Actual - 10 Steps To Effective Networking

Related Articles: