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There are many, many reasons to attend networking events. Here are my Top 10:

1. To increase your visibility.

Establishing top of mind awareness is critical in any marketing campaign, and make no

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

mistake about it, attending business networking events is a key marketing strategy if done properly. One of the most important elements—and one of the most overlooked—to getting the biggest bang for your n

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

Examples of combination products may in

tworking buck is to make sure your face and your message get in front of the same—and the right—people on an ongoing basis.

2. To start relationships that will lead to strategic alliances, joint ventur

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

es, and referrals.

Contrary to popular belief, very few people walk away from a few hours spent at a business networking event with a fistful of contracts. Meeting people at the networking function is

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

merely the important first step towards reaching your client attraction goals. It's what you do after the event that is more important. Follow-up is key to deepening the relationships that will increase yo

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

Combination pro

r bottom line.

3. To stay current on trends in your industry (and those of your target market).

Attending networking events given by your professional association—or associations related to your t

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

arget market—allows you to glean information about current and future trends. The information you gather at these functions can easily give you a leg up on your competition.

4. To become connected to

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

ey influencers in your industry and within your target market.

Instead of going to every business networking event in town, select the networking events you attend wisely and attend regularly. Do some

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

research. Find out which organizations attract the people you want to meet and you will get the biggest return on your investment of time, money, and energy.

5. To learn from and to be motivated by po

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

erful speakers.

Many business networking events have speakers who are experts in fields that will be of interest to you and to your target market. In addition to imparting important information, many

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

f these speakers can often be the spark that jolts you into action.

6. To find suppliers and solutions to your problems.

Most people think of networking events as a place to pursue business. Equal

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

Following aspects would a

ly important though, is the fact that we might be able to give business to other attendees and solve some of our problems at the same time. Networking events can be a great place to find accountants, print

dd to the challenges in developing combination products:

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

rs, salespeople, etc. for yourself and your clients.

7. To hone your marketing message.

Use business networking events to practice and refine your elevator speech. Make sure it conveys in 30 secon

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

ds or less what solutions you provide, for whom you provide them, and the benefits of doing business with you. Practice, practice, practice until you feel confident that you are conveying your message in t

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

e most powerful and compelling way.

8. To socialize.

Human beings are social animals and need the type of stimulation available when interacting face-to-face with others. Today, as more and more p

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

ople work out of their attics, basements, or spare bedrooms, it has become increasingly important for us to socialize, recharge our batteries, and preserve our sanity.

9. To recruit talent.

If you

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

Professional from academic institutions, pharmaceutical industries, health care indust

are looking to expand your business and hire staff, business networking events are a good starting point for your exploration of the marketplace. You will be able to enter into conversations with potentia

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

employees and get clear on what your needs are. You may well find what you are looking for right in front of you!

10. To uncover the "hot buttons" of your target market.

To deliver powerful solut

.

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

ions that will make life easier for members of your target market, you've got to know what challenges they face and what they are looking for. Capitalize on the conversations you have at business networkin

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

Companies that provide selfless information through particip

events to uncover what makes prospective clients tick and what ticks them off. Then create products or services that will alleviate their pain and make you a hero/ine in their eyes.

Copyright Leni Chauvi

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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