Advice You - Business

There are many components involved to successfully administer a fundraising program. First of all, the money that is going to be raised needs to be used for a cause that peo

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

ple can get behind. Secondly, the fundraising effort needs to utilize as many volunteers as possible to successfully raise the fundraising goal. In addition, those volunteer

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

Examples of combination products may in

that are recruited need to be effectively trained. Thirdly, a fundraising plan needs to be developed. This could entail a selection of a product that will be sold, conducti

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 a special event, or simply asking people for money.

With all of these components in place there is one missing emphasis. That emphasis is a strategy on how to market your

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

fundraising program.

In fact, it can be argued that before beginning your fundraising program, it is important to have a foundational plan in place to market your fundraisi

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

Combination pro

g program. Therefore, before beginning your fundraising effort it is important to know what is marketing, gathering a marketing team together and discussing strategies.

Wha

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

Is Marketing?

Marketing is a communication process that is centered on a product, event or service in which the intent is to increase the awareness of the audience towards

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

that product in hopes that they will eventually purchase that item. Therefore, it can be clearly seen that it is paramount to market your fundraising program.

Within the ma

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

keting tool box there are many tools that can be utilized to market your fundraising program. Some of those tools can be newsletters, use of television, radio, word of mouth

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

mailings, e-mail, etc. In addition, a plan to market your fundraising program should be concentrated in that all of these tools are used during a specific timeframe. This t

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

meframe should be the leading edge into the fundraising effort as well as during the campaign.

Gathering A Team

As part of a plan to market your fundraising program it is

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

Following aspects would a

important to recruit as much help as possible. The help that is recruited should be individuals who have knowledge about marketing or who may be part of the professional mar

dd to the challenges in developing combination products:

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

eting world.

Examples of these types of individuals could include marketing directors from businesses and those affiliated with the public media. This public media could in

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

lude newspapers, radio stations and television stations. Often, these individuals wish to give back as well as portray the company that they represent as community minded. T

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

erefore, more often than not, these individuals wish to participate in such fundraising events.

Strategies

There are many strategies that can be utilized when beginning to

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

market your fundraising program. First of all, it is important to note that many public media outlets will advertise your fundraising event at no cost. These are called publ

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

Professional from academic institutions, pharmaceutical industries, health care indust

c service announcements.

Also, many television and radio stations have morning programs in that they are always looking for guests to come on to their morning shows. It is

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

mportant to ask well in advance and try to schedule a spokesperson’s appearance on one of the shows during the fundraising event.

Finally, businesses have marketing dollars

.

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

Often by submitting a proposal to a business you can tap into marketing dollars. This can be accomplished by asking the business to sponsor the event and provide appropriat

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

Companies that provide selfless information through particip

advertising. This win-win situation allows for the company to advertise their name in the community as well as portray themselves as the sponsor of a good fundraising cause

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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