Advice You - Business

I remember the early days of my fundraising. I was an aspiring Winter Olympian and a young man inexperienced in the ways of the world - let alone the

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

fine art of fundraising. After struggling financially in my first two years of competition, I realized I needed to devise a new plan for fundraising

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

Examples of combination products may in

.

Initially I began the same way as any amateur athlete would: I put together a nice portfolio full of wonderfully spun phrases on how I was going t

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

o be an Olympian and all I needed was the support of ABC Corporation. I followed up and followed up and had conversations with many people who though

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

what I was doing was great - but they had no idea who I was and had little interest in supporting an unmarketable amateur athlete.

Had I continued o

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

Combination pro

n that route, I would have starved my way out of competition! I barely received enough money to pay for rent and keep the cupboards stocked. Portfolio

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

s are a small tool in the entire fundraising process - NOT the entire fundraising process itself. Yet this method, or a slight variation, is one of t

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

he most commonly used methods of trying to fundraise.

Every organization looking to fundraise can follow this three step path to fundraising success:

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

1.) Forge relationships - People aren't just going to hand over hundreds or thousands of dollars to you if they don't know who you are, what you are

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

doing and then developing a reason to believe in your cause. Relationships are the key to any sort of marketing and sales - and fundraising is no dif

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

ferent.

2.) Change your business structure - This may seem a little odd to see in a fundraising article. However, you offer your donors more benefit

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

Following aspects would a

s if you are a sole-proprietorship, partnership or a corporation than you do if you are a charity or a non-profit organization.

3.) Instill passion i

dd to the challenges in developing combination products:

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

others - Once people see the passion you have for your organization's cause, it becomes contagious! When I talked passionately about my quest to bec

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

ome a Winter Olympian people's eyes lit up when I spoke. Their brows raised and they smiled - they were touched by the passion that I had for the end

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

eavor I was undertaking.

This is just the start. Building a solid fundraising team, raising the profile of your organization and even pulling off a

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

major annual event are other factors to successful fundraising.

Many organizations will spend thousands on impersonal and rather annoying methods of

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

Professional from academic institutions, pharmaceutical industries, health care indust

aising money. They use the volume approach - whether it is making 1 million telephone calls or sending out 1 million mailers - they try to hit as man

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

y people as possible, never knowing if they will get a cent.

There is a better way to fundraise. I have been down both roads. The fundraising exper

.

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

ience I've gained along the way has been invaluable. As a single athlete, I was able to raise $50,000 a season once I had perfected my fundraising pl

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

Companies that provide selfless information through particip

an. Anyone can do it - organizations and individuals alike. The only thing that has to change in most cases is the perspective of how to raise money

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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