Advice You - Business

How long do most of your donors contribute to your organization before they walk away? One year? Five? Ten? You should know.

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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

ndraising, like all effective fundraising, is about raising friends rather than raising funds. Raising a friend is always more important in

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

Examples of combination products may in

he long term (the only term worth considering in fundraising) than raising a dollar. And losing a donor is always worse than losing a dollar

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

.

Which means you must pay as much attention to your donor numbers as you do to your donation numbers. Response rate, average gift and cost

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

to-raise-a-dollar are donation numbers. They tell you how you are doing as far as funds are concerned. But donor attrition rate, renewal rat

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

Combination pro

e and average tenure are donor numbers. They tell you how well you are doing as far as your friendships are concerned.

Average donor tenure

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 a vital number to watch. Simply put, your average donor tenure is the length of time, measured in years or months, that your average dono

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

r gives to your organization before stopping. The for-profit world watches this number. You should, too.

Learn from the for-profit

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

orld
A lady at my church described to me her work as an insurance sales agent. She explained that most agents make a commiss

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

ion when they sell an insurance policy and make another commission when their customer renews that policy, usually a year later. “Clients, o

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

average, buy a policy and renew it six times,” she said, “which means one sale delivers seven years of residual income.”

This lady knows h

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

Following aspects would a

r average tenure. Most of her customers stay with her firm for seven years and then go elsewhere. What about your not-for-profit organizatio

dd to the challenges in developing combination products:

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

n? How long do most of your donors stay with you before going elsewhere? Find out today. And watch that number every year.

Naturally, you w

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

nt to attract donors who stay with you for a lifetime. For many organizations, the lifetime value of a donor is about five years. That’s not

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

a very large number. But at least you can start improving it once you know what it is.

You are in trouble if your donor base is shrinking

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

ach year. You are also in danger if most of the donors you acquire give you one gift and never give again. But remember that average donor t

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

Professional from academic institutions, pharmaceutical industries, health care indust

enure is just one button on your calculator. You also need to watch how much your donors give each year. Some may stay with you for decades

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

ut contribute little. Others may stay with you for a few years but donate enough to build a new wing on your facility.

You’d be disappointe

.

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 if you lost all the friends you made each year, or if they hung around but showed no sustained interest in you. So measure and watch your

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

Companies that provide selfless information through particip

verage donor tenure. Then take whatever remedial action you think is necessary to keep your friendships with your donors healthy—and lengthy

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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Some great ideas to stand out from the crowd would be to select an unusual color, typeface, or message. Make certain that your business card contains all the information necessary for people to remember it. The information you want to include is your name and company name, your company logo, a short catchphrase sentence that describes your business and your contact information such as e-mail address, phone numbers or web site address.

The role to the QP (Qualified Person) is to perform the regulatory practices that a company is required to uphold by EU directives for the release and manufacture of medicines and drugs to be used in clinical trials.

We all know word of mouth is one of the most powerful forms of advertisement available to a business of any size. But there is more to the word of mouth concept than many business owners know.

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Advice You - How Long are your Donors? Improve Donor Tenure and You'll Boost Fundraising Request Letter Revenue

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