Advice You - Business

Why spend money on promotional gifts in the first place?

Well, promotional gifts are

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

an effective way to attract new clients to your firm or company. Believe me, the benefits are

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

Examples of combination products may in

very rewarding. For example if you are giving a sales pitch to a group of potential clients;

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

f they beforehand have received a promotional gift then they are more responsive to your atte

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

pt for a sale. Now, there are both internal gifts and external gifts. Internal gifts are for

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

Combination pro

taff in your company; and external gifts are for people outside your company. Internal gifts

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

an do wonders for moral and loyalty, but when it comes to gaining clients and additional busi

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

ness, the external gifts are a must.

What kind of promotional gift should you buy?

W

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

en talking about external gifts, you should focus on your potential new client or more accura

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

e the person that you have to deal with. The buyer is not always the owner of the company he

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

r she represents. That person has an agenda for dealing with you. Find out what it is. Why is

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

Following aspects would a

he or she interested in your company, and what benefit can he or she gain from doing business

dd to the challenges in developing combination products:

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

with you? What products or features are they looking for? Choose a gift that fits his or hers

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

agenda. Knowing your buyer is the key to picking the right promotional gift.

How expensiv

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

e a promotional gift should you get?

Your company gifts should be relative in value to y

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

ur expected profit from your new clients. For example: if you build houses, then a pen would

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

Professional from academic institutions, pharmaceutical industries, health care indust

e of to little value compared to what profit a new client would payoff. Free floors or carpet

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

in the house would be a better choice; and for a potential new client it would be of huge val

.

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

e.

Final word on promotional gifts.

I think the benefits for you are reflected in th

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

Companies that provide selfless information through particip

s article. Choose your gifts wisely, and cash in on the impact it will have for your business

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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Advice You - Are Promotional Gifts a Waste of Money?

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