Advice You - Business

Have you ever noticed that in communities without big universities, high school sports take on an even bigger importance?

That's what it's like where I live.

But like everywhere else in the count

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

ry, our high school sports are always looking for ways to make a few extra bucks. Enter the high school baseball sponsorship program.

For a nominal fee (really nominal) businesses can display a ba

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

Examples of combination products may in

nner around the baseball field for the season.

To me, this is a perfect example of a win-win situation for everyone.

Businesses get to advertise to parents (who are currently purchasing adult pro

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

ducts and services) and kids (who soon will be purchasing adult products and services). They are able to control their message because they choose the banner (one of the strengths of advertising).

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

And, because the parents and kids viewing the ads know the proceeds are going to help high school sports, they tend to view those businesses more favorably (one of the strengths of community relati

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

Combination pro

ons).

Best yet, high school sports benefit from an influx of cash.

See how this works? As a business owner, you get the best of all worlds: Control of your message (advertising), frequency of you

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

r message (advertising), affiliation with a good cause (community relations) and the good feeling knowing you're supporting a worthwhile cause (community relations).

Creativity Exercise -- How 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

find win-win advertising and community relations opportunities

Grab some paper and pens (I'm partial to the fun gel pens) and let's start with some brainstorming.

First, start by making a list of

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

everything you're looking for. I would include:

* What advertising opportunities does the association offer? For this purpose, make sure they offer some sort of advertising or sponsorship package

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

.

* Is it a cause near and dear to your heart? (Or even just something you believe in?)

* Does the cause reach your target market? This is important. In the above example, as cool as I think that

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

opportunity is, I'm not racing to sign up. Why? Because chances are, I'm not hitting enough of my target market to make it worth my while. And since there's a limited number of these opportunities

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

Following aspects would a

, I could potentially be taking something away from a business that could really benefit from it.

However, here's something else to think about. Basically when it comes to target markets, this is

dd to the challenges in developing combination products:

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

what you have to decide: Is the cause more important than you getting business out of it? The more closely aligned the cause is to your target market, the more likely you'll see results from your p

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

articipation. But again, if this is a cause you're passionate about and it reaches absolutely no one in your target market, you may still want to participate simply because it is so important to yo

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

u. (I would still look for ways to get something out of your investment -- see (LINK TO) How to Use Community Relations to Grow Your Business for more ideas. There's nothing wrong with reaping some

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

reward for your time and/or money.)

Now that you know what you're looking for, start digging around for opportunities. Start by calling the local Chamber of Commerce and networking groups like th

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

Professional from academic institutions, pharmaceutical industries, health care indust

e Rotary and Kiwanis and other organizations that have their fingers on your community's pulse. Ask about both high-profile events and ones off the beaten path. Make sure you research them both --

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

high-profile events may seem too pricey on the surface, but dig deeper and you may discover it's perfect for your business. And you may strike gold with smaller venues.

You can also try calling yo

.

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

ur local area school sports coaches, band directors and fine arts program teachers -- all frequently offer programs that might include sponsorships and/or underwriting and/or various forms of adver

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

Companies that provide selfless information through particip

tising. Ditto non-school run sports programs like dance, gymnastics, Pop Warner football, AYSO soccer, Little League, YBL Basketball, etc.

With any luck, you'll discover your own win-win situation

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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Small, medium and large businesses across America have been burdened almost to the point of extinction due to the miss management of our regulatory bodies.

I've been telling people this for several years. Why is it that we often focus on the task – solving a problem – much more that on the process?

This article discusses the pros and cons of setting up your own in house advertising agency.

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Advice You - Advertising and Community Relations -- Get the Best of Both Worlds

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