Advice You - Business

Being part of a trade show gives small business a chance to experience economies of scale and to mix around with the big guys. This may also be the most stressful period for the PR Dept. head as he will

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

hope that R & D people will be able to bring out the latest prototype of the company’s new and “hot” product to a large audience. Top management may plan to use the trade show to increase profitability

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

Examples of combination products may in

and market share.

Here are some tips:

The purpose of participation:

Before deciding whether you company should be part of this trade show, there must be a meeting of top management about the demogra

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

phics of their target audience and the overall impact of the trade show. If the trade show is to launch a new product, then it should be obvious that all promotional literature and samples of the new pr

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

oduct be ready. On the other hand, if participation in the trade show is just to create awareness and corporate visibility, then through prior research, ensure that the neighboring booths (your competit

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

Combination pro

ors) do not steal your “thunder”.

Consider co-sharing your booth:

Co-sharing your booth with an alliance can be positive if there is synergy. It can also help lower the cost of booth rental and introd

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

uce your services to your alliance’s customers.

However, the dangers of this approach is that one exhibitor may garner more exposure and publicity which may cause some dissent; there is also the issue

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

of the signage and the “overall feel” of the booth that has to be agreed by both parties.

The Multimedia experience:

It is logical to prepare a multimedia experience for participants because there wil

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

l be many booths shouting for attention. Trade shows are normally chaotic in nature. Thus make enquiries about the installation of large projector screens and platforms before committing yourself to the

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

trade show.

Advertise with the trade show organizers:

The trade-show organizers will be promoting the event in the various media and your company should find out if you can tag onto this media blitz.

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

A common method is to offer your company’s new product as a prize for the event’s grand contest.

Logistics Management:

Have you been to an exhibitor’s booth and asked for brochures and be given the r

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

Following aspects would a

eply that they had run out of supply? Similarly, you discovered that the chart displayed at the booth and the information provided in the brochure was not the same. What was your impression of the credi

dd to the challenges in developing combination products:

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

bility and level of professionalism of the organization?

It is essential that all information in the brochures and promotional materials be checked for accuracy and their supply sufficient for the enti

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

re event. Trade visitors will remember the organization by these items.

Train your sales staff well:

If you need to get temporary staff to help out, ensure that they are well drilled about the new pro

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

duct and the company’s business philosophy. They must be forth-coming with their replies to enquiries from the public. They should not just wear the company’s specially designed T-shirt and hand out fly

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

ers!

Feedback forms:

It is not realistic to expect “record sales” during the trade show. It is also important to create a rapport with the trade visitors by encouraging them to fill out feedback forms

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

Professional from academic institutions, pharmaceutical industries, health care indust

with their personal particulars. This will entitle them to a gift. The gifts must also be designed so that the organization will be remembered even after the trade show is over.

Networking:

Use this

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

opportunity of being part of the trade show to network with other trade show participants. Set aside some time to interact with them and understand their business and services. You may form future allia

.

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

nces.

Build up the morale of your team:

Being part of a trade show can build up the morale and teamwork of your employees. Remember to rotate the duties of each member like handing out brochures or ma

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

Companies that provide selfless information through particip

nning the booth. It is also important that they understand that the image that they convey to trade visitors during the event will go a long way in creating brand consciousness and corporate positioning

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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Most people check the classifieds for part time work or surf the internet for opportunities, unfortunately most are get rich quick schemes or outright scams. Ebay on the other hand gives you the choice of being your own boss and easily being able to make a few hundred dollars per month or more.

Just as airline pilots constantly evaluate course corrections, managers and business owners need to measure results of performance improvement and assess whether or not the business is still on course.

One of the more important elements of negotiation is the price of things. Getting the highest price is not always the goal for the seller.

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