Advice You - Business

Raffles are one of the most popular and cost effective ways to raise money for a non profit organization. However, it would not be a raffle if you had nothing to give away!

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

So what kind of prizes should you have? First of all, put yourself in your potential supporter’s shoes - What if someone comes up to you and says they are selling raffle t

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

Examples of combination products may in

ickets? What prize would you like to win?

Here are some prizes that attract many people’s attention:

Cars - Sports cars, Luxury cars, SUV’s in this years model. Another gr

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

at alternative is a completely restored classic / collector’s car. You may or may not be able to get this donated. If not, consider other types of prizes, since your profit

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

will be higher if all items are donated.

Travel - Always a winner. Roundtrip Airfare, a package deal, a cruise, hotel stays, even airline miles all make great prizes. Most

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

Combination pro

people love to travel and the biggest obstacle is usually cost. Now if they win this raffle, they’ll just have to take some vacation time and go.

The larger trips such as w

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

ek-long cruises or packages with airfare and hotel may draw more ticket buyers. However, travel doesn’t have to be exotic to make a great prize. Even a weekend getaway withi

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

n driving distance could be a great prize. As long as it’s a place people in your area would want to go to for a vacation. A one night stay at a local hotel is not usually a

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

s appealing.

Electronic Equipment - Big screen TVs, DVDs, and stereos. These are big incentives, especially for the guys.

Gift Certificates - For stores like Home Depot, B

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

st Buy, and local or chain restaurants. These make great secondary prizes.

These are just a few examples. As mentioned earlier, it is important to offer a prize that your p

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

otential sellers will place a high value on. A Barbecue Grill, a Handmade Quilt, a Gourmet Dinner, all of these could be great prizes for the right audience.

Okay, okay. So

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

Following aspects would a

I know what you are thinking. How do I go about getting these prizes?

The absolute best way is to survey the members of your organization. Every member could possibly have

dd to the challenges in developing combination products:

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

something of value to contribute to the prize pool. And if not, they may know somebody who can. Go for your biggest prize first, though. You need to secure that “hook” in or

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

der to have a viable raffle.

One of the raffle fundraisers that I organized raised over $1000, with just 5 ticket sellers! In case you are wondering, our prize was a big sc

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

reen TV. The company I worked for at the time had a point system incentive program. I pooled my points with some of my co-workers to get the big prize.

I also sent out an e

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

ail asking my friends and the other ticket sellers for donations. I quickly got several more donations including some nice watches. Finally I went to area restaurants and go

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

Professional from academic institutions, pharmaceutical industries, health care indust

t several gift certificates for third prizes.

It's usually easy to get prizes from restaurants and some retailers such as beauty salons and video stores. Type a letter of

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

request on your organization's letterhead. Visit businesses in your area during the afternoon when they're not as busy. Give them a copy of your letter and ask if they wou

.

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 be able to donate a gift certificate or other prize. Be sure to start canvassing your city about a month before your deadline, because some managers need to get approval

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

Companies that provide selfless information through particip

or they may have a limited number of prizes per month they can distribute.

With a little creativity and persistence, you'll be able to get some great prizes for your raffle

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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The number of firms offering machining services has increased over the years, which can confuse a client wanting to avail of machining services. Machining firms often take care of this problem by quoting their machining rates on the Internet or via toll free phone lines.

By law every corporation is required to appoint an accounting officer. No person qualifies for appointment unless he or she is a member of a recognised accounting profession. It is advisable not to cut corners when dealing with accounting reports, as this could land the company in some serious trouble if they are not prepared to show a fair representation of the company's financial situation.

Many service companies (e.g. plumbing, air conditioning) compete in very competitive markets. These companies focus on maximizing revenues while controlling costs. However, the nature scheduling work orders is chaotic and presents hurdles for companies when controlling costs.

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Advice You - Getting Prizes for Raffle Fundraisers

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