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Advice You - About Face: The Value of Face-to-Face Meetings
As the business world becomes more impersonal, with automated phone trees and a dizzying amount of online tools, the bond between company and constituent becomes less personal. Increasingly, o
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
rganizations are utilizing face-to-face meetings to unite with key audiences, communicate their messages and make an impact. As a result, meeting trends are leaning toward a more interactive a
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
d personal structure, as illustrated below:
• Incentive Programs
Rather than provide incentive trips to the same top-producing members of their sales force, companies are involving the e
• Incentive Programs
Rather than provide incentive trips to the same top-producing members of their sales force, companies are involving the e
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
tire organization by offering team awards that reward R&D, manufacturing and customer support. Incentive programs, traditionally recognized as simply a sales tool, are now considered an import
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
nt part of brand building and marketing.
• Marketing Integration
As products and services come to market faster, companies cannot wait for year-end marketing meetings or large industry c
• Marketing Integration
As products and services come to market faster, companies cannot wait for year-end marketing meetings or large industry c
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
nferences to discuss tactics and strategies. Instead, companies are planning regular meetings and events to discuss and refine marketing plans. As a result, today’s marketing meetings and even
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
s are shorter in duration, smaller, more frequent and more focused.
• Return on Investment
As the economy gains ground, companies are spending more on meetings and conferences than in pr
• Return on Investment
As the economy gains ground, companies are spending more on meetings and conferences than in pr
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
vious years, and a stronger emphasis is placed on ROI gained from meeting budgets. Many companies will “piggyback” meetings as a creative way to maximize meeting expenses. An executive meeting
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
may be held in conjunction with a sales incentive program, allowing senior executives to participate in both. By combining meetings, companies can also leverage better hotel rates and other me
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
ting contracts (transportation, airline, etc.).
• More Substance
Another trend can be defined as “less fluff, more stuff.” Meeting agendas are no longer packed with recreational activiti
• More Substance
Another trend can be defined as “less fluff, more stuff.” Meeting agendas are no longer packed with recreational activiti
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
s or extended free time; rather, the bulk of the sessions are filled with content and training. Does this mean meetings are becoming lifeless and dull? No, there’s simply more need to place em
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
hasis on finding smart ways to engage audience members with unique activities and team-building techniques that are instructive and fun.
• Clear Messaging
Consider a conference budget wa
• Clear Messaging
Consider a conference budget wa
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
ted if key corporate messages fall flat due to weak presenters, poor clarity or lack of defined expectations. Increasingly, companies are investing in presentation training for executive speak
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
rs or hiring professional speakers so that the message delivered is clear, concise and “sticks” with the attendees after the meeting has ended.
• Partner Participation
To underwrite the
• Partner Participation
To underwrite the
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
ost of meetings, companies are relying more heavily on their vendor and partner relationships. Firms are asking partners to sponsor portions of meetings or events, such as a reception or break
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
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
ast. This supports both partner and corporate interests; the vendor has the opportunity to get in front of company representatives, while the sponsorship dollars offset meeting expenses.
• Lo
• Lo
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
ation, Location, Location
Finally, expect more interesting meeting locales. Companies are more often conducting meetings in Asia, Central America and Western Europe, connecting global cou
Finally, expect more interesting meeting locales. Companies are more often conducting meetings in Asia, Central America and Western Europe, connecting global cou
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
terparts and increasing the overall value of the meeting experience.
Do you remember the airline commercial in which a CEO hands plane tickets to each staffer following the loss of the compan
Do you remember the airline commercial in which a CEO hands plane tickets to each staffer following the loss of the compan
.
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
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
’s oldest client? Trends in the meeting world reflect a similar theme. While technology is indispensable to businesses, personal interaction, intimate settings and reinforcement of corporate m
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
ssages and culture are back. Some may call it “old school,” but the companies embracing and leading the new meeting environment are those poised for the most success, internally and externally
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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