Advice You - Business

Chapter 2 of 14
Making sure the Celebrity will be the right fit for your audience.

One of the biggest mistakes made when contemplating the use of a c

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

elebrity endorser is choosing a celebrity that does not complement your business or product well. For example, sticking a retired baseball player into a k

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

Examples of combination products may in

ds video about baseball could be a sure failure. Kids don’t recognize players from the past. If, however, the target market audience of the video was the

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

kids father (who would be considered a baby boomer) then using a retired player might make a lot of sense. Using a retired player offers a very distinct a

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

vantage when it comes to the financial side of the equation. However, while choosing a player from yesterday can cost a lot less money there is also the s

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

Combination pro

gnificantly higher risk of the kid not knowing who the player is and not caring about the video. Along with the reward comes the risk of this type of endo

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

ser not being able to make inroads because of lack of a name brand or little current recognition.

When making your final selection, always weigh in heavil

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

y on the specific demographic of the end user. While the buyer may seem like the initial target, the end user might ultimately decide the fate of the prod

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

ct. Make sure you do your homework and know who your market is.

Currently, we are working on a major pain relief spray project with a public company on t

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 East Coast. They had originally decided that they were going to use a one year retired NASCAR driver. Initially, it seemed a good decision. Once we lo

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

ked at the market a little closer it became apparent that this product was aimed at people 55 and older (although it has applications for all ages). After

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

Following aspects would a

much thought we have decided to use a retired HOF baseball player for a number of reasons. First, he is very recognizable, believable, squeaky clean, attr

dd to the challenges in developing combination products:

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

ctive, provides his own brand awareness, and most importantly, can relate to getting older and experiencing pain. He is a satisfied user of the product an

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

therefore can tell his story on a very sincere level, one that the over 55 group can relate to, as they remember him being one of the top players in the 7

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

0’s and 80’s. We have a perfect fit for a product that is very targeted. By choosing the baseball player over the NASCAR driver, we have a broader audien

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

e. A lot of over 55 individuals do not follow NASCAR but most have followed baseball.

NASCAR is a relatively new sport and thus its following tends to be

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

Professional from academic institutions, pharmaceutical industries, health care indust

f a younger age. In this particular deal we also did something very compelling for both the athlete and the company. Most of his compensation is tied to

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

he actual sales of the product. With this arrangement, we insure that we have the undivided attention of the athlete throughout the contract. A proactive

.

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

athlete helps to sell himself and the product and is extremely motivated to go the extra mile to make sure they become a household name. In fact, we have

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

Companies that provide selfless information through particip

lready seen huge dividends in the form of athlete contacts. This would not happen if we had not signed him to a performance based royalty payment schedule

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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