Advice You - Business

This is obviously the key ingredient in determining your overall strategy. Based on lots of practical experience and much diligent research into the subject, it seems apparent that a well-placed celebrity endorser can dramatic

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

ally impact all phases of your business. The key is to find that one celebrity that fits the mold you are working from. The tremendous impact, goodwill, referrals, continued sales, and repeat customers that celebrity endorser

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

Examples of combination products may in

can provide is incredible. While it’s seemingly tough to determine the value, the reality is that it’s easier than one might think. In our vast experience we have found that the key to finding the perfect fit is to know what

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

you as a company are looking for …without that knowledge, you are rolling the dice. When talking about an expenditure on this level it never pays to roll the dice. You need to formulate a very specific strategy as to overall

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

goals and then accurately, intensely, adequately, and with piercing precision, hone in on your target with a razor sharp tactical launch.

When considering what you are trying to accomplish with your company, you need to so wi

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

Combination pro

th precision and make sure that every aspect of the overall strategy is driving you towards your goal. Your goals can be many and varied, however, your main goal should be centered on the added value and to what extent that va

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

lue will drive overall sales. It doesn’t do you much good to have a one- day promotion and only see a days worth of extra value. That might work well if you were selling cars and because of the endorser you sell an extra 10 c

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

rs at $40,000 each. Realistically, that doesn’t happen very often. Always consider long-term benefits and ways that you can extend the promotion far beyond the actual appearance or endorsement.

The name of the game is brand e

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

xposure and its maximization. By carefully orchestrating your plan, you will reap benefits over the long term. Here is a simple example we have used a few times. When we have athletes making an appearance we always have a ni

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

ce stack of 8 x 10 photos (in fact in most cases we have the athlete call their source for photos and we take advantage of their discount which reduces the cost to the customer) nearby so when that athlete isn’t busy, we have t

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

hem sign the photos. Photos are quick and easy to sign and you can get a lot signed in twenty or thirty minutes. Sometimes, celebrities can sign as many as three hundred to four hundred an hour. If the picture costs $1.50 an

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

Following aspects would a

d the athletes signature is worth $15 in the open market, with possibly a much higher perceived value, then getting a hundred or so photos signed for a back end sales promotion really makes a lot of sense. Once you have the si

dd to the challenges in developing combination products:

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

gned photos, you can save them for a rainy day and run a special promotion. For example, when your customer purchases $100 worth of goods they receive for FREE a signed picture. Good will also brings in new customers.

A caref

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

ul evaluation of your company will usually determine the potential value of using an endorser. Who are your clients? What age group? Are they male or female? What is the lifetime value of a customer (this helps you to determi

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

e what you can spend on a celebrity endorser)? What is the competition doing? More than likely, using an endorser will separate you from the competition, providing you with a clear market advantage. According to an America

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

n Public Opinion Survey and Market Research study, more than a fifth of all advertising today features a famous face, voice, or image. It also further states that almost 72% of consumers who bought a product pitched by a celeb

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

Professional from academic institutions, pharmaceutical industries, health care indust

rity said that it was the endorser who first grabbed their attention. Powerful stuff, wouldn't you agree? Celebrity sells and continues to sell. But why? Many theories are floating around, but the most interesting one is th

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

e fact that we as consumers are somehow pre-programmed, hardwired if you will, to pay attention to celebrities. We think of them as people we can trust even though we don’t know them personally. In many instances we think of

.

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

them as friends we can trust. Another less obvious reason is the repetition of seeing a celebrity over and over again. We become accustomed to seeing their smiling face…they become believable. We tend to think, if it’s good

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

Companies that provide selfless information through particip

enough for the celebrity it must be good enough for me, even though there is absolutely no basis for such thinking.

In the end, it all boils down to your brand profile and finding a creditable celebrity that matches your needs

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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