Advice You - Business

Chachkas (sp)…Freebies…Giveaways. Through the years, promotional items have taken on many names…most not very complimentary. We’ve all been on the receiving end of promotional items, and typically our overall impression is synonymous w

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

ith throw away, little or no value, worthless, not an essential business tool. If you’re on the giving end, certainly this is not the desired response. Time and money have been spent with the ultimate goal of promoting your product and

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

Examples of combination products may in

raising awareness of your brand.

Let’s use a few other terms. This time I’ll pick words that are synonymous with business in the 21st Century. How about runaway competition; skeptical, hard to reach audiences; slow growth; and low pric

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

e focus? This second set of terms should shed a new light on the use of promotional items as part of an overall branding strategy.

Before you can appreciate how promotional products and branding fit into the solution, let’s expand on t

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

e problem. There were more than 33,000 new product introductions in 2004. The more staggering point, more than half of consumers could not name a single product that was introduced. It’s estimated that all of us receive 5,000 messages

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

Combination pro

day. Think about all the email, voice mail, snail mail, and advertising you receive, not to mention product emblazoned pads and pens, and most people can see how cutting through the communication clutter requires far more effort today

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

than in the past. Actually success is generated more through strategic thinking than just effort.

What can you do about this? First, decide on a brand. My definition of a brand is “the sum total of what makes your business or product u

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

ique in the marketplace”. Absolute uniqueness is almost impossible to achieve in today’s world. Even Ipod is not absolutely unique. But they do have relative uniqueness by introducing break through products that are easy-to-use and cool

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

. Their success is based on the fact that everything they do revolves around this identity. The product design, consumer experience, advertising…promotional products…everything reinforces this very focused brand. As a result, you know

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

xactly what they stand for and you want one.

The brand building process is not easy in today’s climate. You have to have an intense understanding of your customer and your competition. You need to be critically objective about your pro

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

ucts or services. And, even if you are able to wade through all of this information and decide on a brand that has relative uniqueness, you must determine if it is important to your consumer, and stands out from your competition. And t

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

Following aspects would a

hen, you still have one huge hurdle. Discipline.

There is so much temptation to stray. To set short range goals that are too short. To evaluate too soon and abandon strategies too quickly all in an effort to run a marketing sprint that

dd to the challenges in developing combination products:

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

is almost assured of failure. Today’s marketplace demands that you and your organization run the marathon. Decide on a brand and then focus every molecule of your organization on that brand. Build products and services that support it.

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

Relentlessly communicate the same brand message in many different ways and different media.

And that brings us back to chachkas. Once the brand message is established, some basic rules of thumb apply to the actual selection/purchase of

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

promotional items.
o Set a budget and stay within it. Factor in the cost of promotional items into your overall marketing budget.
o Determine the purpose of the promotional products. Promotional products are often used to

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

nnounce a new product or service; entice a prospective client to make a purchase; thank a customer; improve employee morale and to remind tradeshow attendees of your product or service.
o Once your purpose is defined, develop a pro

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

Professional from academic institutions, pharmaceutical industries, health care indust

gram rather than a once and done project. For instance, distribute a series of products to potential attendees at a trade show. Each product can convey a different message enticing the prospect to attend your booth.
o Determine wh

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

re or how it will be distributed.
o Buy enough, but not too much. Promotional products purchased for one purpose may not suit all needs.

Most important to remember is to develop a program of handouts that reinforce your uniquenes

.

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 instead of giving away a pen with your logo on it that has little connection to your brand or message. By distributing a series of items your message will have greater impact and memorability. The items should make it easy for your ta

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

Companies that provide selfless information through particip

get market to remember your brand, not just jot down their grocery lists.

Follow these simple guidelines and you can change the terms Chochkas (sp)… …Freebies…and Giveaways…into Brand Communicators…Results Generators…or Clutter Busters

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 Yellow Pages represents the first foray into advertising for many small businesses. And for good reason: a Yellow Pages ad is accessible all day, every day, to people who are ready to buy.

Product and service names are important - they make it easier for customers to remember the product or service involved. A good name will have lasting impressions and positive associations.

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