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Advice You - To Go Or Not To Go - How To Decide If This Marketing/Design Project Will Bring In Revenue
Deciding to move forward on a design and marketing project can be a big deal, but it doesn't have to be. Beyond the emotional benefits of feeling more confident when promoting your business and looking more professio
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
nal in front of prospects, brand recognition and a myriad of other benefits, let's just take a look at the numbers.
For all of you number crunching, "Just bottom line it" business people out there, this bulletin wil
For all of you number crunching, "Just bottom line it" business people out there, this bulletin wil
; 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
take a logical, methodical approach in helping you to decide whether to "Not go" or "go" on your next design project.
Step 1: Investments, Not Expenses
Smart business owners view design and marketing as oppor
Step 1: Investments, Not Expenses
Smart business owners view design and marketing as oppor
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
tunities to grow their business rather than drains that they just pour money down. Expenses, by nature are costs that you no longer expect to receive any benefit from. You should expect, not hope that your design and
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
marketing project will yield a personal and a financial benefit to your company.
Quick Note: Now if you've had design and marketing projects created before and felt they weren't worth the cost, I'd offer that the po
Quick Note: Now if you've had design and marketing projects created before and felt they weren't worth the cost, I'd offer that the po
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
or investment wasn't in WHAT you did, rather WHO you invested in. Designers that aren't experts in marketing, advertising and learning about your business are typically bad investments. To get the most out of your ti
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
e and investment, you want to only work with business savvy designers who understand your business, goals, clients and competition.
Let's assume you're working with a terrific designer, and you're interested in havi
Let's assume you're working with a terrific designer, and you're interested in havi
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
ng a tri-fold brochure designed. Ask yourself, "What do I need to make back on this investment to break-even on my investment?"
Step 2: Let's look at this example:
You will have design and printing costs = $10
Step 2: Let's look at this example:
You will have design and printing costs = $10
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
0
You will receive 800 units of marketing collateral at your disposal
From that marketing collateral you would expect at least 25 people to take action and buy from me (that's just over 3%). As a business owner, yo
You will receive 800 units of marketing collateral at your disposal
From that marketing collateral you would expect at least 25 people to take action and buy from me (that's just over 3%). As a business owner, yo
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
u have to ask yourself, "How likely is it for me to achieve just a 3% response on my project?" "Am I likely to get just 3%?" If the answer is yes, let's move on. If the answer is no, don't do the project!
Let's say
Let's say
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
our average sale is going to be $150.
Now do a few quick math calculations: Your breakeven point will be 7 people. ($1000 / 25 people)
Your Estimated Gross Revenue = Minimum # of people you expect to buy (just 3%)
Now do a few quick math calculations: Your breakeven point will be 7 people. ($1000 / 25 people)
Your Estimated Gross Revenue = Minimum # of people you expect to buy (just 3%)
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
Amount of average Sale
25 people X $150 average sale = $3750 Estimated gross revenue
Net Revenue is Gross - Expenses = $3750 - $1000 = $2750 Net Revenue (this is how much you made)
Your ROI, Return on Your Invest
25 people X $150 average sale = $3750 Estimated gross revenue
Net Revenue is Gross - Expenses = $3750 - $1000 = $2750 Net Revenue (this is how much you made)
Your ROI, Return on Your Invest
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
ment = 275%
You increased your money by 275%; was this a good project to invest in, you bet!
Step 3: The Odds and Ends You Want to Get Clear On
Beyond the ROI example, there are a few other questions you want
You increased your money by 275%; was this a good project to invest in, you bet!
Step 3: The Odds and Ends You Want to Get Clear On
Beyond the ROI example, there are a few other questions you want
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
o run through in deciding to "Go" or "Not go" on a project. These are quick, terrific tools that will help you be more decisive and more confident in those decisions.
If I do this design project, what's the likeliho
If I do this design project, what's the likeliho
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
od I will be able to attract more customers? What will these customers mean in terms of dollars and cents?
What will happen if I don't do anything? Will I expect sales to go up or down if I don't do anything?
What
What will happen if I don't do anything? Will I expect sales to go up or down if I don't do anything?
What
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
ight it cost me in sales if I don't do anything? Am I happy with the rate this company is growing? Do I need to take steps in order to make it grow? What do I plan to do that's going to make something happen?
Do I f
Do I f
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
eel like I am losing out in sales and market share because I am getting lost in a crowd of competitors?
If I had a strong brand and professional marketing collateral, would that allow me to not compete so fiercely o
If I had a strong brand and professional marketing collateral, would that allow me to not compete so fiercely o
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
price? Would that allow me to actually charge what my products and services are worth?
Granted, I've oversimplified the decision here in the interest of time, but the decision to "go" or "not go" isn't nearly as di
Granted, I've oversimplified the decision here in the interest of time, but the decision to "go" or "not go" isn't nearly as di
.
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
fficult as business people make it. What's the likelihood that you'll make back your investment? And what will happen to your company if you decide to do nothing? If you decide to ignore all of the intangible benefit
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
from your project and just look at the ROI, you'll be able to make quicker and more decisive decisions about your projects in the future. Let me know if this has been helpful, email me and let me know what you think
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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