Useful Advices - Business

There is a paradox to an international trade show. And it has two parts.

THE FIRST?

It is unique because it is foreign. If it’s your first show, it should be a real adventure. If it’s your umpteenth overseas trip, you may view it as a drag, or look at it as an opportunity to maintai

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

n and expand relationships.

THE SECOND?

It is the same as doing a show in the US.

Which is right? Both. How can that be? Because…..

The principles of trade shows are universal. There’s a practical understanding to the basics of trade shows – no matter where in the world you exhibit. Of

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

Examples of combination products may in

course, there are the cultural nuances you must accept. Knowing where you are going and how to be accepted once there are critical business decisions.

In addition, there are universal standards in design, promotion, presentation and follow-up for any trade show. Your appearance and

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

business practices must align to the actualities of the host country, industry and the international marketplace.

These are a sampling of questions you should ask as you consider starting or expanding your exposition schedule–

ARE YOU GOING TO THE RIGHT SHOW?

A show is not just a show

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

Each exposition has its own personality, and that changes from year to year depending on locale, exhibitors, the health of your industry and how the economy affects your clients. It is important to understand there are three Types of Shows. In the US, we tend to separate these show

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

Combination pro

ypes - B2B Marketing, B2B Sales and B2C Marketing/Sales. In many countries, the functions and audiences overlap throughout the show, or on certain days. Align your expectations for each type of show. Consider each show a new show, not a repeat of the previous year. Then ask - is your

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

timing right for entry into that country via that show for your products and services? How do you find the right shows? One obvious way is to ask your clients what shows they think are important.

ARE YOU GOING FOR THE RIGHT REASONS?

What are you looking for? There are myriad opportuni

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

ies to connect with leads, partners, clients, reps, dealers, distributors and agents. The more you understand how business works in that part of the world and within your industry, the more you should network and target your markets prior to leaving Virginia. Use the pre-show months

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

to get to know each other and build trust. We Americans have a tendency to rush into relationships; our overseas partners may take much more time.

ARE YOU INFLUENCING THE RIGHT PEOPLE?

There is great value in spending time and money for pre-show research and promotion. Networking ski

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

lls are expanded via online research, discussion lists and asking your business associates. Appreciating the pecking order – social and business – and how decisions are really made by your target markets can cut your sales time dramatically.

ARE YOU SENDING THE RIGHT MESSAGE?

We’ve a

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

l heard stories of the misguided, arrogant or oblivious foreigner who rubs the hosts wrong. We tend to assume everyone loves us and speaks English. Wrong. Take time to understand the value of promotion in native languages and current cultural vernacular. Use professional translation

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

Following aspects would a

ervices – carefully checked so you know what everything says – for all signs, graphics, letters, promotional materials, demonstrations. Hiring local multi-lingual talent is always appreciated for initial and qualifying conversations at the show.

ARE YOU SENDING THE RIGHT PEOPLE?

Firs

dd to the challenges in developing combination products:

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

t impressions are critical and Your Staff = Your Company, both on and off the floor. Take staff selection seriously. This is the time to be smart, not stingy. Search your options for the best company representatives. Write a job description and ask for volunteers. Send the people wh

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

are competent but also enthusiastic about spreading the word about your company. Maybe you have experienced, savvy in-house staff, or this is the time it makes sense to hire experienced stand staff at the show locale.

ARE YOU FOLLOWING-UP PROPERLY?

This most critical part often is los

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

because there you have no real plan beyond an initial contact or two. Sure, it’s expensive to pursue international business, but today’s technology makes it easier than ever to keep in touch. Ask visitors how they want to be contacted – do they need a local contact or is e-mail pref

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

erred? Consider outsourcing initial post-show contact.

ARE YOU GETTING ROI FOR THE DOLLARS?

Your Return on Investment is not just dollars you can track after the show. There are many ways to boost your bottom line, sone direct, some subtle. For example, publicity is a powerful driver

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

Professional from academic institutions, pharmaceutical industries, health care indust

for marketing and extending rememborability after the show. PR and advertising must be planned and tracked. Tips for getting the most bang for the bucks –

Match your expectations for returns with reality of the money you are investing in a show.

Understand your sales cycle, delivery ti

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

es, international shipping options, customs, tariffs and always have a Plan B

Be truthful about your investment. Trade Show Training, inc. says there are eight line items of a trade show budget and seven are definite expenses for Every Show. The exception is that if your exhibit is c

.

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

ostly, you may be able to amortize it over a couple of years. These are the major line items you must decide before you can get a good handle on ROI.

1. The Rent on Your Space
2. All On-floor Expenses
3. Your Exhibit, Graphics and Accessorie
4. Freight and Drayage
5.

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

Companies that provide selfless information through particip

he Cost of Your Time, Staff Time
6. The Costs of Travel and Entertainment
7. Promotions and Advertising Before the Show
8. Follow-Up and Sales Costs After the Show

Is it easy to do an international show? No, but it is easier when you understand the parameters of the paradox

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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