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Useful Advices - Is Sponsorship Right for My Company?
Trade shows are a bonaza of sponsorship opportunities. Talk with any show organizer, and they’ll be more than happy to explain how you can make sure your company’s name and logo are plastered all over the arena, on the program guide, over the hospital
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
ity suite, even on the tote bags everyone carries around all day. It’s just a simple matter of money – lots of money. Spend enough, and at some conferences, you can get a seat on the event planning committee.
Is all that cash worth it? How do you k
Is all that cash worth it? How do you 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
Examples of combination products may in
now that sponsorship is right for your company? Is there a way to determine if underwriting aspects of a trade show will help your bottom line?
Absolutely.
First, it’s imperative to understand exactly what sponsorship is. Sponsorship is the financi
Absolutely.
First, it’s imperative to understand exactly what sponsorship is. Sponsorship is the financi
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
al or in-kind support of an activity, used primarily to reach specified business goals. The fact that sponsorship is undertaken to reach specific business goals clearly deliniates it from philanthropy – you won’t be able to write off your trade show p
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
articipation as a charitable contribution. However, sponsorship is also very different from advertising. Sponsorship is not a solo adventure, the way advertising is. It promotes a company in association with the sponsee.
The next step is to determi
The next step is to determi
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ne why you may want to sponsor an event. Beware of the CEO-trap. This occurs when the CEO is a fan of a particular sport or event, and wants to throw corporate dollars behind his personal passion. Throwing the corporate logo on his favorite NASCAR d
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
river’s car might make the big man happy, but will it help your company?
Instead, you will want to set some clear, measurable goals for your corporate sponsorship. There are six main reasons why companies embrace sponsorship, including image enhancem
Instead, you will want to set some clear, measurable goals for your corporate sponsorship. There are six main reasons why companies embrace sponsorship, including image enhancem
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
ent, driving sales, increasing visibility with positive publicity, to take on a “Good Corporate Citizen” role, to differentiate from one’s competitors, and to enhance business, consumer, and VIP relations.
All of these are valid reasons. Assess the p
All of these are valid reasons. Assess the p
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
roposed sponsorship opportunity against these goals and them ask yourself if sponsoring an aspect of this event will enhance your corporate image. Many companies value the goodwill generated by sponsoring hospitality suites and special meals at trade
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
shows – goodwill that can influence sales.
If sponsoring an aspect of the trade show will meet one or more of these goals, you may want to participate. It’s a good idea to do some homework first, before you sign on the dotted line.
Check out the sho
If sponsoring an aspect of the trade show will meet one or more of these goals, you may want to participate. It’s a good idea to do some homework first, before you sign on the dotted line.
Check out the sho
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
w’s image. Is it perceived as a classy, up-scale event? Or does it have a less-than-stellar reputation? You’ll want to know this before you affiliate yourself with the event. Show organizers should be able to provide you with the target audience ex
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
pected to attend, plans for media coverage of the event, and what your obligations as a sponsor are. You’ll also want to know what kind of support you can expect from the show organizers, and what exactly your sponsorship dollars are buying.
Don’t be
Don’t be
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
afraid to ask the tough questions. You are forming a short term partnership with the trade show organizer. Approach it the same way you’d assess any other potential business relationship. You need to know the event’s operational history. Has the sh
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
ow been around for a while, and growing every year, or is this a brand-new enterprise? Who were the previous sponsors? How much did they pay to be involved? What are the organizer’s backgrounds? Are they affiliated with any non-profit or political
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
organizations?
Check the date of the event, and check to make sure that it does not conflict with any other events your company wishes to have a presence at. You should also be provided with a full and complete list of event attractions, including ed
Check the date of the event, and check to make sure that it does not conflict with any other events your company wishes to have a presence at. You should also be provided with a full and complete list of event attractions, including ed
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
ucational programming and receptions.
Sponsorship works best in the context of a relationship. You will often see the same companies supporting the same events year after year after year. This synergy creates a special, unique ‘brand’ for the durati
Sponsorship works best in the context of a relationship. You will often see the same companies supporting the same events year after year after year. This synergy creates a special, unique ‘brand’ for the durati
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
on of the event, a brand that the buying public begins to count on and expect. Make sure you enquire about on-going sponsorship opportunities, as well as cross-promotion opportunities.
Don’t dilute your brand by sponsoring every event that comes alon
Don’t dilute your brand by sponsoring every event that comes alon
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
g. You can afford to be selective here. Pick the one or two events that most closely mirror your corporate image and philosophy – those are the shows that will help you meet your sponsorship goals.
Once you’ve made up your mind what events you’d lik
Once you’ve made up your mind what events you’d lik
.
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
e to be affiliated with, contact the event organizers right away. Many sponsorship opportunities are highly competitive, and space is limited. There’s not a lot of time to dawdle if you want one of only two or three premier spots.
Finally, don’t fee
Finally, don’t fee
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
l limited to what sponsorship opportunities the show organizers offer. If you have a great idea, talk to the organizers about it. Chances are that show organizers will welcome your creativity and they’ll be more than willing to accommodate your plan
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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