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People enjoy getting a chance to win something, so here are a some easy fundraiser raffle ideas to boost your fundraising efforts. Your raffle can be an inexpensive ticket for a prize drawing or a $100 ticket for a b

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

ig prize such as a big screen television or a new car.

The basics of a raffle fundraiser are quite simple. Your costs are limited to the ticket expense and purchasing the prizes. Often times, local merchants will do

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

Examples of combination products may in

nate items or offer special discounts to nonprofits or school groups.

As with any fundraiser, the better the items offered, the more funds you raise. Your fundraising raffle can be of short duration or have tickets

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

for sale for a month or more.

It all depends on how much you are trying to raise and what type of raffle you conduct.

Get Publicity
Publicity is the key element of a fundraiser raffle, particularly when offeri

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

ng an expensive grand prize. Issue a press release and make sure it reaches the appropriate persons at local media outlets such as newspapers, radio stations and local television.

Also get the word out through your

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

Combination pro

newsletter and website as far in advance as possible. Aim to build excitement and anticipation with your supporters for the prizes to be offered.

Assign various aspects of ticket sales to as broad of a base as possi

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

ble. By avoiding having one or two people try to handle everything, you'll reach a much larger number of prospects.

Door Prizes
Everybody loves winning a door prize at an event, so keep that in mind when decidi

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 how many prizes to give away.

Be sure to sell raffle tickets at the door as that is the prime time for an impulse buy.

Keep your prize expense to roughly one-third of your projected revenue.

Automobile Drawing<

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

br> A new car raffle is always a huge draw because it appeals to almost every adult. Because of the prize expense, you'll need to decide the best balance between ticket prices and total revenue.

I've seen car raffl

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

es priced anywhere from $20 to $100 with proportionately more tickets needing to be sold when prices are lower. In this example, five times as many $20 tickets need to be sold.

Multiple Prizes
Having multiple p

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

izes increase the chances of winning, but more importantly, it also increases the chance that people will buy a ticket or even multiple tickets.

The psychology behind providing multiple prizes is proven to increase

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

Following aspects would a

participation because people are more likely to consider the odds more in their favor. There is also a belief that having various prizes also increases the chance of having one that appeals strongly to almost anyone.

dd to the challenges in developing combination products:

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

Among the most popular prizes are big screen TVs, CD players, iPods, gift certificates, spa visits, and weekend getaways.

50/50 Raffle
Here you are doing a door prize raffle, but the prize is half the ticket

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

sales. It certainly simplifies things and most people like the idea of winning cash.

A 50/50 raffle works great at sporting events such as football or basketball games, but it can also be used at any type of event.

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

Cash Calendar Raffle
This raffle idea combines a calendar sale with a chance at winning a prize. Each calendar purchase includes a raffle ticket for a prize drawing for a certain amount of cash.

Some groups do

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

just one prize drawing from the raffle tickets. Others offer a continuing series of cash drawings, usually on a weekly basis.

Prices for cash calendar fundraisers are often in the $20-$25 range, depending on the ca

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

Professional from academic institutions, pharmaceutical industries, health care indust

sh prize drawing. A weekly prize of $50 or $100 is common, with larger prizes of $500 or $1,000 being offered at some stages of these fundraisers.

Raffle Ideas Wrap-up
A fundraiser raffle is a great way to rais

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

e funds, either as a standalone fundraiser or in conjunction with an fundraising event. For instance, you can add a raffle to a school carnival, a black tie charity event, or even a car wash.

The most important thin

.

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

g is to offer attractive prizes with widespread appeal and price your tickets to maximize total revenue. It doesn't do any good to overprice the tickets because total ticket sales will suffer. Choose the right price

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

Companies that provide selfless information through particip

point to stimulate impulse buys.

Most people will make an emotion-based decision to participate and then justify it with logic, so make sure your raffle prizes seem really attractive in comparison to the ticket cost

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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There has probably been no great accountant turned entrepreneur then Capitalist than Rockefeller who used his accounting skills to take over the entire Oil Industry back in the day. He kept immaculate books and started out as a promising young accountant.

Regardless of what business you are in ...you are really in the business of satisfying customers. The degree of customer satisfaction you deliver determines the level of long-term success you will achieve in business.

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