Main Subject - Business

Fundraising is, without a doubt, extremely challenging work. For any of you with experience in this line of work, you will understand what I mean. For the rest of you, go out and

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

volunteer your time with a local non-profit organization. After that, I think you will understand. While this can be a challenging profession, it continues to be quite rewarding i

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

Examples of combination products may in

n many respects. This article was drafted with the new fundraising coordinator in mind. So listen up, kids!

There are four major forms of fundraising. When one mentions fundrais

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

ing to the average person, the image of a well-meaning person going door-to-door begging for support immediately comes to mind. While most of us have been there at some point or ot

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

her, there is a lot more to this business than meets the eye. And yes, my friends, this is a business. We are in the business of managing relationships; relationships which, more

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

Combination pro

often than not, are the key determining factor for success.

The first major form of fundraising is dealing with institutional grantors. These organizations are often the most diff

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

icult to deal with, due to the inherent bureaucratic nature of these types of organizations. On the other hand, grants and endowments from these organizations can often amount to i

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

ncredible sums of money. For this reason alone, they should not be dismissed. You may have to invest a lot of time and energy into convincing these institutional organizations int

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

o supporting your particular cause, and this where the business of managing relationships comes into play. A single grant from one of these groups could secure the future of your n

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

on-profit activities.

The next significant form of fundraising is the promotion of special events and product sales. While this area could potentially include thousands of ideas,

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

here is a central theme between them all. What is the donor getting in exchange for their donation? These types of fundraisers are labor intensive, and require a lot of detailed p

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

Following aspects would a

lanning. In the case of event planning, spend the majority of your time on ticket sales. While you may want to obsess over every little event detail, it won't really matter if peo

dd to the challenges in developing combination products:

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

ple do not show up.

Direct marketing is another one of the major fundraising types. This approach includes direct mailings, telemarketing, paid advertising, public service announc

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

ements, and door-to-door canvassing. Direct marketing can be extremely effective, as it affords your organization the ability to reach out to a vast number of potential donors. In

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

this area, it is crucially important to have a reliable donor list. There is no point spending resources trying to ask individuals or organizations for donations, if they are not

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

connected with your cause in some way. Be sure that your direct marketing efforts are highly targeted, and you will undoubtedly achieve the desired results.

Last, but not least, w

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

Professional from academic institutions, pharmaceutical industries, health care indust

e explore the idea of approaching individual donors. This approach is very similar to that of institutional donors, but it is geared towards well-to-do individuals. Individual don

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

ors can contribute to your cause in a number of different ways. One area that is common to individual donors is the planned gift. In simple terms, this refers to the choice of an

.

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

individual to leave a portion of their estate or life insurance policy to your organization. Approaching individual donors should be left to your more experienced team members. As

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

Companies that provide selfless information through particip

we mentioned before, fundraising is the business of managing relationships. A mentor once told me that "80% of your money should come from 20% of your donors". Wise words, indeed

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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