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Main Subject - When, Why, and How You Should Carry Out a Media Audit
Why should I media audit?
The main reason is to make the most of your marketing budget! The upsides could be huge. Even if your media budget is only ?1 million and your agency is only 5% off the average on a co
The main reason is to make the most of your marketing budget! The upsides could be huge. Even if your media budget is only ?1 million and your agency is only 5% off the average on a co
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
st/quality measure, you are missing out on a value of ?50,000. On a budget of ?10 million, that equates to half a million pounds of lost value!
An audit will identify areas for your agency to develop, and so pr
An audit will identify areas for your agency to develop, and so pr
; 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
vide you with better value for money. Remember it’s not just about the price you pay, but the quality of the media you are getting too.
You should audit your media agency if you think they may not be delivering
You should audit your media agency if you think they may not be delivering
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
to the targets you have set them in a competitive nature.
With such a large percentage of top advertisers employing auditors, you could argue that you have to employ one, because otherwise unscrupulous agencie
With such a large percentage of top advertisers employing auditors, you could argue that you have to employ one, because otherwise unscrupulous agencie
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
may avoid giving you the least good pieces of media, saving the best for clients that are! They know that it will be recognised and rewarded there, whilst you won’t know about their tricks!
Why is media auditi
Why is media auditi
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ng necessary?
Prices and values for media are in a constant fluctuation: the variation in value that advertisers get from media owners can be enormous. For example, we have personal experience of similar pages
Prices and values for media are in a constant fluctuation: the variation in value that advertisers get from media owners can be enormous. For example, we have personal experience of similar pages
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
n a magazine being sold to different advertisers in the same issue for a difference of 300% or 400%!
Surprisingly, variation exists not only between agencies, but within agencies too. Regularly deals are done b
Surprisingly, variation exists not only between agencies, but within agencies too. Regularly deals are done b
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
y agencies to access some high quality media spots, such as a TV first break in big brother. But these may carry a cost to the agency – they may have to agree to take some other, poor quality inventory to balanc
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
out the favour they have had.
It is the agency who then decides how the inventory is allocated amongst its clients. Are you one of the chumps that gets more than your fair share of late night TV, keeps getting
It is the agency who then decides how the inventory is allocated amongst its clients. Are you one of the chumps that gets more than your fair share of late night TV, keeps getting
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
second half left-hand pages in big magazines, or never quite seem to get that back page newspaper ad you sought after?
Ironically, even very big spending advertisers are not immune to this variation. Research
Ironically, even very big spending advertisers are not immune to this variation. Research
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
as shown that whilst size of media of spend can be a big factor in getting a good price/quality score; there are lots of smaller advertisers who buck the trend and beat them.
How to carry out the audit
It’s cr
How to carry out the audit
It’s cr
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
ucial to not alienate your agency during an audit procedure as most agencies are used to the process and will sometimes be welcoming to it. However, this is a bit like having someone mark your homework, when the
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
homework was previously done by self-assessment. The steps are:
1. Notify your media agency of your plans to carry out an audit.
2. Decide on a choice of auditing agency. At this stage you may even want to inv
1. Notify your media agency of your plans to carry out an audit.
2. Decide on a choice of auditing agency. At this stage you may even want to inv
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
olve your agency in the choice.
3. Have an initial meeting with the auditor (without your agency) to understand their process.
4. Chair a meeting between the auditor and your media agency to kick off the proce
3. Have an initial meeting with the auditor (without your agency) to understand their process.
4. Chair a meeting between the auditor and your media agency to kick off the proce
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
s and comprehend what the auditor needs. Also, set a deadline for completion.
5. Make sure the auditor does a pre-meeting with the agency so that they have a chance to articulate their feedback about the findin
5. Make sure the auditor does a pre-meeting with the agency so that they have a chance to articulate their feedback about the findin
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
gs of the audit.
6. Hold a debrief with the agency present, but by all means speak to the auditor independently.
7. If the audit is negative, set some performance targets within a set time-frame for the agency
6. Hold a debrief with the agency present, but by all means speak to the auditor independently.
7. If the audit is negative, set some performance targets within a set time-frame for the agency
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
to improve. After six months, do another audit to see if they have met the targets.
8. If the audit is extremely negative (if say, the agency is more than 10% away from the average) consider whether this is the
8. If the audit is extremely negative (if say, the agency is more than 10% away from the average) consider whether this is the
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
right agency for you.
9. If the audit is good, take your agency out to a damn good lunch and buy them lots of drinks!
The costs and benefits of auditing
Costs depend on how much you spend on media, the compl
9. If the audit is good, take your agency out to a damn good lunch and buy them lots of drinks!
The costs and benefits of auditing
Costs depend on how much you spend on media, the compl
.
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
xity of your spend and the length of time. For example, a typical ?1 million + spend would cost between ?10k and ?20k. If you spend ?1 million a year, you only need to get 1.5% better value to save the money. Ev
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
en if your audit is good, it is highly possible you will find ways to improve by 1.5%.
Who should carry out my audit?
The main media auditing firms are:
• Billets
• Fairbrother Lenz Eley
• Auditsta
The main media auditing firms are:
• Billets
• Fairbrother Lenz Eley
• Auditsta
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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