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Main Subject - How to Select A Marketing Agency?
Whether you are a large company or a small set up, there will come a time when you will have to make a decision to outsource some of your marketing work. As we all know, effe
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
ctive marketing is the life-blood of all businesses, possibly even more important than sales.
Selecting the right marketing agency to work with you is likely one of the most
Selecting the right marketing agency to work with you is likely one of the most
; 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
important decision you have to make in the entire realm of marketing decisions. Your marketing agency is going to be working with you long term (there is no such thing as a
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
quick fix” where marketing is concerned!) and that relationship has strong bearings on your success.
There are many resources that you can turn to for advise on selecting th
There are many resources that you can turn to for advise on selecting th
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
e right marketing agency. But one thing is for sure, please do not, never, ever, don’t even think about - calling for a few quotes and awarding the job to the lowest bidder!
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
Most experts will agree that the marketing agency is likely to be the external party that will become most intimately acquainted with your business. Your marketing agency is
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
almost an extension of you, they are your most valuable weapon. How should you then select one?
Several ways to approach this:
- Get a short list of good agencies either fr
Several ways to approach this:
- Get a short list of good agencies either fr
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
om recommendations or reports
- Ask for a portfolio to understand their past work
- Ask for a proposal and evaluate how to approach this first task
- Do
- Ask for a portfolio to understand their past work
- Ask for a proposal and evaluate how to approach this first task
- Do
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
a pitch
There are ways to understand how the marketing agency charges. You need to understand their processes. I would like to suggest that these methods can be found in ma
There are ways to understand how the marketing agency charges. You need to understand their processes. I would like to suggest that these methods can be found in ma
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
y places. But as an insider, I can also tell you that there is a single most important element in your selection of a marketing agency that will make all the other elements p
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
ale in comparison.
The whole secret lies in one simple word: PEOPLE
You need to know Who are the people on the team that is going to work for you. You need
The whole secret lies in one simple word: PEOPLE
You need to know Who are the people on the team that is going to work for you. You need
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
to understand What their skills and specialties are. You must know How they work, their processes and procedures. You have to know When they joined the agency.
Most importa
Most importa
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
t of all, you need to know if you like them. This might sound really silly in our modern, hard-nosed business world. But you should know, that talking with your marketing age
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
ncy is likely the single activity you will do the most of. Talking to them about your vision. Talking to them about your new products, about your launch plans, about your com
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
petitors, about your ideas, about their ideas, about deadlines, about costs…. You will most likely TALK more to your marketing agency alone than all your other staff combined
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
Now, imagine spending all that time with someone you can’t stand the sight of.
The second most important point of decision is TRUST. Some how, you need to
The second most important point of decision is TRUST. Some how, you need to
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
build trust with your marketing agency. You are going to reveal a lot about your business to them. They need to know this in order to be effective partners in promoting it f
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
or you. You must trust them. They must trust you.
I believe that this two points are the most important in any client/agency relationship. You must like each other and you m
I believe that this two points are the most important in any client/agency relationship. You must like each other and you m
.
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
st trust each other. All other things can be worked out. Really.
Future posts, we will explore some of the more mundane methods of selecting the marketing agency. This will
Future posts, we will explore some of the more mundane methods of selecting the marketing agency. This will
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
of course include a checklist, how to call a pitch and so on. In the meantime, this should stand you well. Get with someone you like, has a good reputation and is trustworthy
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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