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Main Subject - Are These Fundraisers More Trouble Than They're Worth?
In a time when public and private philanthropic funds are shrinking, non-profits are scrambling to come up with bigger and better fundraisers to get their share of a smaller pie. In this difficult development atmosphere, non-profits must get
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
the most out of the time and money they spend on fundraisers. Here are three fundraisers to watch out for because, if not done carefully, they can end up costing your organization money.
The Gala. The major problem with the gala, or really a
The Gala. The major problem with the gala, or really a
; 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
y special event, is that running a special event is actually quite similar to starting a business. Have a fundraising dinner and you're opening a restaurant for one night. Put on a charity concert and you're in the music biz for the evening!
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
Profit margins can be small in many of these businesses, even when professionals run them year round it often takes time to create those small margins. It's rather unlikely for an amateur to come up with a great "product" and profits in one n
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
ght. Thus, most special events fail for the same reasons most new business fails: costs are too high, prices are too low, not enough "products" (tickets, for special events) are sold, and expectations are unrealistic.
These common causes of
These common causes of
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
failure stem from problems, not surprisingly, that also plague new businesses: lack of funds for front money; underselling (i.e. admission is too cheap); persuading the skeptical consumer (why buy a $300 ticket to a $40 dinner?); and no disas
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
ter planning. When you look at it from this perspective, it's easy to see that most special event fundraisers are more likely to be high-cost image boosters.
The Monthly Breakfast. There are many problems with this recently trendy fundraiser
The Monthly Breakfast. There are many problems with this recently trendy fundraiser
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
and underlying them all is that it is an activity out of context. Monthly breakfasts, or any regular meetings, really only work well for groups whose members want to meet on a regular basis. True, most invitees are not repeat attendees of th
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
monthly breakfast, but, believe it or not, they still do not want to meet with you for breakfast, particularly if they are going to be asked for money.
We live in an overcommitted society, and the last thing people need or want is another s
We live in an overcommitted society, and the last thing people need or want is another s
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
cial commitment. For most people, that's all this is, another social commitment that they have to fulfill because a friend or colleague asked them for a favor. This brings us to two other problems with the event. Most attendees are not going
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
o donate; they never had any intention of donating. Rather, they are just there to fill a seat because someone asked them.
Often these events rely on board members to tap their social and professional networks to fill each breakfast. Monthly
Often these events rely on board members to tap their social and professional networks to fill each breakfast. Monthly
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
events are a strain on these networks both because board members tire of repeatedly asking their friends and acquaintances to attend events, but also because when it comes time for the most important ask - the one for donations - potential d
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
nors already feel as though they've done something for the organization by attending the event and are likely to give less money, if any. Combine this with the cost to buy or cook breakfast and the time to organize the event and what you end
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
p with is a fundraiser that costs more than it will ever bring in.
The Mailer. In the face of rising costs, growing competition from other means of communication, and the increasing sophistication of donors, the net return on an investment i
The Mailer. In the face of rising costs, growing competition from other means of communication, and the increasing sophistication of donors, the net return on an investment i
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
direct mail just isn't what it used to be.
Another problem with using direct mailings to raise funds, just like with the monthly breakfast, is that it's a method out of context. Direct mail is a marketing technique to sell stuff to as many
Another problem with using direct mailings to raise funds, just like with the monthly breakfast, is that it's a method out of context. Direct mail is a marketing technique to sell stuff to as many
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
eople as possible. Fundraising, no matter how it's done, is a process for getting a relatively small amount of people to give money without getting stuff. The latter requires relationship building, and the former operates in the absence of a
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
relationship. When the fundraising is undertaken with a marketing mindset, the relationships that fundraising is built on suffer.
Basically, with direct mail, you may get a few small, one time donors, but if you take the time to build relati
Basically, with direct mail, you may get a few small, one time donors, but if you take the time to build relati
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
nships, you are much more likely to get larger, long-term donors. While most non-profits need any funds they can get their hands on, in the long run, funds generated through direct mail don't seem quite as valuable as those generated from wel
.
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
-maintained relationships.
These fundraisers do have a purpose - usually they heighten name recognition within the community for the organization; and they can be used to introduce specific donors to the organization in a more meaningful way
These fundraisers do have a purpose - usually they heighten name recognition within the community for the organization; and they can be used to introduce specific donors to the organization in a more meaningful way
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
- it's just that the purpose is less financial than many organizations think.
Many non-profits will be better off if they undertake direct mailings, monthly breakfasts or open houses, and special events with no fundraising expectation at all
Many non-profits will be better off if they undertake direct mailings, monthly breakfasts or open houses, and special events with no fundraising expectation at all
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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