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Main Subject - THE COMING GERIATRIC INVASION: The Aging of the American Marketplace
Recently, the Stephenville Chamber of Commerce presented a seminar entitled, "Reaching the Hispanic Population." The gist of the message? "The Hispanics are coming! The Hispanics are coming!" The marketplace had better get ready because the browning of America is happening VERY quickly and, as a whole, many of
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
us are very unfamiliar with this market.
But something else is happening on a daily basis and it is no respecter of businesses. It has been effecting marketing trends at a very slow and steady pace, well... from time in memoriam. What is this trend? It's the WRINKLING of America.
One need not pour over demogr
But something else is happening on a daily basis and it is no respecter of businesses. It has been effecting marketing trends at a very slow and steady pace, well... from time in memoriam. What is this trend? It's the WRINKLING of America.
One need not pour over demogr
; 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
phic surveys in order to detect this change. Frankly, a quick look in the mirror is all it takes for most of us. One look at today's advertising messages can be very revealing as well. Anti-aging, wrinkle disguising lotions, white haired, flat-bellied couples walking hand-in-hand along the beach, mature spokesp
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
ople giving us that "been-there-done-that-try-it-THIS-way" look that inspires trust. Prescription pharmaceuticals, too, are everywhere, enough to make you sick!
Experts expect that, in the next decade, the under-50 crowd will increase 1.5%. At the same time, the over-50 population will increase 41%. Many marke
Experts expect that, in the next decade, the under-50 crowd will increase 1.5%. At the same time, the over-50 population will increase 41%. Many marke
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
ers are concerned about which segment they should be gearing the majority of their advertsiing dollar. My opinion? Unless your marketing is geared toward those who are genuine children in comparison (school kids, college kids, recent college grads), ALL marketing will have to take the needs of our maturing adul
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
society into consideration. As an old school ad writer myself, if I were trying to market to this group, I'd be writing with empathy, asking older people what THEY want and need. If they needed a car with a lower threshold, I'd design one. An inexpensive computer with huge keys? Consider it done. Valet or cove
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
red parking? Give it to 'em! Earlier hours? A special menu? It will be worth the investment.
WHO ARE THESE PEOPLE?
For starters, they're my parents, a couple of wonderful over-70 individuals who just moved into town. They're also 'me' as I am getting closer to 50 than 40 with every second. Aside from brief an
For starters, they're my parents, a couple of wonderful over-70 individuals who just moved into town. They're also 'me' as I am getting closer to 50 than 40 with every second. Aside from brief an
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
ual visits and a weekly phone call or eMail, I haven't really observed my folks as they've matured over the past 25 years. When did this metamorphosis occur? In the two months that they've lived here, I can tell you from personal, up-close and personal experience, they're different. But so am I.
Marketers bewa
Marketers bewa
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
e: There is no single "Mature Market." To be effective, one must understand which sub-segment we're targeting and the specific needs and desires of the group that makes up that segment. What do I mean? Let me explain...there are three major sub-segments of the Mature Market. These include:
* Pre-retirees: Age
* Pre-retirees: Age
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
0 until retirement at about age 62.
* Active retirees: From retirement until the mid-70s.
* Seniors: Though we used to call anyone over 50 a "senior," that term has no application until at least the mid-70s these days. We must recognize "senior" as a state of mind rather than a chronological curse. In other w
* Active retirees: From retirement until the mid-70s.
* Seniors: Though we used to call anyone over 50 a "senior," that term has no application until at least the mid-70s these days. We must recognize "senior" as a state of mind rather than a chronological curse. In other w
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
rds, "they" aren't all the same.
Categorizing and recognizing these three segments is only half the battle. The other half involves really digging into the backgrounds and needs of the market filling those sub-segments. As the Baby Boomers get older, the rules for marketing to any given age group are changing.
Categorizing and recognizing these three segments is only half the battle. The other half involves really digging into the backgrounds and needs of the market filling those sub-segments. As the Baby Boomers get older, the rules for marketing to any given age group are changing.
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
Just as the Boomers rewrote the communications instruction manuals for 20 to 40-year-olds, today they are changing how we view 50-year olds. Tomorrow, it will be the 60- and 70-year olds.
RELATIONAL MARKETING
No serious marketer should consider approaching the Mature Market unless he or she is ready to enter
RELATIONAL MARKETING
No serious marketer should consider approaching the Mature Market unless he or she is ready to enter
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
into a relationship with them. Few successful marketers enter this arena with a single-sale mindset. Although, as George Burns quipped, at their age, many may not even buy a green banana, believe it or not, the key here is in understanding that the Mature Market is most likely to be interested in a longer-term
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
elationship.
So, what about relational marketing? Much of that relationship is based upon written materials and, especially in the active retiree and senior crowds, where your prospects have the time and interest to read what you write, that is, if it's truly interesting to them. Relational marketing for the m
So, what about relational marketing? Much of that relationship is based upon written materials and, especially in the active retiree and senior crowds, where your prospects have the time and interest to read what you write, that is, if it's truly interesting to them. Relational marketing for the m
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
ture should be based on new information and knowledge. This market wants to learn new things about the world. So, give it to them. With fewer words and larger type if necessary.
The mature consumer is wise enough to know that they have many choices. They are the grapefruit squeezers among us, least like to buy
The mature consumer is wise enough to know that they have many choices. They are the grapefruit squeezers among us, least like to buy
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
everything that's being sold to them. They will do research, talk it over with friends and ask questions. Many are living life in a daily survival mode and are quite cautious. They will not do business with you if you patronize them or don't supply the answers. Heaven help the business that fails to offer the l
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
evel of customer service they grew up on - or the kind they themselves provided to others "back in the day." With this group, you shouldn't try to "hype" or over-promote. They won't fall for it. Though it may lead to an occasional short-term sale, ultimately, it will negatively impact your bottom line.
Oddly e
Oddly e
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ough, there may be some companies who will mistakenly say, "We need not concern ourselves with the Mature Market. They buy the same things everyone else." Au contraire! Though the 50-plus population wants to be treated like anyone else - for who among us wants to be categorized as "old"? - their actual physical
.
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
and emotional needs are different.
You, as a marketer, should make yourself aware of what makes this market tick and should plan new products, services and communicative methods for capitalizing on the unique differences. Perhaps, by doing so, you will be able to capitalize on the power of the group that holds
You, as a marketer, should make yourself aware of what makes this market tick and should plan new products, services and communicative methods for capitalizing on the unique differences. Perhaps, by doing so, you will be able to capitalize on the power of the group that holds
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
77% of all America's assets today, whose disposable income doesn't peak until almost the age of 70 and who truly desires to hear from you - so long as you aren't wasting their increasingly precious time.
They're coming, headed toward you as quick as they can get there, with several bathroom stops along the way
They're coming, headed toward you as quick as they can get there, with several bathroom stops along the way
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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