Main Subject - Business

The Association of Hispanic Advertising Agencies (AHAA) announced the results of its survey assessing trends and influential factors in US Hispanic adverti

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

sing over the past decade. More than 90 percent of respondents indicated that they anticipate corporate ad spending targeting the fastest growing segment o

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

Examples of combination products may in

the US -- Latinos -- to increase in 2007 and more than 30 percent are predicting budget growth of more than 10 percent.

The majority of respondents (75.9

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

%) believe the finance industry will increase spending most significantly over the next five years followed by entertainment (58.6%) and pharmaceuticals (5

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

.2%). Travel is projected to increase ad spending to reach US Hispanic consumers as well as cited by 27.6% of survey takers.

The survey, part of AHAA's re

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

Combination pro

lection on the industry in celebration of its 10-year anniversary, questioned AHAA member agency principals about events affecting their businesses and the

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

ir projections of future investments by corporate America to reach the approaching $1 trillion in US Hispanic consumer spending.

The 2000 Census data, aff

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

rmed by an overwhelming majority of respondents (93.5%), is considered the most significant milestone attributed to the growth of the more than $5 billion

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

S Hispanic advertising industry. Even with the government statistics to support the power of the US Hispanic consumer, more than 80 percent of respondents

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

agree that the greatest challenge facing US Hispanic advertising agencies is persuading clients to invest more of their ad dollars in the burgeoning US His

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

anic market.

"The Census data quantified the influence of Hispanics in the US and brought recognition to the significant clout, buying power and expected

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

Following aspects would a

rowth of this population segment," says Carl Kravetz, chairman of AHAA and chairman/chief strategic officer of Los Angeles-based cruz/kravetz:IDEAS. "It is

dd to the challenges in developing combination products:

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

an ongoing process to educate corporate marketers about the value of marketing to Latinos as more than just a project but an integral part of every market

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

ng plan. We need to move beyond the 'why,' however, and begin to discuss the 'how' -- partnering with clients to engage this brand-loyal audience and conne

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

t emotionally with them using the language of cultural identity rather than getting bogged down in a debate over whether to use Spanish or English. It requ

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

ires a deep understanding of the true Latino identity that Hispanic agencies are uniquely prepared to define for marketers."

In fact, segmentation of the

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

Professional from academic institutions, pharmaceutical industries, health care indust

ispanic market is considered the leading influencer of agency business over the next five years. Further defining the complexities of Latinos as well as sl

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

ces of this multifaceted population is viewed by more than 63 percent of respondents as the top significant change in the US industry. The influx of ad dol

.

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

lars to reach the coveted Hispanic segment was recognized by more than 56 percent of respondents and marketing with the Latino cultural identity in mind (5

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

Companies that provide selfless information through particip

.3%) -- a real shift in the approach to reaching this audience -- were viewed as other significant developments that will shape the industry moving forward

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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Many economists rely on economic indicators to predict consumer spending and the health of the wealth of a nation. Using such data they can predict economic trends, business cycles and industry movement. It is amazing all the data available out there and all the different methods that are considered mainstream economic theory.

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