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Subjects - Should You Offer Commissions For Customer Referrals?
As a small business owner you may find yourself in a situation where you want to partner with another business but they
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
are asking for a commission on your services. You will want to be prepared to handle such a request BEFORE you find yo
; 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
rself in this situation.
Whenever someone asks you for a commission in exchange for marketing your product or service,
Whenever someone asks you for a commission in exchange for marketing your product or service,
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
it is basically an affiliate or referral program. This can be one of the most powerful forms of marketing because it pr
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
motes word-of-mouth marketing. Who better to refer clients or customers to you than someone who fully understands the v
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
lue of the services you have to offer?
Often these people are your current satisfied customers, or as is the case with
Often these people are your current satisfied customers, or as is the case with
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
this question, they may be strategic partners. Strategic partners are those individuals or businesses who agree to refe
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
r business to you, sometimes in exchange for you doing the same for them, or perhaps for a commission. Either way, it i
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
important to make sure it is a win-win situation for both sides.
If you consider these individuals or businesses are
If you consider these individuals or businesses are
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
n effect doing your marketing for you, then you realize paying a referral incentive or commission is merely a marketing
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
expense.
When you consider that referred customers are "warm leads" and are a lot more likely to purchase from you tha
When you consider that referred customers are "warm leads" and are a lot more likely to purchase from you tha
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
a "cold" prospect because they come with an endorsement from someone they trust, then you see even more how valuable t
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
is referral marketing can be.
My suggestion is to approach this as a potential business partnership. Make sure they co
My suggestion is to approach this as a potential business partnership. Make sure they co
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
pletely understand the benefits you can provide to their customers and let them know you would like to design a mutuall
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
y beneficial partnership. Before you offer to pay them a commission, find out what is important to them.
What are they
What are they
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
looking for that you can possibly help them to get? In this case the potential partner IS your target audience so know
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
hem and approach them with a relevant proposition. Be willing to pay a referral fee or commission if that is all they a
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
e interested in, but also be open to other ideas.
I have negotiated some amazing partnerships just by spending some ti
I have negotiated some amazing partnerships just by spending some ti
.
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
e talking and brainstorming with potential partners. In other cases I have straight affiliate/commission partnerships.
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
t all depends on the partner and how we determine we can BEST HELP EACH OTHER to be successful.
(C) 2005 Debbie LaChus
(C) 2005 Debbie LaChus
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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