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Having a realistic tradeshow budget is crucial for your exhibiting success. It’s imperative to include all of the costs associated with exhibiting in your financial plan, yet many exhibitors fail to take this crucial step.

It’s almost impossible to realize positive ROI when y

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

ou don’t know how much you’re spending -- and what you’re spending it on! If you ask most exhibitors what they think the largest expense associated with tradeshow participation is, chances are they’ll tell you the display space.

It’s true that exhibiting space is expensive. T

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

Examples of combination products may in

hat 10X10 booth can set you back a pretty penny -- and price tags go up for larger spaces and prime locations. However, exhibiting space itself is generally only 30% of the total cost associated with exhibiting.

That 30% of your budget is fairly fixed. A fabulous negotiator m

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

ight be able to get show management to shave a few hundred off the price of exhibit space, but that’s the exception rather than the rule.

Instead, you’ll want to concentrate on that other 70% of your budget. The expenses that make up the bulk of your participation cost are, t

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

some degree, variable. They’re under your control -- which means, with time, planning, and oversight, you can keep them down. The lower your costs are, after all, the easier it will be to generate a positive ROI on your show!

The reality is, however, that most exhibitors don

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

Combination pro

’t pay close attention -- or any attention at all! -- to some of the items that make up the remaining 70%. The cost of their show creeps steadily upward, bit by bit, as small charges mount up and up until they’re a sizable chunk of change. This is particularly common among new

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

exhibitors -- although it also plagues seasoned pros who fall prey to the assumption trap. This is when an exhibitor assumes that things will be done this year the way they’ve always been done previously. Like all assumptions, this one can prove costly!

Here are some of t

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

e items that make up that 70%, as well as some thoughts on how to keep these costs manageable.

Display Materials

Your display can make your show: attractively presenting your merchandise in an eye-catching and innovative way helps capture attendee interest and dr

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

aw them to your booth. However, you want to make sure that you’re not overspending on your display. There’s the initial cost of your display, not to mention the storage and maintenance expense. Consider renting or leasing a display (especially if you are a first-time exhibitor

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

or only attend one show a year): you can often get a high level of customization while saving money and reducing headaches.

Freight

Shipping displays, products, promotional literature, giveaway items and all the other show stuff to the tradeshow can eat up a lot of m

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

ney. Consider your shipping options carefully. Take the time to do some comparison shopping. Who can offer you the best deal and ensure timely delivery? It does no good to save money if your material arrives after the show closes. Often, shipping companies have experts on staf

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

Following aspects would a

f who can help your crew pack material in the most cost-efficient manner possible. Again, a minor point, but one that can save you big money.

Show Services

Read your exhibitor manual! In there, you’ll find information detailing how and when you need to sign up for sho

dd to the challenges in developing combination products:

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

w services -- items like electricity, floor coverings, and so on. The earlier you sign up, the more you’ll save. On average, costs go up by at least 25% for these services after the initial deadline passes. The closer you get to the actual show, the more you’re going to pay --

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

and if you forget about needing utilities until you arrive on the show floor, you’ll pay top dollar.

This is one clear instance where planning ahead will save you a substantial amount of money.

Pre-show Promotion

Pre-show promotion is critical to your success. Show

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

anagement often offers several free and low cost promotional venues: explore your options. This may include participating in a product display area, an Artist’s Alley, having your name included in category listings in the directory, website advertising and so on. Always consid

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

er: will participating in this effort help me reach the target audience I’m trying to reach? If you sell widgets and the show organizer is putting together a directory listing of Widget Sellers online and in the guidebook, and charging $35 to participate, it may be the best $3

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

Professional from academic institutions, pharmaceutical industries, health care indust

5 you’ve ever spent.

Booth Staffers

Transporting, lodging, and feeding booth staffers can eat up a considerable chunk of change. Most people have a tendency to live a little grander when they’re on the company dime -- you know they don’t order the $65 steak dinner at

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

ome!

Keeping your corporate culture in mind, you may want to introduce some restrictions into the booth staffing budget. Offering per diem meal allowances is one way, requiring receipts is another. Explore lodging options: some hotels offer convention specials if you can book

.

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

early enough. Again, pre-planning is your best friend. Travel costs can fluctuate wildly, based on fuel prices and other variables beyond your control. Again, giving yourself enough time in the schedule to find good transportation deals can help control costs.

They say time

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

Companies that provide selfless information through particip

is money. That’s certainly true when it comes to the tradeshow arena. By planning ahead and allowing yourself enough time to explore options, sign up for services, promote your participation, and other critical steps, you’ll be able to enjoy maximum results for minimal expense

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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When you are in business and considering opening a new factory, industrial unit or business you must be wise as to keep things quiet. Why you ask? Well if you are in a limited industry sub-sector you may find that the equipment makers in the industry have a network and the word spreads like wild-fire in the industry.

It's tempting to diagnose workplace conflict as being a people problem. Fix the people and the problem's resolved. Conflict at work, though, often has root causes in organizational systems and culture, and failure to address the root cause leads only to Band-Aid approach.

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