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Digg It - Corporate Hospitality in the UK
What do we mean by Corporate Hospitality?
Corporate Hospitality can be described as any event where an organisation enterta
Corporate Hospitality can be described as any event where an organisation enterta
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
ins clients, prospective clients or staff at the organisation’s expense. This includes spectator sports, participatory events and 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
tivities, art or cultural events, and any other events.
The most popular events for entertaining guests are horseracing meetings,
The most popular events for entertaining guests are horseracing meetings,
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
ootball matches, concerts and the major sporting tournaments such as the 6 Nations rugby, Royal Ascot, Test Cricket, The Open, Wimb
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
ledon and many more, too many to name here.
Corporate hospitality is usually sold in the form of a package which includes a good q
Corporate hospitality is usually sold in the form of a package which includes a good q
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ality ticket or seat for the event along with drinks, a meal and sometimes a gift. This is a typical package but it does vary to ca
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
er for different events, facilities and budgets. Some packages, for example, would only include a drinks reception or buffet or, pa
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
rticularly at football events, simply the use of a corporate facility with drinks being paid for on the day.
Why use Corporate
Why use Corporate
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
ospitality?
The basic idea behind corporate hospitality is to strengthen relationships. Hospitality really targets the individ
The basic idea behind corporate hospitality is to strengthen relationships. Hospitality really targets the individ
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
al rather than the company as, for example, a purchasing director being invited by a sales director is of more benefit to the invit
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
e than his/her company.
Hospitality could be seen as a form of bribery - a way to treat the individual in return for their custom
Hospitality could be seen as a form of bribery - a way to treat the individual in return for their custom
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
but there is often more to it than this. Often these people would only ever speak on the phone or, at least, meet in a work environ
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
ent. An invite to a corporate hospitality event offers the invitee the benefit of attending the event whilst offering the inviter,
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
r host, the opportunity to get to know his customer.
A hospitality event has a much greater appeal than, say, inviting someone for
A hospitality event has a much greater appeal than, say, inviting someone for
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
a meal as it is often a highly prestigious event where tickets are not readily available. The event itself also serves as a focus
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
or conversation - an easy ice breaker.
Justifying the cost
Hospitality packages can often seem highly expensive when compa
Justifying the cost
Hospitality packages can often seem highly expensive when compa
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
ed to the broken down cost of a ticket, a meal and a few drinks but this is not a fair comparison. The hospitality package is an ex
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
clusive opportunity and should be likened to other forms of marketing rather than socialising.
Imagine that you have a contract wo
Imagine that you have a contract wo
.
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
th several thousand pounds or dollars. Spending a few hundred on a hospitality package is as close as you can get to a guarantee of
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
retaining this contract and, in the longer term, can be far more cost effective than cutting the customers' prices by a few percent
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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