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Digg It - Why Market to Generation X?
Generation X"--the 40 million or so people born between 1965 and 1976--understands it is living in a world of uncertainty where neither the govern¬ment nor private employers offer lifetime financial security. This is, however, the next generation of responsible adults, bright yo
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
ung people with families to protect and educate...and nearly 40 years until retirement.
Generation X was the backbone of Operation Iraqi Freedom and continues serving the US effort to bring peace to the Middle East. None had to be there. They chose to be there by becoming Marin
Generation X was the backbone of Operation Iraqi Freedom and continues serving the US effort to bring peace to the Middle East. None had to be there. They chose to be there by becoming Marin
; 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
s, soldiers, sailors, airmen or Coast Guardsmen. For example, our son, Bill, 32, was finishing a four-year Marine Corps enlistment when September 11 changed his life plan. Completing Officer Candidate School and The Basic School would mean another four-year commitment—but one he
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
gladly made. After receiving his commission, Bill was assigned to Okinawa, and recently returned from an 8-month deployment to Iraq.
So don't mistake Gen-Xers for Baby Boomers. Generation X detests labels--including the “Gen-X” tag it’s had to live with--and unlike thei
So don't mistake Gen-Xers for Baby Boomers. Generation X detests labels--including the “Gen-X” tag it’s had to live with--and unlike thei
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
Boomer parents, has no illusions about the future.
Gen-Xers are...
• Less status-conscious than their parents, Gen-Xers are not into show, they want re¬sults. Many Xers no longer view college as the only way to prepare for vocations lead¬ing to rewarding careers
Gen-Xers are...
• Less status-conscious than their parents, Gen-Xers are not into show, they want re¬sults. Many Xers no longer view college as the only way to prepare for vocations lead¬ing to rewarding careers
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
These sharp young people are becoming a significant economic and social force.
• Boldly putting their own stamp on business. Launching hi-tech and other types of companies at a record clip, Gen-Xers are less tied down by old notions of bureaucracy, and they're ready to
• Boldly putting their own stamp on business. Launching hi-tech and other types of companies at a record clip, Gen-Xers are less tied down by old notions of bureaucracy, and they're ready to
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
try out their own management styles. Yet, they view financial prosperity as a by-product of a well-rounded life, not the main event.
• Risk-takers. Surveys find adversity, challenges, and the high risk of failure, far from discouraging Gen-Xers, have produced a tough, ev
• Risk-takers. Surveys find adversity, challenges, and the high risk of failure, far from discouraging Gen-Xers, have produced a tough, ev
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
n ruthless edge. Resilience, the willingness to abandon a losing project and try again, is fundamental.
• Motivated to make a difference. Gen-Xers are attracted to careers that compel interest and provide the challenge of competition. Thirty years ago, Peter Drucker in T
• Motivated to make a difference. Gen-Xers are attracted to careers that compel interest and provide the challenge of competition. Thirty years ago, Peter Drucker in T
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
he Ef¬fective Executive, wrote: "Doing the right thing is more important than doing things right." Judging by the wave of successful Whiz Kids with neither formal business edu¬cation nor conventional management training, Drucker's message resonates.
• Interested in good pers
• Interested in good pers
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
nal relationships. Embracing racial and cultural diversity more genuinely and less self-consciously than any generation before them, Xers are also more likely to be tuned-in to personal relationships and do business with someone they like and believe to be competent than wit
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
someone claim¬ing to be an "expert."
• Delaying marriage and starting families. Maybe it's because they've seen so many Boomers end up in divorce court, the so-called challenge of being single in a couples-oriented world no longer squares with the demographics.
As a
• Delaying marriage and starting families. Maybe it's because they've seen so many Boomers end up in divorce court, the so-called challenge of being single in a couples-oriented world no longer squares with the demographics.
As a
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
result, Xers also are:
• More stable when they do marry, Xers are about nesting and making a house a home. Today's newlyweds are typically more mature, well-established and have higher incomes than in the past.
• Better savers than their Boomer parents. In t
• More stable when they do marry, Xers are about nesting and making a house a home. Today's newlyweds are typically more mature, well-established and have higher incomes than in the past.
• Better savers than their Boomer parents. In 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 they are more like their grandparents. The average Gen-X Moms and Dads start putting money away for college when their kids are 2?, while most Boomers waited until theirs were 7.
• Rediscovering traditional family values. Appalled by the moral relativism and situation
• Rediscovering traditional family values. Appalled by the moral relativism and situation
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
al ethics of their parents' generation--the Clintons were the last straw for many young Americans (Al Gore and John Kerry amusing poseurs) Xers similarly don't buy the notion that the government-as-nanny-state knows best. Their message: It doesn't take a village, stupid, it take
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
parents!
• Redefining the family-career challenge. Boomer women may have opened the door to the workplace, but their daughters are facing the family-career challenge in their own ways. “I have talked to women of all ages about balancing work and family life. What has su
• Redefining the family-career challenge. Boomer women may have opened the door to the workplace, but their daughters are facing the family-career challenge in their own ways. “I have talked to women of all ages about balancing work and family life. What has su
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
prised me the most is the difference in outlook between women my age, 27, and women just 10 years older,” says Elizabeth McGuire, a graduate student at John Hopkins School of International Studies: “But most women I know who are in their 20’s are dissatisfied with [family-career
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
] alternatives. Concerned about infertility, many of us want to have children while we’re young. And though many of the dual-career couples I know who have nannies are wonderful parents and have successful careers, it seems their relationships with each other have suffered. Whil
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
others debate whether day care is harmful to children, we are more worried about avoiding the frenetic pace these families seem to keep.”
In a word: Gen-Xers are unique. They don't do things or look at the world the way their parents did, and they have to be approached
In a word: Gen-Xers are unique. They don't do things or look at the world the way their parents did, and they have to be approached
.
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 worked with accordingly.
What This Means To You
Marketing and selling to Generation X is a work in progress. That means you can take what you do best and creatively wing it based on what you know about this unique mar¬ketplace. Declares motivational speaker a
What This Means To You
Marketing and selling to Generation X is a work in progress. That means you can take what you do best and creatively wing it based on what you know about this unique mar¬ketplace. Declares motivational speaker a
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
d author, Sue A. Hershkowitz, CSP, "Look for ways to twist the familiar and success will beat a path to your door.”
We say: Gen-Xers may not beat a path to your door, but you can show them the way.
Want More? Send questions and comments to w.willard3@knology.net
We say: Gen-Xers may not beat a path to your door, but you can show them the way.
Want More? Send questions and comments to w.willard3@knology.net
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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