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Digg It - Fundraising: How To Avoid Three Common Mistakes
I'm a board member of a local nonprofit and we are about to launch our annual campaign. Like other nonprofits in our community, we are fac
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
ing a very competitive funding environment. There are more agencies seeking more money from more sophisticated donors.
It's enough to mak
It's enough to mak
; 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
you run for cover.
The reality is that fundraising is not easy, but it isn't impossible. There are some mistakes to avoid if you want to
The reality is that fundraising is not easy, but it isn't impossible. There are some mistakes to avoid if you want to
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
be more successful.
1. Overestimating what your donors know about you A recent ad in "The Chronicle of Philanthropy" made this point ve
1. Overestimating what your donors know about you A recent ad in "The Chronicle of Philanthropy" made this point ve
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
y well. There is a picture of a couple with their checkbook. The text on the picture reads: "They don't know why to choose your organizati
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
on over another, how you handle your finances, if your letter is truthful." The text ends with the question, "And you want them to donate
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
oney?"
Raise awareness of your mission. Let people know that you are good stewards of your finances. Let people know your results. Then,
Raise awareness of your mission. Let people know that you are good stewards of your finances. Let people know your results. Then,
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
ask them for money.
2. No investment in donor research
When I was growing up, my father used to say, "Sometimes you have to spend money
2. No investment in donor research
When I was growing up, my father used to say, "Sometimes you have to spend money
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
o make money."
His advice applies to fundraising. Invest time and resources in donor research.
The first place to start is with your don
His advice applies to fundraising. Invest time and resources in donor research.
The first place to start is with your don
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 records. Look for the donors who have given the largest gifts. Then look for the donors who have given the largest number of gifts. Th
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
n, look for the donors who have given recently. Make a list of those donors. They are the donors most likely to give again.
Continue to b
Continue to b
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
ild on that relationship. Learn more about these donors. Gather information to find out what they think of your organization, why they giv
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
e, what they want from their philanthropy. You can use surveys, interviews, focus groups or inserts in mailings.
There are two benefits t
There are two benefits t
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
this approach. First, you will understand your current donors better. Second, you will have credible information that can help you find n
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
ew donors or bring lapsed donors back into the fold.
3. The wrong fundraising strategy
Sometimes organizations try to implement ideas th
3. The wrong fundraising strategy
Sometimes organizations try to implement ideas th
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
t other organizations have used successfully.
Before you do, you need to answer some key questions:
What were the specific conditions th
Before you do, you need to answer some key questions:
What were the specific conditions th
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
at made that idea work for that organization?
Do those conditions exist for your organization?
Do we have the capacity to implement that
Do those conditions exist for your organization?
Do we have the capacity to implement that
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
strategy?
What are the real costs?
What can we realistically expect to receive?
A better approach is to learn what strategies have been
What are the real costs?
What can we realistically expect to receive?
A better approach is to learn what strategies have been
.
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
successful for you. Build on those strategies. Build on what you know about your capacity, your fundraising history, and your donors.
Av
Av
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
id these mistakes and you will build better relationships with your donors, raise more money and create more sustainable financial support
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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