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Digg It - How Much To Pay Your Ad Agency?
I'm sure this is the interesting question you had pondered often. Even your creative agency returned with a fantastic concept, you would still be wondering if you should acc
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
ept that $3900 or $59,900 quotation.
What, exactly, are you paying for? Many think that they are only paying for that piece of advertisement or poster, the artwork. That wo
What, exactly, are you paying for? Many think that they are only paying for that piece of advertisement or poster, the artwork. That wo
; 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
ld be very far from the truth. Behind that seemingly simple A4 artwork is a complex web of research, analysis, planning, conceptualizing, copywriting, experience, testing, c
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
reativity and execution.
"But there's only a few lines plus one photo and my agency took no more than a few hours!" Sure, it may look simple but, simple doesn't equate to e
"But there's only a few lines plus one photo and my agency took no more than a few hours!" Sure, it may look simple but, simple doesn't equate to e
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
sy. Also please understand that many brains, several hands and umpteen years of experience made that quality and speed possible. One mentor told me "A job that takes 20-minu
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
es to accomplish doesn't mean it is only worth 20-minute of time. Behind that 20-minutes lies 20 years of experience."
It is not always easy to tell when slip-shod work is
It is not always easy to tell when slip-shod work is
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
produced. Sometimes, a quick turnaround can produce a nice looking piece of work. A "nice looking" piece might be just that, eye candy. A detailed, professional critique cou
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
d tear it to pieces. For example, is the headline relevant (catchy, maybe, but relevant?), is the product shown correctly (it might be upside down, I have seen it!), is ther
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
e a call to action, is the company logo unduly big that it became an eye sore... and so on.
A correct price is when you and your creative agency agrees that it is a fair de
A correct price is when you and your creative agency agrees that it is a fair de
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
l. So what should you pay for and what price is fair?
Ideally, paying by performance will be fair and it is usually a win-win situation for both parties. However, if a fee-
Ideally, paying by performance will be fair and it is usually a win-win situation for both parties. However, if a fee-
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
ased compensation is better suited and you are using your regular agencies, you can consider these factors against the quoted fees:
* Target Accomplishment - Does the agenc
* Target Accomplishment - Does the agenc
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
y always meet or surpass the objective, goal and expectation?
* Work Quality - Does the agency always have a refreshing idea even if based on the same old promotional mecha
* Work Quality - Does the agency always have a refreshing idea even if based on the same old promotional mecha
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
ism you used for the past 3 years? Is there a finesse that made your brochures look a tad more "premium" than your fiercest competitor?
* Delivery Punctuality - Does the ag
* Delivery Punctuality - Does the ag
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
ency say "Tuesday" and you only get to see your ads on Friday?
* Service Responsiveness - Does the agency respond to all your queries immediately or do they take their time
* Service Responsiveness - Does the agency respond to all your queries immediately or do they take their time
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
getting back to you? Is there a dedicated support staff or team other than your AE?
* Calibre of staff - Does the agency have experienced marketers to be your think tank? D
* Calibre of staff - Does the agency have experienced marketers to be your think tank? D
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
they have daredevils that forge ahead through the creative frontiers?
These should form the basis to determine a fair price. Do not look at the artwork only. That is just
These should form the basis to determine a fair price. Do not look at the artwork only. That is just
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
one piece of a much bigger picture. And please, do yourself a favour by not doing any of these:
* Get 3 quotes and award the job to the lowest bidder. (Seriously, do you bu
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ALL your dresses at the discount bin?)
* Get 3 quotes and ask the best qualified bidder to match the price of the lowest bidder. (Ever hear of "pay peanuts and get monkeys
* Get 3 quotes and ask the best qualified bidder to match the price of the lowest bidder. (Ever hear of "pay peanuts and get monkeys
.
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
"?)
* Start bargaining AFTER the agency has delivered the final piece of work
All in all, the idea is to be fair. The creative people have spent many years to earn their s
* Start bargaining AFTER the agency has delivered the final piece of work
All in all, the idea is to be fair. The creative people have spent many years to earn their s
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
ripes. Just as you will not expect your top sales managers to draw the same salary as the junior secretaries, why then would you expect to pay your agency less than the best
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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