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Just Other Articles - The Changing of the Guard: Four Key Exhibiting Strategies for Generation Y
Survey the crowd at any trade show, and one trend immediately makes itself apparent. Attendees are getting younger. The infamous Baby Boomers are preparing for retirement, and Gen X’ers have moved into upper management positions. N
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
ow we’re exhibiting for Generation Y.
The members of Generation Y were born between 1977-1994. It’s a huge demographic, with over 68 million individuals, 40% of which are already employed full-time. While it’s always unw
The members of Generation Y were born between 1977-1994. It’s a huge demographic, with over 68 million individuals, 40% of which are already employed full-time. While it’s always unw
; 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
se to indulge in sweeping generalizations, this generation has consistently exhibited one primary characteristic: They’re trendsetters. Gen X’ers have shown a remarkable tendency to mimic Generation Y’s embrace of everything new, a
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
d the Baby Boomers are eager to follow along. If you can attract Generation Y’s attention, you’ll get the other two groups as well.
How do you attract Generation Y? It may be trickier than you think.
For one,
How do you attract Generation Y? It may be trickier than you think.
For one,
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
Generation Y is skeptical. They don’t trust anybody. They grew up knowing that the media exists only to sell products, that news can be spun, and that the same set of numbers can be used to prove that Enron is thriving and viable o
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
completely bankrupt.
The following four keys will help you attract this interesting and powerful target audience:
Key -1: Provide Proof
Any claim that you make must be backed up with real-world,
The following four keys will help you attract this interesting and powerful target audience:
Key -1: Provide Proof
Any claim that you make must be backed up with real-world,
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
iable proof. Any arbitrary set of statistics won’t be enough anymore. Generation Y wants to know where you got your numbers from – and don’t mind at all if they’ve been audited.
It’s hard to get Generation Y’s attention.
It’s hard to get Generation Y’s attention.
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
They’ve grown up saturated with media. The average person in this age group is engaged with some form of media – tv, radio, podcasting, internet – almost 19 hours a day. They often, ‘multi-task’ – checking e-mail while watching te
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
evision or listening to a podcast while reading the morning paper. Your regular exhibit booth with a video clip playing on continuous loop and piles of brochures simply is not going to cut it.
Key -2: Provide Entertai
Key -2: Provide Entertai
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
ment
This group expects to be entertained. They know their attention is a valuable commodity, and they want something in return for it. Think outside of the box to find creative ways to engage this crowd. Remember to consi
This group expects to be entertained. They know their attention is a valuable commodity, and they want something in return for it. Think outside of the box to find creative ways to engage this crowd. Remember to consi
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
er more than audio and visual stimuli – to get Generation Y, you need to engage ALL of their senses. While we used to caution about over-stimulating attendees, that’s not necessarily a danger with this group. They are more than rea
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
dy to interact with you on many levels all at once.
That being said, Generation Y is not content to simply sit back and passively watch. They want to be engaged in their environment, fully immersed in the activities goin
That being said, Generation Y is not content to simply sit back and passively watch. They want to be engaged in their environment, fully immersed in the activities goin
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
on around them. Given a chance between watching a product demonstration and actually trying the product out, Generation Y will choose to try it themselves every time.
Key -3: Encourage Participation
Hands-o
Key -3: Encourage Participation
Hands-o
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
, direct product contact will appeal to Generation Y. This may not be practical for every exhibitor – after all, if you sell earth-moving equipment, you can hardly let attendees drive a front-end loader down the aisle – so be sure
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
to explore tech-savvy alternatives. Could you have a ‘simulator’, similar to the type used to train pilots? Remember, Generation Y is used to viewing the world through a set of virtual tools. Provide a new experience using these to
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
ls.
Finally, Generation Y expects to be recognized as unique. Individuals crave and desire recognition, and are very sensitive to how they are treated. They don’t simply want to be acknowledged, they want to be acknowled
Finally, Generation Y expects to be recognized as unique. Individuals crave and desire recognition, and are very sensitive to how they are treated. They don’t simply want to be acknowledged, they want to be acknowled
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 as special.
Key -4: Value the Individual
Even in the brief time your booth staff has to talk with each attendee, they can create the impression that they value the individual. Active listening, noting and
Key -4: Value the Individual
Even in the brief time your booth staff has to talk with each attendee, they can create the impression that they value the individual. Active listening, noting and
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
using the attendee’s name, appropriate eye contact, and positive, reinforcing statements will make the attendee feel as if the booth staff are genuinely pleased to meet them. This will definitely appeal to the individual who fears
.
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
eing one of the faceless crowd.
Incorporating these keys into your exhibiting strategy does not mean you have to throw out everything you’ve done up to this point. Exhibiting is a constantly evolving art. As you approach
Incorporating these keys into your exhibiting strategy does not mean you have to throw out everything you’ve done up to this point. Exhibiting is a constantly evolving art. As you approach
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
each show, consider what elements you can improve to appeal to Generation Y. Staff training should focus on this new up and coming generation, so they are adequately prepared to represent your company to a whole new set of eyes.
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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