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Joint venture marketing is a lucrative way of leveraging the assets of two or more businesses. It is the fastest way for businesses to achieve certain business goals and bene

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

fit their clients at the same time.

For the joint venture partners, this usually translates into more visibility, more clients and more profits than they could create on thei

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

r own. For the clients, the benefits include saving time, saving money and getting added value from the businesses. These are the reasons behind the popularity of joint vent

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

ures.

For any joint venture project to be successful, the partners must possess certain skills that are required to choose the right deal, the right partners, and to promote

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

he project effectively. I’ve outlined a basic skill set consisting of the five most important attributes below:

1. The ability to nurture client relationships

People buy on

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

ly from those that they know, like and trust. You must therefore keep in touch with your clients on a regular basis in order to nurture your relationship with them and turn t

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

hem into loyal clients. Apart from earning their trust, this will also enable you to determine what offers they’ll respond to and when to offer a certain product or service.

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

Without a loyal client base, the response rate will be very low when you endorse a product or service.

2. Creativity, and the ability to “think outside the box”

Every new j

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

int venture project that you initiate will be different, and therefore deserves a different approach. The ability to apply fresh new ideas is very important in making sure yo

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

u present the joint venture in the best possible light. Creativity comes in handy when creating irresistible offers and proposals, when deciding the compensation plan, and du

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

ring the negotiation phase.

3. Resilience

Many small business owners don’t really understand the benefits of joint ventures and may be skeptical at first. You need the endu

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

rance to educate them about the many benefits a joint venture brings, and to put their minds at ease concerning any issues they may have. You will also need resilience and pa

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

ience after launching your campaign, as results may not be immediately forthcoming.

4. The ability to visualize synergy

Even if you choose the partner with the largest clien

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

t list in the marketplace, if there’s no real synergy, the partnership will not jell. It is critical to make sure that the combination of products and/or services fit togethe

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

r, and are not the proverbial “round peg in a square hole.”

5. Effective negotiation skills

From the minute the door is opened to the possibility of a joint venture, serious

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

negotiations begin. Negotiating skills are necessary in making sure that both parties reach a win-win agreement, and also so that you achieve the goals you have set in the p

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

anning stages of your project. The ability to present all the benefits of the joint venture to your prospective partner in the early phase of the negotiations is critical to

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

their acceptance of your proposal.

Joint venture marketing is rising in popularity everyday, and is an excellent way for small businesses to springboard their efforts to new

.

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

success levels. These skills are all acquirable skills, and many resources are available to the small business owner wanting to reach out in these directions.

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elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

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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