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Today we want to talk about joint ventures. Joint ventures are processes where two people in the business combine their resources to sell a product then split the profits for

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

the venture.

Joint ventures
Suppose, for example, you have a good product but no list. The answer, sometimes, is a joint venture. You can join up with somebody wit

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

Examples of combination products may in

an impressive list. You sell your product to his or her list and you agree to split profits. A typical split is 50% - 50%, but this is negotiable.

This is just one example, there are al

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

l sorts of opportunities for joint ventures. In every case, two people with complementary resources get together and split the profits from their joint venture (this list is almost endles

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

. Here are some examples):

You ask a copywriter to write a sales letter for your product or a copywriter offers to write a sales letter for your product. This is done often in this busin

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

Combination pro

ess. The profits from product sales are split.

You ask a writer to contribute articles to your subscription newsletter or you offer to write articles for somebody with a newsletter. Here

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

the two usually don’t split profits. The writer benefits from having his or her name (and other particulars such as email address and website) seen by a number of newsletter subscribers.

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

The publisher benefits by having good content for his or her newsletter.

You ask a well-known speaker to give a talk at your seminar or you offer to give a talk at a seminar being run by

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

a well-known guru. Here the speaker has an opportunity to pitch a product at the end of the talk.

Attendees rush to the back of the room to buy the limited number of products on offer (y

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

ou’ve seen this happen at seminars you have attended. You have probably run to the back of the room at least once). The speaker and the organizer split profits. This process is known as ‘

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

ack of room sales’ and can be extremely profitable for both parties.

You ask somebody to let you give away one of his or her products as a free bonus for a product you are offering for s

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

Following aspects would a

le. Here there usually is no split of profits. The product owner benefits from the publicity (this is an example of ‘viral marketing’. We shall discuss viral marketing in Article Twenty-F

dd to the challenges in developing combination products:

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

ive). You benefit from the increased sales resulting from the attractive bonus.

You interview a guru and produce either an audio or video recording of the interview. You offer this recor

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

ing as a product to your list and the two of you split the profits.

When you are new in the business, profitable joint ventures can be difficult to organize. We have said in earlier arti

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

cles that marketers with impressive lists are usually only interested in products that are wholly yours or for which you own exclusive licence.

Even if you have created a product, it wil

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

have to be recognised as having good commercial potential to interest the big players. Or, for example, unless you already have a track record for organizing big-ticket seminars, you are

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

Professional from academic institutions, pharmaceutical industries, health care indust

unlikely to attract well-known speakers.

Nevertheless, if you feel your idea for a joint venture has potential, don’t be shy about approaching anybody you think can help. You may not be

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

able to pull it off this time. But in my experience, if the seasoned pro you approach politely turns your offer down, he or she will, at the least, send you away with some good advice abo

.

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

ut how to improve your chances with your next idea.

Remember, never give up! :-) :-)

That’s all for this time. See you soon.

Next time we shall talk about affiliate programmes – how yo

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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Apparently we are seeing a little bit more change management at HP, as the CEO Dunn resigns amid FBI investigation over the use of unauthorized spying on phone records. Why are they getting rid of the CEO who had nothing to do with it at all? Well, it seems in an interview Dunn, had answered that; YES, she would resign if the board asked her too.

Franchises have more opportunities to acquire multiple units with greater potential compared to individual companies with branches. Names of the franchises that are willing to expand in various industries can be available in a franchising directory. This directory provides an exhaustive list of industries wherein the prospect of franchising is available or willing to start. There is practically no industry where the company would not like to grow in various parts of the country, so all such industries would be listed in a franchising directory.

This article could be of assistance if you are considering buying your own business

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Digg It - Notes for Newbies - Part Twenty-Three - Joint Ventures

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