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Main Subject - Secrets of a Successful Marketing Partnership
I recently received an interesting e-mail from a gentleman in the UK asking if marketing partnerships really work. He had approached a number of potential partners and many expressed interest in forming partnership, yet nothing got done.
There seems to be quite a bit of interest right now in
There seems to be quite a bit of interest right now in
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
marketing partnerships. It is about time. Businesses can set up and implement very successful partnerships, but the process is long-term. Partnerships do not generally produce significant results quickly.
What A Marketing Partnership Is
A marketing partnership involves two or more profession
What A Marketing Partnership Is
A marketing partnership involves two or more profession
; 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
als, companies or salespeople who have common prospects, similar marketing needs, and possibly complementary services. These entities join forces for mutual marketing and sales, usually within a specific market sector or for specific prospects. This does not mean they lose their individual ide
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
ntity. More than likely, each will continue to market and sell outside the partnership.
Marketing activities may involve:
• Creating joint marketing materials
• Joint direct mail, e-mail or advertising campaigns
• Joint sales calls
• Referring of prospects
• Possibly
Marketing activities may involve:
• Creating joint marketing materials
• Joint direct mail, e-mail or advertising campaigns
• Joint sales calls
• Referring of prospects
• Possibly
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
even combining services, talents and assets to create new services
An example of a potential marketing partnership would be an accountant, estate attorney, financial planner, and insurance agent. By combining forces, these professionals can, at least in theory, coordinate and help guide an in
An example of a potential marketing partnership would be an accountant, estate attorney, financial planner, and insurance agent. By combining forces, these professionals can, at least in theory, coordinate and help guide an in
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
dividual’s affairs without the potential of conflict, jealousy, or competition. And, again, each individual professional benefits from wider exposure, more referrals, and marketing that is more efficient.
Virtually every professional and company has opportunities to create marketing partnersh
Virtually every professional and company has opportunities to create marketing partnersh
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
ips. Although the most visible partnerships involve large, publicly traded companies, partnerships offer tremendous potential for even the smallest of companies or single practitioners.
What A Marketing Partnership Is Not
A marketing partnership is neither a quick fix for sales problems, nor
What A Marketing Partnership Is Not
A marketing partnership is neither a quick fix for sales problems, nor
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
a way to eliminate the burden of marketing and sales.
Although some marketing partnerships may be elaborate formal legal entities, most, especially with smaller companies and individual practitioners, are informal devices that enhance each partner’s marketing reach--their combined efforts all
Although some marketing partnerships may be elaborate formal legal entities, most, especially with smaller companies and individual practitioners, are informal devices that enhance each partner’s marketing reach--their combined efforts all
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
ow both partners to meet prospects' needs they may not have otherwise been able to meet individually.
In a partnership both parties must assume responsibility for marketing the joint venture. A partner who expects to ride the back of the other partner will quickly find himself alone.
When co
In a partnership both parties must assume responsibility for marketing the joint venture. A partner who expects to ride the back of the other partner will quickly find himself alone.
When co
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
nsidering a partnership, there are a few things to keep in mind:
1. Your Partners Help Define Your Reputation And Position
When you enter a marketing partnership, whom you choose to join forces with directly impacts your sphere of influence, marketing potential and reputation. Each partner’
1. Your Partners Help Define Your Reputation And Position
When you enter a marketing partnership, whom you choose to join forces with directly impacts your sphere of influence, marketing potential and reputation. Each partner’
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
s reputation "rubs off" on the other. In addition, your marketing reach is enhanced—or limited—by the other side's.
Consequently, you should take care when approaching someone as a partner. As the initiator, you have the advantage of choosing providers you want to join forces with. Since the
Consequently, you should take care when approaching someone as a partner. As the initiator, you have the advantage of choosing providers you want to join forces with. Since the
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
ball is in your court, pair with businesses that have the reputation you want for yourself and the market reach you desire.
Careful selection of partners can rapidly establish a relatively new company or professional as an expert or serious player within their local industry. Likewise, poorly
Careful selection of partners can rapidly establish a relatively new company or professional as an expert or serious player within their local industry. Likewise, poorly
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
selected partners can just as quickly damage a reputation.
2. Partners Want Real Value From The Partnership
When you initiate a marketing partnership, the professionals and companies you approach will want to see results before they become enthused. You will have to sell them on the idea t
2. Partners Want Real Value From The Partnership
When you initiate a marketing partnership, the professionals and companies you approach will want to see results before they become enthused. You will have to sell them on the idea 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
hat the partnership will produce real benefit for them, not just for you. In addition, they will not want a new free "soft" service to provide their customers. They will want a real profit benefit.
So approaching them with the idea that they can refer a client with a need to you and thus prov
So approaching them with the idea that they can refer a client with a need to you and thus prov
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
de a "service" to their client will not cut it. The partnership must offer them bottom-line dollars. Even then, they will not fully participate until they have experienced some benefit and see that it works. That means you must be prepared to give before you receive.
3. Your Commitment is Ke
3. Your Commitment is Ke
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
y
As the initiator of the partnership, you not only have the luxury of approaching those potential partners you believe will enhance your status, reputation and business potential, but you also must assume responsibility for its success. You will have to do the vast majority of work, at least
As the initiator of the partnership, you not only have the luxury of approaching those potential partners you believe will enhance your status, reputation and business potential, but you also must assume responsibility for its success. You will have to do the vast majority of work, at least
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 first. You will be dealing with people who may like the concept and want it to work, but they will be skeptical. You will have to carry the ball and show them that you are committed to the partnership—and, again, that it will produce results.
The quickest way to achieve full buy-in of par
The quickest way to achieve full buy-in of par
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
tners is to have a client or two ready to go as soon as your partner prospect agree to the partnership. Nothing gets the attention of a new partner like immediate business--and it demonstrates that you are serious in your commitment to them and not simply looking to mooch off their business.
.
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
Many, if not most, marketing partnerships fail to live up to their promise because the initiating partner forms the partnership with unrealistic expectations. If you are looking for a quick fix to sales problems, an "easy" way to get business, or are looking for a one-way referral connection,
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
a marketing partnership is not the answer.
Nevertheless, if you are committed to building a long-term partnership that can vastly increase the prospecting and marketing capabilities for all concerned--and eventually the sales pipeline--a well constructed marketing partnership can work wonders
Nevertheless, if you are committed to building a long-term partnership that can vastly increase the prospecting and marketing capabilities for all concerned--and eventually the sales pipeline--a well constructed marketing partnership can work wonders
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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