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You may have heard of joint venture marketing, It’s used frequently by savvy entrepreneurs to increase profits and add loads of prospects to their customer list.

So what is joint ve

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

nture marketing (or j/v)?

Speaking at the Information Marketing Boot Camp (http://www.dc-infobiz.com), Joint venture expert and entrepreneur John Alanis describes it as “a mutually

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

Examples of combination products may in

beneficial agreement to sell similar products or services to customers or prospects.”

You approach another entrepreneur and ask them if they’ll endorse your product and allow you to

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

mail to their customer list.

In exchange, you give the entrepreneur a cut of the gross profits, usually anywhere from 5 to 25 percent. Or you could arrange a list swap.

J/V market

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

ing allows you to quickly add hundreds or thousands of names to your customer list.

The first step is to find a suitable joint venture partner.

Where do you look?

Try your own cus

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

Combination pro

omers first. Send out a letter or email announcing you’re looking for a j/v partner. Be sure to tell them you’re looking for a partner who sells similar products to your own. And ask

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

how many customers they have on their list. Obviously, the more, the better.

Another way of to find j/v partners is in trade publications. Look at the advertisers. You’ll probably

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

find a few that sell similar products to your own. Contact them by phone or letter and explain you’d like to create a joint venture with them.

Also look in the Standard Rate and Dat

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

a Service (SRDS) (http://www.srds.com). This directory has every commercially available mailing list, the list owner, etc. Most larger libraries will have a copy of SRDS, although it

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

may be a year or two out of date.

As well, check out the Oxbridge Directory of Newsletters (http://www.mediafinder.com) It’s an excellent source for potential customers from newsle

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

ter subscriptions. It’s an expensive directory to buy, but ask your library if they have a copy.

YOU MUST BE ENDORSED The most important thing is you must have your fellow entrepren

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

Following aspects would a

eur include a letter of endorsement.

He has already established a relationship with his customers. You haven’t. If his customers are satisfied with his product, then they’ll much mo

dd to the challenges in developing combination products:

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

re open to receiving information from him about other products.

Without the endorsement, the customer response will drop significantly.

You can also ghost write the endorsement let

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

ter for your j/v partner and then have him sign it.

APPROACHING A J/V PARTNER The best way to approach a potential joint venture partner is to send a letter and then follow up by ph

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

one. Be prepared to phone at least a couple of times before your partner agrees.

When sending out the letter proposing a joint venture partnership, be sure to do the following:

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

Offer to do all the work. You’ll handle all the mailing, marketing documents, and product fulfilment.

Collect the customer money yourself and then send your j/v partner hi

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

Professional from academic institutions, pharmaceutical industries, health care indust

s cut for each sale.

Stress the fact that your partner will be “getting money for no work.” This is a strong incentive for an entrepreneur to become your j/v partner.

You w

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

ill deduct your mailing costs and other expenses first and then split the balance with the partner.

Always get your j/v partner to sign your letter agreeing to your terms.

.

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

Include an “exit clause.” This allows you to cancel the j/v agreement if you find your partner is a headache to deal with.

By following these steps to a joint venture, you’ll

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

Companies that provide selfless information through particip

be able to quickly add hundreds or thousands of potential customers to your database that normally would take years to accumulate.

And, most importantly, you’ll increase your sales

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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