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Apart from being the fastest, easiest, and most profitable strategy for attracting clients and boosting profits in any small business, there are so many other advantages of joint venture marketing for all parties involved. So, why aren’t all

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

small business owners implementing joint ventures?

Here’s a partial list of the most common mistaken beliefs about joint venture marketing. I’ve picked the top five to shorten your reading time, but you can listen to more mistaken beliefs wh

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

Examples of combination products may in

en you tune in to hear me being interviewed by Doug Hudiburg at http://tinyurl.com/cov4d.

Mistaken Belief #1: That There’s A High Risk Of Losing Money.

If you’re like most small business owners, then the fear of losing money is inevitable be

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

cause you’re probably on a shoestring budget to start with. However, you can’t lose money when you’re paying for results only. You only pay out a commission when your joint venture partners’ clients buy from you. So, you actually get the re

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

enue before incurring the expense.

The only other pre-sale expenses are production costs and printing/postage costs for letters, coupons or vouchers. Whether you do joint ventures or not, these are costs you’ll incur anyway, because you’ll n

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

Combination pro

eed those coupons or vouchers for other marketing tactics. So, the belief that there’s a high risk of losing money is misplaced.

Mistaken Belief #2: That You’ll Lose Your Clients.

Your clients will purchase other products and services wheth

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

er you like it or not. So, it would do your business good to recommend what they purchase and make a profit from it.

In fact, recommending high-quality products and services to your clients will strengthen your relationship with them. How?

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

Firstly, you’re shortening their decision-making process by saving them the time they’ll otherwise spend on finding and trying out those products and services. Secondly, by arranging exclusive discounts and bonuses, you’re saving them money.

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

By saving them time and money, you’re adding value to what you already offer your clients, and this will therefore strengthen your client relationships.

Mistaken Belief #3: That Doing Joint Ventures Will Eat Your Profits

Most small busines

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

s owners would rather struggle to get clients, and get mediocre profits at best, instead of sharing the profits with a joint venture partner that sends clients their way.

They don’t realize that joint venturing actually eliminates the risk of

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

wasting money. For example, when you pay for an advert, you have no clue whether it will generate responses or not. So, you’ll lose money if the ad fails.

With a joint venture, you only pay for results. So, giving a percentage of your pro

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

Following aspects would a

fits away has got to be better than flushing the money down the drain… because that’s what happens when you spend $300 on an ad that doesn’t generate responses.

Mistaken Belief #4: That Joint Ventures Are Complicated

Of course there are comp

dd to the challenges in developing combination products:

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

licated joint ventures, but there are so many simple and short-term joint ventures that a beginner can start with.

It only starts getting complicated when you’re looking at joint ventures like the one between Merrill Lynch and HSBC a few year

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

s ago. The two banks combined logos and actually had a service called Merrill Lynch HSBC, which had a building on Regents Street in London. That might have been profitable for Merrill Lynch and HSBC, but you don’t have to do that if you don’

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

have the tools or resources.

Any small business owner can do joint ventures that are a lot simpler. For example, you could host a seminar with your partner and both promote it to your client lists. You’ll both walk away with more clients a

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

nd huge profits.

Mistaken Belief #5: That Joint Ventures Require A Lot Of Time And Effort.

Of course time and effort go into the preparation. However, joint venture marketing is one of the very few strategies that don’t take much effort or

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

Professional from academic institutions, pharmaceutical industries, health care indust

time to implement.

If you’re joint venturing with people that are in your network or people that can be introduced to you by someone in your network, then the relationship-building process is shortened. This is because you and your joint ven

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

ure partner already know, like and trust each other, or you have a mutual friend that introduced you to each other. For this reason, it can take as little as thirty days to execute your first joint venture.

On the other hand, if you’re appro

.

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

aching a joint venture partner that is a cold contact, the time you’re looking at is the relationship-building time. If you have great networking skills then you should be on your way in a few weeks or a few short months. It simply boils dow

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

Companies that provide selfless information through particip

n to evaluating each other’s character and business.

Copyright © 2005 by Habiba Abubakar and Emprez. All rights reserved.

Note: You are welcome to republish this article as long as the resource box at the end is included fully and unaltered

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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