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When businesses think of team building, business owners usually associate it with building their company’s internal workforce into a lean-mean fighting machine. Team building, however, should be extended to include external relationships such as those with other businesses. Enter joint ventures or JVs for short.

Joint ventures generally are busine

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

ss partnerships established between two or more parties (individuals, business groups, companies, corporations) for the purposes of expanding the business and achieving merits by joining forces and working as a team. The parties involved in joint venture agreements complement each other, leverage each other’s assets assets, compensate each other’s we

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

Examples of combination products may in

aknesses, and at times equally share risks.

Less than 5% of businesses actually use joint ventures effectively and most don’t even use it at all. In order to get the most out of joint ventures correctly, multiple factors such as choosing who to partner with, approaching potential partners correctly, negotiating a win-win deal for all parties involv

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

ed, and having a well-coordinated execution need to be taken into consideration.

There are several types of joint ventures. Big companies may join forces to become even more powerful and thus dominate the market, while small companies may team up to build a stronger presence in their market niche in order to fend off bigger, resource-rich companies.

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

JVs can also be used to gain access into foreign markets. Foreign companies often form joint ventures with indigenous companies that are already present on the market, but lack capital or financing to truly take advantage of the market potential. Foreign companies can bring money, new technologies and competitive strategies into a joint venture deal,

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

Combination pro

while benefiting from the relationships and the brand of the domestic company.

These complementary partnerships benefit all the businesses involved if set up correctly with the right partner. Here’s a powerful but simple example of a JV that many businesses can take advantage of to grow their small business fast. It is a highly efficient method o

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

f increasing business profits by teaming up with another partner whose business is non-competitive and offers a highly valuable asset, a highly responsive client list that would be interested in your products or services. By tapping into this hidden goldmine, small businesses can save thousands of dollars in marketing expense to reach their target cl

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

ientele while achieving the goal of boosting the bottom line. The business offering the vehicle in which to reach these clientele, the client list, benefits from offering complementary products and services that it does not sell and makes a cut of the sales generated from marketing to this list.

Here are 5 tips for joint venture success:

- Choose

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

our partners carefully. A joint venture has greater chance of being successful if partners have an excellent reputation. An essential component to good team building is having the right partners. They must be trustworthy and have a high level of integrity.

Joint ventures involve extensive team building effort because it is a relationship between t

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

wo parties and if the relationship is to last, it must be nurtured and kept going. Both parties must be able to trust each other and deliver on each other’s promises. To find the right partner, perform solid market research and approach only businesses you would want to do business with long term. If you want to form a partnership with a certain c

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

ompany, make sure that its business practices are in-line with yours. It would be very difficult for you to form a reliable team with people who lack motivation or professionalism, so you should look for well-trained, open-minded potential partners.

- Know what to expect from the beginning of any JV relationship. Know from the start what your goals

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

Following aspects would a

are, what you want to accomplish, and see if your goals are attuned with the partner. Each company should come up with a marketing plan and clearly specify what is expected from their potential partners.

Plan your strategy ahead of time and make sure you cover all the legal aspects stipulated in your joint venture contract, like resource availabil

dd to the challenges in developing combination products:

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

ty and management, special allocations, mutual gains, deductions and income issues. Stick to the business development plan and establish new priorities and goals as you progress. By efficiently managing resources and by maintaining a good, competitive business policy, you will secure the longevity and the success of your business.

- Draft proposals

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

like mini-sales letters. Compose a professional proposal letter explaining the advantages of the joint venture in a convincing way. Keep it short, clear, concise and coherent while briefly introducing your business and why they should do business with you. Remember to tune in to the radio station your prospective JV partner listens to, WIIFM or Wha

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

t’s In It For Me.

If you want to propose a joint venture to anyone you have to give them a really good reason why they should do it. Otherwise, they will most likely decline your proposal. Big, successful companies receive many joint venture offers so you have to stand out. You should educate them about the advantages and the benefits of choosing y

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

ou over the others. If this partner happens to be a dream partner, stay persistent as persistence demonstrates sincerity and determination to make it work for the potential JV partner.

- Avoid shooting too high with your offers. If you are a smaller business, do not target your offer to a large company first as it will most likely be thrown away.

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

Professional from academic institutions, pharmaceutical industries, health care indust

nstead of aiming too high at this point, establish successful joint ventures with small companies in order to get noticed by the bigger, powerful ones. Establish a reputation as a solid business owner who knows how to turn joint ventures into gold for their partners. Businesses naturally gravitate towards successful businesses. Remember to toot yo

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

ur own horn by announcing JVs through press releases and/or articles in trade magazines. As your business expands, the competition will quickly become aware of your presence, and there is a chance that powerful companies might come up with proposals of joining forces with your company.

- Be honest and open with all business transactions always. On

.

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

ce you have negotiated the details of the joint venture, the actual work begins. In order to keep things going, a lot of trust, understanding and expertise are needed for ongoing team building on both sides. Maintain an open dialogue and always address issues upfront before it becomes a bigger problem that threatens to break up the partnership.

The

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

Companies that provide selfless information through particip

se are the basic rules for joint ventures and it is ultimately up to you to see whether a deal will be successful. Learn with each joint venture deal to improve on the next deal. Deals can only be made if you go after them. With lots of hard work, you’ll develop enough expertise to be a joint venture expert and take your business to the next level

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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So you've started your own business, and you're as proud as can be! You've got your business cards, complete with the custom logo that you had created especially for your new endeavor.

The Nevada Constitution was framed by a convention of delegates chosen by the people met at Carson City. The constitution was framed on July 4, 1864 and adjourned by the same year on July 28. On the 1st September of 1864, the people of Nevada approved the constitution. On October 31, 1864, President Lincoln proclaimed the state into the union along with others states.

If you actively work a lot of joint venture deals, or are planning to do joint ventures in the future, then it's just a matter of time before someone tries to cheat you out of money one way or another. But, there is a way to almost completely avoid getting cheated out of money with a joint venture partner that is actually pretty simple. So simple, almost nobody I know does this, and yet, it will help you sleep like a baby at night knowing you have your bases covered.

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