Best Practices in Pharmaceutical Alliances and Co-Promotions
Improve the quality and efficiency of sales partnerships by excelling in the vital practices of co-promotions. Focus areas include deal making, relationship management, and sales and marketing management. This Best Practices Benchmarking® Report contains numerous findings that will enable companies in the pharmaceutical and biotechnology sector to understand the critical success factors of alliances and co-promotions. Moreover, the findings contained in this report will enable your company and strategic partners to move knowledgeably forward toward the objective of developing its own alliance and co-promotion system.
If you are interested in this report, check out "Profitable Partnerships: Developing Excellence in Alliances."
Sales and Marketing > Strategic Alliances d
Companies Profiled:
A Leading Financial Services Firm; A Leading Marketing Firm; A Leading Pharmaceutical Company; A Leading Pharmaceutical Firm; A Top Pharmaceutical Company; GlaxoSmithKline Roche; partners
Study Snapshot
This Best Practices Benchmarking® Report contains numerous findings that will enable companies in the pharmaceutical and biotechnology sector to understand the critical success factors of alliances and co-promotions. Moreover, the findings contained in this report will enable your company and strategic partners to move knowledgeably forward toward the objective of developing its own alliance and co-promotion system.
The key operational areas which emerged as foundation stones for superior alliances include:
- Deal Making
- Pre-Launch and Launch Activities
- Marketing Management
- Sales Management
- Relationship Management
The best practices identified in this project were the result of over interviews with executives throughout the pharmaceutical and biotechnology industries. Best Practices, LLC examined co-promotion deals with over twenty-five exceptional companies that have developed strategically integrated co-promotion alliances. Each company is an industry leader, and each major co-promotion partner is included.
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Key Findings
The key operational areas below were identified as the building blocks to successful alliances and co-promotions. These include:
Deal Making
- Articulate a clear and compelling rationale for the co-promotion effort.
- Seek partners who want to co-promote and whose culture, strategy and needs fit your own.
- Clearly delineate roles, responsibilities, conflict resolution mechanisms, and other governance details in the contract.
Pre-launch and Launch Activities
- Consolidate control into one individual in each organization acting as a brand manager to create unity of command.
- Create a dedicated operational team from each organization to oversee and manage the co-promotion processes.
- Produce materials for training by one organization and share those resources with the other organization to minimize duplication of efforts.
Marketing Management
- Develop a clear understanding of marketing roles and responsibilities between co-promotion partners.
- Publicize and clarify the partnership to customers to ensure both partners receive market recognition.
- Use co-branding to instill a sense of ownership in sales representatives.
Sales Management
- Mirror territories to facilitate partner communication and coordination.
- Develop coordinated call schedules and plans on key accounts.
- Employ similar compensation systems to foster positive relations between co-promote partner sales reps.
Relationship Management
- Involve senior management in communicating the strategic importance of the partnership.
- Establish the optimal frequency of communications to build a strong partnership and ensure effective plan execution.
- Identify and emphasize the key drivers of team-building to each individual involved in the co-promotion effort.
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