Without a well-managed relationship between partners, co-promotion efforts in the pharmaceutical industry are bound to fail. Managing the development and maintenance of partner relations is critical to successful joint ventures. The following practices shed light on proven successful practices for managing partner relationships in a co-promotion effort, taking into account the problems that arise when trying to build one team from two companies who would otherwise be competitors. This 14-page document details the ways pharmaceutical companies have succeeded at fostering a positive relationship with partner companies, emphasizing the importance of strong leadership and team building through constant communication at various levels, mutual respect for the role of each partner, and a clear path for conflict resolution as the relationship changes.
- involvement by senior leadership
- creation of co-promotion implementation and management teams
- trust and team building
- relationship structure and management
- communication levels, frequency, and content
- dispute resolution
Sample Best Practices
- Involve senior management in communicating the strategic importance of the partnership.
*Seasoned sales managers state that if both CEOs come out and shake hands at the launch meeting and say why the co-promotion is important, it goes a long way towards success.
- Establish the optimal frequency of communications to build a strong partnership and ensure effective plan execution.
*One seasoned sales executive observes that effective communications must be managed. First, he claims, both partners should determine the optimal frequency of communication by taking into account employment level and product life cycle stage. Next, partners should carefully plan and execute communication activities.
- Identify and emphasize the key drivers of team-building to each individual involved in the co-promotion effort.
*One executive noted six characteristics that are essential in team building. These characteristics include purpose, roles, goals, structure, procedure, and measurement. These characteristics must be identified, negotiated, and communicated to each level of both partner organizations in order to overcome the industry's naturally competitive nature.
This research originated from a Best Practices, LLC consulting project. It was conducted for a pharmaceutical client and was based on interviews with pharmaceutical benchmark companies.