Pharmaceutical Co-Promotions: Targeting Partner Synergies

Apr 17, 2001, 01:00 ET from Best Practices, LLC

    CHAPEL HILL, N.C., April 17 /PRNewswire/ -- Blockbuster co-promotion
 launches hinge upon a company's skill in targeting a partner that shares a
 common culture and strategy, according to a study from pharmaceutical
 benchmarking leader Best Practices, LLC.  Companies that form alliances with
 dissimilar partners are often overwhelmed by political infighting and cultural
 discord.
     "Best Practices in Pharmaceutical Alliances and Co-Promotions," available
 online at http://www.BenchmarkingReports.com, reveals that successful
 companies evaluate potential co-promotion partners as a courtship, not a
 licensing deal.  For example, one executive interviewed in the study
 determines a partnership's potential success by pitching the drug to his
 partner as he would to a customer.  The executive uses this approach as a
 litmus test to evaluate the compatibility of sales approaches and corporate
 cultures in general.
     "Best Practices in Pharmaceutical Alliances and Co-Promotions," explores
 the winning strategies and practices of 26 successful strategic alliances,
 including partnerships struck by the pharmaceutical industry's leading
 companies.
     Through extensive interviews with top-level pharmaceutical executives,
 BPLLC project analysts identified the key drivers of successful co-promotions:
 
     * Articulate a clear and compelling rationale for the co-promotion effort
     * Involve senior management in communicating the strategic importance of
       the partnership
     * Create a dedicated operational team from each organization to oversee
       and manage the co-promotion process
     * Co-brand products to instill a sense of ownership in sales
       representatives
     * Mirror territories to facilitate partner communication and coordination
 
     "Our research has found that there is a right way to manage a
 co-promotion, and there is a wrong way," commented Chris Bogan, CEO of Best
 Practices, LLC.  "Companies on the forefront of co-promotion management have
 developed winning tactics that enable them to reap billion dollar rewards."
     "Best Practices in Pharmaceutical Alliances and Co-Promotions" is
 available for purchase online at
 http://www.BenchmarkingReports.com/pr/sm117.htm.  For more information about
 the report or to speak about other pharmaceutical benchmarking studies,
 contact Alison Maguire at amaguire@best-in-class.com or 919-403-0251 extension
 250.
 
     ABOUT BEST PRACTICES, LLC
     Best Practices, LLC conducts work based on the principle that
 organizations can chart a course to superior economic performance by studying
 top companies' best business practices, operating tactics, and winning
 strategies.  For more information about Best Practices, LLC, call 919-403-0251
 or visit the corporate website at http://www.best-in-class.com.
 
 

SOURCE Best Practices, LLC
    CHAPEL HILL, N.C., April 17 /PRNewswire/ -- Blockbuster co-promotion
 launches hinge upon a company's skill in targeting a partner that shares a
 common culture and strategy, according to a study from pharmaceutical
 benchmarking leader Best Practices, LLC.  Companies that form alliances with
 dissimilar partners are often overwhelmed by political infighting and cultural
 discord.
     "Best Practices in Pharmaceutical Alliances and Co-Promotions," available
 online at http://www.BenchmarkingReports.com, reveals that successful
 companies evaluate potential co-promotion partners as a courtship, not a
 licensing deal.  For example, one executive interviewed in the study
 determines a partnership's potential success by pitching the drug to his
 partner as he would to a customer.  The executive uses this approach as a
 litmus test to evaluate the compatibility of sales approaches and corporate
 cultures in general.
     "Best Practices in Pharmaceutical Alliances and Co-Promotions," explores
 the winning strategies and practices of 26 successful strategic alliances,
 including partnerships struck by the pharmaceutical industry's leading
 companies.
     Through extensive interviews with top-level pharmaceutical executives,
 BPLLC project analysts identified the key drivers of successful co-promotions:
 
     * Articulate a clear and compelling rationale for the co-promotion effort
     * Involve senior management in communicating the strategic importance of
       the partnership
     * Create a dedicated operational team from each organization to oversee
       and manage the co-promotion process
     * Co-brand products to instill a sense of ownership in sales
       representatives
     * Mirror territories to facilitate partner communication and coordination
 
     "Our research has found that there is a right way to manage a
 co-promotion, and there is a wrong way," commented Chris Bogan, CEO of Best
 Practices, LLC.  "Companies on the forefront of co-promotion management have
 developed winning tactics that enable them to reap billion dollar rewards."
     "Best Practices in Pharmaceutical Alliances and Co-Promotions" is
 available for purchase online at
 http://www.BenchmarkingReports.com/pr/sm117.htm.  For more information about
 the report or to speak about other pharmaceutical benchmarking studies,
 contact Alison Maguire at amaguire@best-in-class.com or 919-403-0251 extension
 250.
 
     ABOUT BEST PRACTICES, LLC
     Best Practices, LLC conducts work based on the principle that
 organizations can chart a course to superior economic performance by studying
 top companies' best business practices, operating tactics, and winning
 strategies.  For more information about Best Practices, LLC, call 919-403-0251
 or visit the corporate website at http://www.best-in-class.com.
 
 SOURCE  Best Practices, LLC