How does it work?
Firstly we will ask you to send us some information about the product to give us an idea about its uniqueness and where you want to expand it. As part of this it is important to know if you want to market the product under your brand or if it can be marketed under an existing brand (“private label”).
As a next step your product will be evaluated by the Compass Healthcare New Product Committee (“pre-screening”): Our experts from international OTC markets will analyze your product and pre-screen the market opportunity for it. If there is market potential we are ready to cooperate and offer you alternative business models, depending upon your needs.
Go-to market approach and target groups for local partners
– “Branded approach”: Here the target group is OTC marketers: Companies which are specialized in commercializing OTC brands for other brand owners. Typically they have sales teams and key account managers covering pharmacies and a local marketing team that works in coordination with the brand owner. In this model the brand owner is expected to collaborate in preparing the launch plan and to contribute financially in the buildup of their brand.
– Out-licensing route (“private label”): The target groups are (local) pharmaceutical companies or pharmacy/drug store chains with their own OTC portfolio. Typically, they already have an OTC brand under which they want to bring the new product to market. The company would out-license their product and act as manufacturer.
Partner Search Models and Timing
In the “Active Search Countries Approach” we will perform a systematic and targeted search for potential partners for your products within a guaranteed time frame. Milestones and deliverables typically include:
– Competitive overview and analysis of the local market segment: c. 4 weeks from assignment
– Screening and presentation of potential partners (“Long List”): c. 5 weeks from assignment
– Contacting companies, presentation of product to potential partners, presentation of “Short List” of companies that confirm interest: c. 3 months from assignment.
In the “Portfolio Approach” we will search for potential partners for your products but without a guaranteed time frame. The search will be pro-active and systematic but will depend on the right opportunity and timing.
We have experienced that after an agreement has been signed it is very important to keep the dynamics and immediately start the launch preparations. That is why we developed and recommend our Business Model “Compass Healthcare – Your Local Business Supporter”. We will push the preparations for product registration and launch to shorten the time-to-market wherever possible. After the launch we will be continue to monitor and support the business and will be your “ambassador” in the respective market.
– Business Model 1: “Compass Healthcare – Your Local Business Supporter” – Our recommended option.
Our promise is to play an active part in your success and continuously support the growth of your business in our territory.
After the agreement with the distributor/licensing partner in the country is closed, Compass Healthcare will continuously support the growth of your business and facilitate flawless co-operation with the selected partner.
– Business Model 2: “Compass Healthcare – Your local launch supervisor”
Compass Healthcare will supervise the most effective launch of your products in the new territory and facilitate flawless co-operation with the selected partner in the first three years of co-operation.
– Business Model 3: “Partner Search Only”
The role of Compass Healthcare is focused on finding the right business partner and ends when the contract agreement with the distributor/licensing partner in the country is closed.