Useful Advices - Business

Most of us negotiate something every day. Whether it's getting our kids to willingly clean their rooms, or hammering out an elephant-sized contract with more details than a po

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

litician has “special-interest” donors, our ability to haggle effects our results. Here are some useful negotiating tips.

1. Define Your Negotiables Other than Price. Inexper

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

Examples of combination products may in

ienced, unconfident, or plain old lazy reps take the easy route and drop price at the first sign of the other person seeking to get a better deal. Instead, first determine wha

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

t you could offer, if needed, that has high perceived value to them, but little cost to you. For example, moving up the delivery date if they need it quickly, extending the wa

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

rranty period . . . some distributors and suppliers like to throw in some products the customer isn't buying. This has high perceived value, and gets the customer to test the

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

Combination pro

new product, which might pay off with future purchases.

2. Analyze Your Strengths, Their Needs. Before calling, list what you know they require and emotionally want, what you

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

have, and what you want. You might know that this buyer always tries to pound you on price, but you also know you're working from a position of strength because you're the on

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

ly one who has the quality of product he needs.

3. Set Your Objectives. Just like every call, define, “What do I want them to do as a result of this call, and what do I want

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

to do?”

4. Aim High, Set Minimums. As part of your objectives, swing for the fence! Think big. Set the most favorable objective possible (one that is within reason). The rich

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

est sales reps I know can't believe anyone would think otherwise. Likewise, set minimums that you're willing to accept. You'll know how much you have to play with.

5. Prepare

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

for their Possible Tactics. It's easier if you know the person. For example, knowing that Joe always starts with an outrageous request helps you prepare your counter-tactic.

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

Following aspects would a

Otherwise, you need to dry-run through possible demands and tactics along with your responses so you're not blindsided into giving away something you didn't intend to.

6. Gat

dd to the challenges in developing combination products:

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

her Information. As with all sales calls, the more you know the better.

7. Don't Give More Information (or Anything Else) than Necessary. I've seen sales reps offer price con

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

cessions that weren't asked for (“The price starts here, but I might be able to do a little better.”), and give up information that the customer used to ask for more concessio

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

ns (“You mentioned another customer had additional training manuals thrown in free. I want those too.”)

8. Don't Split the Difference. It's human nature, but it costs you mon

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

ey. Let's look at the math. Your asking price is $50. They offer you $30. You counter with $40 and they figure splitting the difference is fair. Your tactic: come back with a

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

Professional from academic institutions, pharmaceutical industries, health care indust

pained tone of voice, “I might be able to do $46 or $47.” It's more likely you'll end up better than $40.

9. Trade Your Concessions. Get something in return. If you get them

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

the better volume price, ask for a commitment for a blanket purchase order. One-sided giving rarely makes for a healthy relationship.

10. “If I, Will You?” A tactic to accomp

.

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

lish the previous point. Before agreeing to what they want, get commitment on what they'll give in return. “If I'm able to move your request to the front of the line, will you

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

Companies that provide selfless information through particip

increase the order by 500?”

I believe I read this in an ad in an airline magazine for a negotiation seminar: “You don't get what you deserve; you get what you can negotiate.

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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