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Main Subject - My Eight Best Negotiation Tips
Negotiation is a part of life we all have to deal with. Being able to do so successfully can make a big difference to our outcomes. Here are eight tips that have helped me.
Be willing to negotiate in the first place
Some people are too shy to talk about money. Others think it's ru
Be willing to negotiate in the first place
Some people are too shy to talk about money. Others think it's ru
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
de or demeaning. And in many cases they're right. However, when it comes to doing a deal - and we all have to sometimes - being unwilling to engage in "money-talk" can be a very expensive business.
There are a lot of experienced negotiators out there. If you're buying a house or a car, or tak
There are a lot of experienced negotiators out there. If you're buying a house or a car, or tak
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
ng a new job, you can be sure you'll have to deal with such a person. If they can see you're timid about the whole business, many will take advantage of that fact.
You also shouldn't be shy about turning something that may not immediately appear to be a negotiation into one. If I'm buying a
You also shouldn't be shy about turning something that may not immediately appear to be a negotiation into one. If I'm buying a
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
ew expensive things from the same store, I'll often ask them to throw something in for free or reduce the price. Just because there's no sign saying you can do that, doesn't mean you can't. Often, simply by asking for something extra I'll get a better deal.
Don't get emotionally involved
Don't get emotionally involved
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
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One big mistake many amateur negotiators make is to become too emotionally attached to winning. They shout, threaten and demand to get their way. This is all counter-productive.
Most deals are only possible if both people feel they're getting something out of it. If the person across t
One big mistake many amateur negotiators make is to become too emotionally attached to winning. They shout, threaten and demand to get their way. This is all counter-productive.
Most deals are only possible if both people feel they're getting something out of it. If the person across t
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
he table feels attacked, or doesn't like you, they probably won't back down. Many people hate bullies, and will be more willing to walk away from a transaction if it involves one.
Keep calm, patient and friendly, even if the other person starts losing their cool. Make sure you leave any pride
Keep calm, patient and friendly, even if the other person starts losing their cool. Make sure you leave any pride
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
or ego at the door. You're much more likely to do well that way.
Don't get suckered by the "rules" trick
When someone sends me a contract to sign, if there's something on there I don't like, I'll cross it out. I'm also happy to write things I want added in if I think they should b
Don't get suckered by the "rules" trick
When someone sends me a contract to sign, if there's something on there I don't like, I'll cross it out. I'm also happy to write things I want added in if I think they should b
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
there. Sometimes, the other party will come back to me and say "You're not allowed to make changes to our contracts like that".
Oh really?
Since I'm the one signing the thing, I'll make any changes I want, thank you very much. There's no law that says they're the only one allowed to add thi
Oh really?
Since I'm the one signing the thing, I'll make any changes I want, thank you very much. There's no law that says they're the only one allowed to add thi
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
gs to a contract. If they're not happy with my changes, let me know and we can work it out, but don't simply tell me I don't have permission.
This highlights a common tactic used by experienced negotiators such as real estate agents, employment agents, car salespeople and the like. They know
This highlights a common tactic used by experienced negotiators such as real estate agents, employment agents, car salespeople and the like. They know
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
many people are sticklers about following rules. So they'll make up official sounding pronouncements and insist that "this is the way it's done" or "you're not allowed to do that". If someone starts trying to box you in by adding rules to the deal, ask them to provide proof that such rules rea
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
ly exist.
Never be the first person to name a figure
This is an expensive lesson to have to learn, but a good one. I do a lot of contract work, and one of the first questions I'm usually asked is "What's your hourly rate?". This is a high pressure question, and I often found mysel
Never be the first person to name a figure
This is an expensive lesson to have to learn, but a good one. I do a lot of contract work, and one of the first questions I'm usually asked is "What's your hourly rate?". This is a high pressure question, and I often found mysel
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
blurting out a figure that was lower than what I really wanted.
These days, I've learned the importance of getting the other person to say a number first. Now, I respond to that question by asking "What's the budget for this contract?". Often, I'm surprised to discover they're offering me a
These days, I've learned the importance of getting the other person to say a number first. Now, I respond to that question by asking "What's the budget for this contract?". Often, I'm surprised to discover they're offering me a
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
etter deal than I thought they were.
Ask for more than you expect to get
Once the other person's given their figure, even if it's much better than you expected, say something like "I think you'll have to do better than that". Don't be arrogant or aggressive. Just say it calmly.
W
Ask for more than you expect to get
Once the other person's given their figure, even if it's much better than you expected, say something like "I think you'll have to do better than that". Don't be arrogant or aggressive. Just say it calmly.
W
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
hen they enquire about your expectations, ask for more than you expect to get. Few people will walk away from a deal once it's commenced, and you can let the other person feel as if they're winning by lowering your "unrealistic expectations" a bit at a time.
Let them believe the final deci
Let them believe the final deci
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
ion doesn't rest with you
Once a negotiation starts, most people want to get it over with as quickly as possible. Let their impatience beat them. One great way of doing this is to let them believe the person they're negotiating with isn't actually you, but some other "authority figure
Once a negotiation starts, most people want to get it over with as quickly as possible. Let their impatience beat them. One great way of doing this is to let them believe the person they're negotiating with isn't actually you, but some other "authority figure
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
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
.
Say something like "Well, I'll have to talk it over with my boss / spouse / partner before I can give you a definite yes".
A skilled negotiator will always want to talk to the person who has the final decision, but don't let them do it. Say the person with the authority over the deal wants
Say something like "Well, I'll have to talk it over with my boss / spouse / partner before I can give you a definite yes".
A skilled negotiator will always want to talk to the person who has the final decision, but don't let them do it. Say the person with the authority over the deal wants
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
you to sort things out but still needs to have the final say. Tell them you'll discuss it and get back with an answer tomorrow. Ask them to make sure that's their best offer you can take to your "authority figure".
This is also a great strategy for preventing people rushing you.
Don't act
This is also a great strategy for preventing people rushing you.
Don't act
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
too interested
Just giving the impression that you're willing to walk away can do wonders for getting a better deal. Always play the reluctant buyer or seller.
Don't leave the other person feeling as if they've been cheated
Many people try to screw every last drop of blo
Just giving the impression that you're willing to walk away can do wonders for getting a better deal. Always play the reluctant buyer or seller.
Don't leave the other person feeling as if they've been cheated
Many people try to screw every last drop of blo
.
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
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
d from any negotiation. This is a mistake. If the other person feels they've been cheated, it can come back to bite you. They may not fulfill their part of the deal, or refuse to deal with you in the future.
Most negotiations should leave both parties feeling satisfied with the outcome. Be wi
Most negotiations should leave both parties feeling satisfied with the outcome. Be wi
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
ling to give up things that don't really matter to you in order to create a feeling of goodwill. For example, if I'm renegotiating my rent downwards, I'll often offer to sign a longer-lease. That way, the landlord knows his property will have tenants for a longer time, and I get a cheaper rent
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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