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Main Subject - Business: Keys To Negotiating Well
Whether it's buying a car, asking for a pay rise, saying 'no' to a friend or renting an apartment - at some stage in our lives we all are going to need to know how to negotiate. Yet, so few of us know the basic ski
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
lls before embarking on life changing purchases or decisions! These 8 keys will assist you negotiate well.
1. Know the outcome you want.
Do you want a win-win outcome where both parties benefit? Or a
1. Know the outcome you want.
Do you want a win-win outcome where both parties benefit? Or a
; 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
win-lose outcome where someone (presumably the other party) is not happy with the result?
It is important you know what type of outcome you want because that will affect the long term relationship you have with t
It is important you know what type of outcome you want because that will affect the long term relationship you have with t
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
he other party. Win-win outcomes are beneficial where you have an ongoing relationship. For example, when you negotiate a pay rise, you don't want your boss to feel he/she is the 'loser'. However, if you are buying
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
a car from a car lot, you may not be so concerned about whether the car salesperson feels as though they 'won' in the negotiation!
2. Know your 'position'.
How important is this deal to you? How much d
2. Know your 'position'.
How important is this deal to you? How much d
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
o you need it? Could you walk away from the deal? What alternatives do you have? What is your "bottom line" and what (if anything) are you prepared to concede? You should not start negotiating until you have though
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
t through and considered all of the consequences for all of the different outcomes that may eventuate.
3. Know your counterpart's 'position'.
Try to work out what is important to them in the deal. When
3. Know your counterpart's 'position'.
Try to work out what is important to them in the deal. When
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
you know that you have an advantage. Try not to reveal what is important to you! Keep a poker face and play your cards close to your chest.
4. Work out different scenarios ahead of time.
Being caught b
4. Work out different scenarios ahead of time.
Being caught b
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
y surprise will NOT strengthen your position! Think through all the different possibilities which may eventuate and plan for each and every one of them. It is useful to brainstorm and write down on a piece of paper
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
what could possibly happen. For example, if they said, "XYZ" - I would respond with, "ABC". This way you can be prepared for just about anything that may happen.
5. Know yourself.
Know your own weakne
5. Know yourself.
Know your own weakne
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
ses. If you are a more gentle personality your natural aversion to conflict may toss you into concessions that aren't necessary! If this is you, learn about yourself and take counter action. If you are overly stubb
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
orn and never give way to minor points, know this about yourself. Your stubbornness, holding out for 100% your own way, may cause you to lose a really great deal!
6. Back up your position with logic.
I
6. Back up your position with logic.
I
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
f you negotiate from a purely emotional position, emotion will sway you from your position. Fear of loss, sense of failure, conflict, pressure, sentiment! All can be applied to sway you from sticking to what you re
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
ally want. When negotiating for a pay rise know what similar companies are paying for similar work. When placing an offer on a house substantiate your lower offer with the costs of repaving the driveway, renovating
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
the bathroom, retiling the entrance….or whatever you see needs doing. This is a much stronger position than plucking a number out of thin air!
7. Work out what you can concede.
Find something in the de
7. Work out what you can concede.
Find something in the de
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
al that for you will not be important but for your counterpart may be of significance. This will be like gold to you! A 'sweetener' can be what clinches the bargain in your favour. You will need to be poker faced a
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
nd pretend this is a big deal to concede! Save this item for the final offer you make.
8. Have an exit strategy.
If everything goes against you, you will be saved by your contingency planning! If you
8. Have an exit strategy.
If everything goes against you, you will be saved by your contingency planning! If you
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
on't feel in control, stop talking. Immediately!!! Make sure you are listening to the other person. If you are doing most of the talking the chances are you are doing most of the conceding. Offer to break the meeti
.
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
ng and reconvene at another time when you have been able to consider what has already been put forward.
Skillful negotiation takes time and practice. Armed with these basic skills it doesn't matter how reticent yo
Skillful negotiation takes time and practice. Armed with these basic skills it doesn't matter how reticent yo
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
u may feel towards negotiating an outcome you want! By applying these keys you will be well positioned to improve your negotiation skills and feel more empowered when approaching tricky situations.
© Kim Beardsmor
© Kim Beardsmor
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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