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Digg It - Embarrassed To Discuss Your Prices? Seven Common Reasons We Can't Talk About Them
Last week, a wonderfully-skilled electrician installed a new light fixture for us. He was competent, courteous and efficient. He answered all our questions simply, with skill and eloquence. I was amazed, as you might imagine, w
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
hen I asked him, “How much do we owe you?” and his embarrassed reply was, “Gee, is $50 okay?”
With the quality of work he’d done and the amount of time he put into it, I would have expected to pay double that amount. His resistan
With the quality of work he’d done and the amount of time he put into it, I would have expected to pay double that amount. His resistan
; 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
e to naming his price reminded me of my small business clients who have the same problem.
All entrepreneurs feel fear at some point, including attorneys, consultants, coaches, and writers. It’s a natural part of starting or grow
All entrepreneurs feel fear at some point, including attorneys, consultants, coaches, and writers. It’s a natural part of starting or grow
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
ng your business. It can be uncomfortable to take risks, to name your price and tell a prospective customer that you want to work with them.
Roberto Goizueta, the late chairman of Coca-Cola, said, "If you take risks, you may sti
Roberto Goizueta, the late chairman of Coca-Cola, said, "If you take risks, you may sti
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
l fail; but if you do not take risks, you will surely fail. The greatest risk of all is to do nothing." Put this mantra into your head: Risk equals reward.
So, what’s the problem?
I’ve discovered seven common reasons why we’re
So, what’s the problem?
I’ve discovered seven common reasons why we’re
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
fraid to discuss our fees:
1. Do you feel your fees are too high?
2. Do you think you’re not qualified or experienced enough to charge that rate?
3. Are you afraid of rejection? (Or, possibly, afraid of acceptance, which will
1. Do you feel your fees are too high?
2. Do you think you’re not qualified or experienced enough to charge that rate?
3. Are you afraid of rejection? (Or, possibly, afraid of acceptance, which will
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
ean you’ll have to perform?)
4. Are you afraid the prospect will raise an objection to the fee, and you won’t know how to reply?
5. Are you shy and uncomfortable talking with strangers?
6. Are you afraid to take risks?
7. Are
4. Are you afraid the prospect will raise an objection to the fee, and you won’t know how to reply?
5. Are you shy and uncomfortable talking with strangers?
6. Are you afraid to take risks?
7. Are
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
ou generally uncomfortable talking about money?
Where does this come from? Is it part of your personality or is this a behavior you learned from your past experience or culture? In many families and cultures, it’s taboo to talk
Where does this come from? Is it part of your personality or is this a behavior you learned from your past experience or culture? In many families and cultures, it’s taboo to talk
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
about money or to ask to be paid. While it might be personally beneficial to look inside yourself for the reasons why you act this way, it’s also important to get unstuck by using techniques which help you move forward, such as:
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
• Have a good pricing strategy. Research the average fees for your type of business so that you know your prices are in line with expectation. If you can’t get competitor pricing information, try Brenner Books (http://www.brenne
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
books.com). If your experience warrants it, increase your pricing to reflect your higher skills, knowledge and experience. If you’re not sure how to create a pricing strategy, research it online or talk with a small business co
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
sultant or mentor.
• Establish that the prospective customer needs your services before discussing price. You’ll feel more comfortable discussing your fees if you know the prospective customer really want to hire you. Ask a lot
• Establish that the prospective customer needs your services before discussing price. You’ll feel more comfortable discussing your fees if you know the prospective customer really want to hire you. Ask a lot
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
of questions to see if their problem and your solution are a good match.
• Put your fees on your website and brochure. In this way, prospects will know your fees before the sales conversation begins.
• Be honest. Tell the pros
• Put your fees on your website and brochure. In this way, prospects will know your fees before the sales conversation begins.
• Be honest. Tell the pros
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
ect what the options are for your services or products, any quantity discounts you offer, and how payment is delivered. Practice saying this over and over again until the words and phrases slip comfortably from your mouth.
• Ac
• Ac
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
confidently when delivering your fees. Don’t downplay your fees. State your fees, then shut up. Don’t make excuses for your fees, or ramble on about them. Look directly at the prospect while delivering your fees.
• Don’t auto
• Don’t auto
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
atically offer discounts. This tells the prospect that your fees are soft and that they’re negotiable. Instead, state your fees and options and ask them to tell you which package is right for them.
• Act “as if.” How would an
• Act “as if.” How would an
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
xperienced person in your industry act, when discussing her fees? Act as if you are that person and you’ll find your confidence increasing with each conversation. Practice, practice, practice.
• Get training. If you’re uncomfo
• Get training. If you’re uncomfo
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
table with the whole sales process, get sales training. By attending a class, you’ll learn different ways of saying the same thing, and you’re bound to find a way that’s right for you.
• Refer out. If the prospect really can’t af
• Refer out. If the prospect really can’t af
.
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
ord your fees and you can’t afford to offer a discount, refer that prospect to someplace where they can find an alternative. Say, “If you can’t afford my fees, you can try these online referral services where you might find someo
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
e in your price range.”
Talking about your prices can be uncomfortable. But with practice and persistence, and a willingness to overcome your fears, you can begin to have comfortable conversations with your prospective customers
Talking about your prices can be uncomfortable. But with practice and persistence, and a willingness to overcome your fears, you can begin to have comfortable conversations with your prospective customers
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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