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Digg It - Let's Make a Deal
Smart buyers will always ask for a better price. Unfortunately, too many sales people and business owners automatically think that reducing their price is the most effective way to respond to this request.
However, negotiating is not al
However, negotiating is not al
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
ways about price. Although price is a factor in virtually every sale it is not usually the primary or motivating factor. Everything you say and do from the first contact with a prospect affects the value of your product or service in the
; 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
ir mind. That’s why I believe it is important to look at the negotiating process differently in order to achieve better results.
First of all, invest time gathering information about your prospective customer, his needs, situation, and
First of all, invest time gathering information about your prospective customer, his needs, situation, and
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
buying motives. The more information you have the more prepared you will be to negotiate later in the sales process. Regardless of what you sell, and to whom, information will help you negotiate more effectively. Many of my clients tell
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
me that their customers care only about price, but upon further exploration, other issues usually arise. Uncovering the key issues your customer is facing is critical to your negotiating success.
The second most important step is to est
The second most important step is to est
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
blish the value of your product or service to your customer. Positioning is an important factor and will affect the price your customer is willing to pay. What pain does your product or service eliminate? How does it solve a problem they
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
are experiencing? How do your products and service differ from your competitors? Most of my clients sell premium products at a premium price. In exchange, their customers receive better than average service, faster response times, or hi
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
gher quality products. What is your leverage and how can you use it to increase the value of what you sell?
You have executed the above steps but price is still an issue for your customer. What do you do now? Instead of conceding to the
You have executed the above steps but price is still an issue for your customer. What do you do now? Instead of conceding to the
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
ir request and giving them a discount, focus on creating a trade. This means you should ask for something in exchange for making a concession. What can you trade or ask for? Almost anything!
A longer contract, a bigger order, more add-o
A longer contract, a bigger order, more add-o
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
n items, an introduction to another key decision-maker in the company, access to their mailing list or client database, or payment terms. You can negotiate for products and services that the other person or company offers such as consult
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
ng, office equipment, computers, furniture, business services, etc. I once worked for an electronics company and my boss offered a big-screen as payment for services to a potential vendor. I was shocked when the vendor eagerly accepted b
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
ecause I always had the impression that business people focused strictly on cash.
Here are a few ways you can effectively position this request.
“If I could do that price for you would you be willing to extend the length of the contrac
Here are a few ways you can effectively position this request.
“If I could do that price for you would you be willing to extend the length of the contrac
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
t for an additional three months?”
“If I could work that out would you be prepared to give me advertising space?”
“The only way I could give you that is if you add one more line of products.”
“Let’s put that aside for the time being.
“If I could work that out would you be prepared to give me advertising space?”
“The only way I could give you that is if you add one more line of products.”
“Let’s put that aside for the time being.
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
Would you be able to give a similar amount of…in exchange for that concession?”
The key here is to think outside the box and explore other options available to you.
I recall speaking to a prospective client about a training workshop an
The key here is to think outside the box and explore other options available to you.
I recall speaking to a prospective client about a training workshop an
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
d was asked to make a concession that amounted to a fifteen percent discount. I was not comfortable with this so I asked my prospect if he would be willing to give me a comparable amount of his product instead. He did not have the author
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
ty to make such a decision but spoke to someone who did. My request was eventually denied so my client conceded to my initial offer.
Another effective approach is to make the concession but take something away from the initial offer. Fo
Another effective approach is to make the concession but take something away from the initial offer. Fo
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
r example, you could say, “I can do that. However, I will have to charge you for…” or “I can do that. Do you want free delivery or after-hours service taken out of the contract?”
Most people will expect you to keep all the conditions “a
Most people will expect you to keep all the conditions “a
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
s is” but they will want the lower price. By demonstrating how much the concession is worth you can reduce the effectiveness of their request.
Finally, another strategy is to always ask for something in return for making a concession ev
Finally, another strategy is to always ask for something in return for making a concession ev
.
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
en if you don’t need it. I have been surprised how many times I have gotten something extra simply by asking. Plus, it often prevents the other person from asking for an additional concession because they know you will ask for something
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
in return.
Remember, your ultimate goal is to give away as little as possible in order to close the sale. Every time you discount your product or service you discount yourself and eat away your profits.
© Copyright 2004 Kelley Robertso
Remember, your ultimate goal is to give away as little as possible in order to close the sale. Every time you discount your product or service you discount yourself and eat away your profits.
© Copyright 2004 Kelley Robertso
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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