Subjects - Business

We've all been there; you've invested months into a sale and now here we are at the end of the year and you just want to close the deal-but your customer won't budge, not

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

even a little bit. And you feel stuck with reducing the price to meet their terms just to get them to sign on the dotted line.

Not only does this hurt you in the short ru

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

Examples of combination products may in

n by the obvious discount, but all too often it backfires in the long run. Why? Because you're no longer perceived as a true partner once you allow the negotiation to be w

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

in-lose and you attempt to win your customer over with gimmicks or extras. When you start "giving in," clients can become more difficult simply to hold out for a deeper di

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

count. A further danger is that once word gets out, it creates peer envy. When customers learn that the "best" customers are getting discounts, they become unhappy about t

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

Combination pro

heir deals regardless of deal size, actual discount, and other interests.

So, what if your customer is holding out for a discount? How do you achieve a win-win without le

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

aving money on the table?

First, you need to view negotiation as an activity you use not just throughout the sales cycle, but beyond it as well.
Second,

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 have to develop a solution that will satisfy your customer's business goals as well as-often hidden-personal interests in the deal.

By introducing your nego

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

tiating strategy early on in the sales cycle, you plant the seed for the relationship to begin on a win-win basis, and you better understand the motivations and the busine

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

ss issues involved in your deal, and other working parts within your customer's organization that could be influencing your deal. If your customer is a stickler for price,

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

you first need to find out why. In our current economic climate, oftentimes cash flow can be an important issue that is sometimes translated into "I need a lower price." W

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

Following aspects would a

hat your customer may really need is adjusted terms.

Perhaps your customer is haggling over price because they have been a long-time customer and feel they deserve to be

dd to the challenges in developing combination products:

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

getting a world-class deal. One of our clients experienced this quandary. After exploring in detail into the reasons behind the customer's request, he found that what the

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

customer really wanted was some expression of appreciation, to feel part of the "elite." Our client developed a "frequent flyer" type program that generated special rewar

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

s without reducing price. The perceived importance not only won our client the deal, but in the end he provided even more value to the customer because he delivered what t

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

he customer really wanted.

When we begin to see that our negotiations must be aligned with a repeat-business and long-term strategy, we find ourselves negotiating for a b

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

Professional from academic institutions, pharmaceutical industries, health care indust

etter business relationship, for improved communication with our clients, for those much-needed appointments, for broad access to others in the client organization, and fo

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

that strategic element in any business activity: information and intelligence.

These recommendations are based on Miller Heiman’s proven sales system. Our system provide

.

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

s a repeatable approach to use with every opportunity to close more deals, fast. If you’d like more information on this topic, or would like to discuss the results you'd

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

Companies that provide selfless information through particip

like to improve, visit us at www.millerheiman.com and we'll recommend a solution that will best address your needs

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.subjects.org.ua/article/31156/subjects-What-Do-You-Do-When-Your-Customers-Haggle-Over-Price.html">What Do You Do When Your Customers Haggle Over Price?</a>

BB link (for phorums):
[url=http://www.subjects.org.ua/article/31156/subjects-What-Do-You-Do-When-Your-Customers-Haggle-Over-Price.html]What Do You Do When Your Customers Haggle Over Price?[/url]

Make a list of all the 'usual ways' your organization offers good customer service. Now think of totally different ways you could surprise, intrigue or delight. What bothers your customers? How can you fix it? What do they do before or after your service? How can you integrate it? What do they bring, carry or take away? How can you replace it?

Towards the end of the month when payroll is due and the bank account is running low, I ask myself why I like being an entrepreneur, why I turn down offers that pay me two to three times more than what I take home today and why I think that in the long run working for myself is the way to go?

Local businesses can not only survive, but thrive, in an industry increasingly filled with deep-pocketed national competitors. In fact, independent eateries have unique advantages that can put larger businesses on the defensive. All it takes is an understanding of those advantages--and the willingness to leverage them.

Tags

Links

Subjects - What Do You Do When Your Customers Haggle Over Price?

Related Articles: