Advice Pool - Business

Hate to negotiate? Think you have to be a trickster to land that contract? Think again. Here's why honesty is always the best policy, even when y

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

ou're swinging those big biz deals.

1. Your future clients deserve a taste of what's to come.

If compromise and cooperation are the name

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

Examples of combination products may in

of your game, make that clear from the get-go... even in the pre-contract negotiation phase. Be open about your expectations; present yourself ac

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

curately and realistically. Say what you mean, and mean what you say. Your frankness will be rewarded.

2. You reap what you sow.

If you

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

nflate your capabilities, you can bet it will come back to bite you in the hiney when you can't make good on your promises. Instead, be courteous

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

Combination pro

to your future colleague and offer up-front honesty so that they can utilize every means to move the project forward.

2. Slippery people fal

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

through the cracks.

"Slippery" negotiators not only say one thing when they mean another, but they're notorious for saying two different th

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

ings at two different times. A savvy businessperson will be able to spot inconsistencies in your claims... especially now that email corresponden

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

e means an easy conversation trail. Deceptive speech and weak character won't be lost on a prospective client. Be forthright and above all, be co

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

nsistent.

3. Contracts are born from a need for mutually beneficial relationships.

Never accept a work offer without first determining i

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

s relevance for you. Contracts, after all, stem from mutual need. If the person with whom you're negotiating can't offer something beneficial, su

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

Following aspects would a

h as career growth or great pay, why would you accept their conditions? Likewise, if you're not the person for the job, they deserve to know and

dd to the challenges in developing combination products:

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

will appreciate your clarity in the matter.

4. It's worth it to end the stalemate.

A stalemate can work in two ways. In one scenario, y

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

u've negotiated a price and your potential client has countered, arms are crossed and neither of you are budging. In the other case, maybe you ca

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

n't even GET to the money conversation because you're each waiting for the other to make a move. Either way, someone has to step up to the plate

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

nd state the case from both angles, then take a bold step forward or else make a permanent retreat.

5. You never know when opportunity will c

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

Professional from academic institutions, pharmaceutical industries, health care indust

ome knocking again.

Even if you don't end up contracting with said prospect, it behooves both parties to keep relations open and friendly. I

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

you close the door on someone simply because they've decided not to work with you, you're letting your ego get the best of you and that's limiti

.

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. Keep the faith and be ready for future doors to open... perhaps with this person, or maybe an associate of theirs.

In short: honesty is the

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

Companies that provide selfless information through particip

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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