Advice You - Business

Negotiating a pay rise is not something many people do on a regular basis. By applying these keys you will be well positioned to improve your negotiation skills and feel more empowered when asking for a pay rise.

1. K

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

now the outcome you want. Do you want a win-win outcome where both you and your boss benefit? Or a win-lose outcome where your boss is not happy with the result?

It is important you know what type of outcome you wan

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

Examples of combination products may in

t because that will affect the long term relationship you have with the 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

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

boss to feel he/she is the 'loser'. However, if you are buying 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'

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

. How important is this job to you? How much do you need it? Could you walk away from the job? What alternatives do you have? What is your "bottom line" and what (if anything) are you prepared to concede? You should

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

Combination pro

not start negotiating a pay rise until you have thought through and considered all of the consequences for all of the different outcomes that may eventuate.

Warning: never say something you are not prepared to carry thro

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

ugh. Generally, employers do not respond well to threats, so do not say you will leave the job unless you fully intend to….they just may take you up on the offer!

3. Work out different scenarios ahead of time. Be

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

ing caught by surprise will NOT strengthen your request! 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

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

paper what could possibly happen. For example, if your boss said, "XYZ" - I would respond with, "ABC". This way you can be prepared for just about anything that may happen.

4. Know yourself. Know your own weaknes

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

ses. If you are a 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 stubborn and neve

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

r 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 offer from your boss!

5. Back up your position with logic. If you n

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

Following aspects would a

egotiate 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 really want.

Wh

dd to the challenges in developing combination products:

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

en negotiating for a pay rise, know what similar companies are paying for similar work. Be absolutely thorough in your research. Sentiment and comparisons with other colleagues (unless backed by evidence of your superior

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

performance) will hold little weight.

Most companies concede to market pressures on salaries so the more data you have on like jobs in other companies in the same industry that support your position, the greater your cha

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

nces of success. If you need help in finding comparable salary information, you can start by browsing the internet for major recruitment firms. Many of these firms will provide online salary information.

6. Work out w

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

hat you can concede. Occasionally you may know of something that for you, will not be important but for your boss may be of significance. For example, you may volunteer for an unpopular project you boss is having tro

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

Professional from academic institutions, pharmaceutical industries, health care indust

uble finding people to undertake. This will be like gold to you! This is a 'sweetener' that can be what clinches the discussion in your favour. You will need to be poker faced and pretend this is a big deal to concede…wit

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

h still remaining gracious! Save this item for the final offer you make.

7. Be prepared. After you have completed your research, rehearse in your mind how you will open the discussion and be clear about your majo

.

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

r points. The way you put forward your case, with logic and without sentiment will need to be prepared ahead of time. You may find it beneficial to write our your opening on paper to ensure you have it clear within one or

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

Companies that provide selfless information through particip

two sentences. If you cannot be clear, on paper in private….it is likely you won’t be clear when you start to speak! Preparation is important so make sure you leave yourself adequate time.

Good Luck!

(c) Kim Beardsmore

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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Do you want to follow your bliss? Have you decided what your dream career is but you have fear about pursuing it? This article presents ideas, motivation, and strategies for going after your dream career and making it happen.

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