Advice You - Business

The good news is that when a prospective client asks for a discount, he's usually interested in obtaining your services.

However, the way in which you handle this request will ult

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

imately have an effect on the value that is placed on you and your services by this potential client.

If you immediately say "yes," and offer your service at a discounted rate, wh

; 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 do you think your potential client is going to think?

You can bet it's probably something along these lines:

Hmmm...She sounds like she'll work for peanuts. She must

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

not be very good if she's this desperate for my business."

“I wonder how far he'll lower his price to get me as a client? Maybe I should push the envelope a bit more and

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

ask for an even bigger discount."

“I guess the original fee was not 'real.' Am I being deceived here? I don't get the feeling I can really trust this person."

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

Combination pro

>“I guess she doesn't think she's worth her fee, or she wouldn't have been so quick to discount in the first place."

“Wow. That was easy. I'm never going to pay this g

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

uy his regular rate. I'm going to make a mental note to ALWAYS ask for a discount whenever I need his services."

You see, when you instantly give a discount without as

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 for anything in return, you create a win/lose situation--and guess who loses? What's worse is that just because you've agreed to give a discount, doesn't mean you'll get the s

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

le. Over 85% of the time, discounting actually damages your credibility--to the extent that your prospect who was, up until moments ago, ready to hire you, no longer trusts you, no

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

r wants to do business with you.

But hold on!

What if you were to handle this conversation in an entirely different way?

Let's say you respond to the discount request with a que

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

tion such as, "Tell me, Mr. so and so, why is it that you would like a discount?"

By asking this question, you'll have a better understanding as to the WHY part of the request. Ba

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

Following aspects would a

ed on his response, you can proceed using either one of the following solutions:

Solution Number One:

Use this approach if you'd like to do business with the prospect, bu

dd to the challenges in developing combination products:

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

t you think money truly is a barrier to him obtaining your services. Lower your price by removing something of value from your service. This provides a win/win scenario. The perso

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

gets your service, but at a lower price (and you continue to maintain the integrity of your fee). Try saying something like, "If money is an issue for you, then I suggest shorter

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

essions, or removing this part of the service." (Choose something that has a erceived high value.) Your prospect clearly needs to see and understand that in order for her to get a

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

discount on your service, she must forgo a certain amount of value in exchange. (You could always simply ask what she would like to exclude when she asks you to discount.) Your pot

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

Professional from academic institutions, pharmaceutical industries, health care indust

ntial clients need to know that there is a "cost" for lowering your fees.

Solution Number Two:

Instead of taking something away, ask for something in exchange! For exampl

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

, let's say you provide administrative services for an hourly rate of $40/hr. You might agree to discount your hourly fee by $5-$10.00/hr if this prospect is prepared to hire you f

.

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

or a minimum of 20 hours a week for the next three months (or if he purchases from you by a certain date). Use the prospect's request for a discount as an opportunity to secure you

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

Companies that provide selfless information through particip

self more business!

The key to creating a WIN/WIN when a prospect requests a discount is to simply make him aware of WHY you are willing to lower your fees.

(c) Connie Scholl 200

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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