Advice You - Business

Any experienced, successful investor will tell you that learning to listen to the seller is one of the most important skills you can develop. Many communication problems that arise during negotiation

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

s can be traced to poor listening skills. When negotiating with a seller it is your objective to determine their needs and wants.

Beginning investors tend to think of negotiating as trying to persua

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

Examples of combination products may in

de a seller to do something, which requires you to talk. But it is very difficult to persuade someone when you don’t know what their motivation is. It is a documented fact that the most successful

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

sales people are those who have the ability to uncover more of their clients needs. You will not discover the sellers needs if you do most of the talking.

One of the most common mistakes that occurs

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

when negotiating is using your listening time to think about what you are going to say next. In his landmark book “The 7 Habits of Highly Effective People”, Steven Covey points out that most of us l

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

Combination pro

isten “autobiographically”, meaning we are not really listening to what the speaker is telling us. Instead our minds are busy forming what we will say next in response. This undermines your ability t

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

o analyze and understand where the speaker is coming from. It is also a difficult habit to become aware of and correct.

There are two major types of listening skills, Attentive and Interactive. The

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

attentive listener is motivated to listen. Attentive listeners understand that the person who gets the most information from a seller will have the best chance for a successful negotiation. It is a

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

good idea, prior to meeting with a seller, to determine what information you would like to uncover. Set some goals for specific areas that you want to try to gather information on. The more you can

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

learn, the stronger your position will be.

Interactive listeners ask questions. The goal here is to refine the information you have received from attentive listening. Your questions should move from

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

the broad to the narrow, as you attempt to bring the sellers needs into sharp focus. Being able to move seamlessly from attentive to interactve and back to attentive will greatly improve your negotia

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

Following aspects would a

ting results, and help you formulate offers that will be more appropriate for your seller.

Some basic interactive techniques for questioning a seller are as follows:

1. Clarifying: “Can you please

dd to the challenges in developing combination products:

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

clarify your comment about the mortgage?” This may get the seller to add more details than they might have intended.

2. Verifying: A very useful skill for being sure you heard what was actually inte

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

nded by the seller. “As I understand it, you don’t need much cash up front. Is that correct?”

3. Reflecting: This is acknowledging or paraphrasing the seller’s statements with an empathetic tone. Re

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

flecting can be a very effective way to get someone to open up and say more, where a direct question would result in an evasive answer.

To truly engage in reflective listening you must make no judge

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

ments and offer no opinions or solutions. For example, if a seller complains that the last investor who called made a ridiculous offer, you might respond, “It sounds like you were really upset by lo

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

Professional from academic institutions, pharmaceutical industries, health care indust

w monthly payment in that other offer”. This opens the door for the seller to comment further, and perhaps tell you just what they have in mind.

You should also watch for non-verbal hints as well. B

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

ody language, tone of voice, and the rate of speech can all be important clues to the sellers needs or intentions. A sellers words may communicate honesty or conviction, while their body language or

.

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

tone of voice may reveal the opposite intentions.

Clearly the skills involved in negotiation and effective listening are very important for a successful real estate investing career. These skills ta

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

Companies that provide selfless information through particip

ke time and practice to learn and use effectively. A couple of books you may want to check out are “The 7 Habits of Highly Effective People”, by Steven Covey, and “It’s Negotiable”, by Peter B. Stark

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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By focusing on strong relationships with those we serve, we understand the problems they face that require solution. We listen and hear the needs of our stakeholders. Not just our investors, but the investors attended to in collaboration with our customers, employees, and the community in which we work.

It may take you some time and self-exploration to identify it, but there are always some aspects of your work history that carry a positive spin. Don’t be afraid to dwell on your strong points no matter how unimpressive you fear your prior jobs may seem.

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