Monday, August 6, 2012

Pharma & Negotiation techniques: Keynote Stuart Diamond shares his insights

In today's blog post, we sit down for a Q&A with Stuart Diamond, Negotiation Expert Speaking at the 2nd Annual Clinical Business Expo on September 20th, 2012.  Today, he looks at better ways to negotiate, the vendor governance process, and tips for negotiating inside your organization.

Q: Negotiation techniques are instrumental in all aspects of Clinical Development. What are some key negotiation tactics that pharmaceutical executives need to take advantage of to spend less time, money and resources on clinical contracting activities and vendor negotiation?
Stuart: Focus first on making connections with people before presenting facts or evidence. People make agreements more than half the time because they like or trust the other party, and only 8% of the time because of the facts. Second, find out what intangibles each party values other than money: perhaps credit for an idea, or an invitation to see a lab test. Third, being right or arguing about the past is less important than focusing on one’s goal.

Q:  With the increase of clinical trial globalization, pharmaceutical executives find themselves providing more oversight, guidance and governance to vendors than ever before. How can they utilize negotiation tactics to ease the vendor governance process?
Stuart: Anyone who thinks of negotiation as “tactics” is bound to get less. Negotiation is part of every human encounter. Being real with other people – saying what is going on and what the problems are – is more persuasive than trying to find some magic bullet. Ask vendors what they need and try to provide it to them, in return for what you want them to provide to you. A negotiation should be a discussion about how to meet each party’s needs – not a contest or game.

Q: What are ‘out of the industry’ negotiation techniques that Fortune 500 companies use that pharmaceutical companies should adopt?
Stuart: Excellent in negotiation has little to do with the size of the company, the culture, gender, or other group stereotyping. It has to do with skill at communicating better with others: focusing on common goals, finding each party’s intangibles, and solving problems in a collaborative way. This is true no matter what the industry. The same process works as well in pharmaceuticals as commodity trading, with kids or shopping. It’s an understanding of what makes the other person tick. That transcends all industries and activities.

For more information on Stuart's presentation and the rest of the Clinical Business Expo, download the agenda.  If you'd like to join Stuart in Boston this September 18-20, register to join us today and mention code XP1725BLOG to save 15% off the standard rate!

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