How To Get Better At Negotiating Clinical Trial Budgets and Contracts
Summary
TLDRIn this video, the Clinical Trials Guru discusses a unique strategy for negotiating clinical trial budgets. With over a decade of experience, the speaker shares a recent tactic of asking for a midway point between their current budget and the highest paid site, as a way to test the market and learn more about budget negotiations. The video encourages building strong relationships with sponsors and emphasizes the importance of networking and collaboration among research sites to improve negotiation outcomes and raise industry standards.
Takeaways
- 😀 The speaker is the 'Clinical Trials Guru', offering advice on clinical trials and negotiation strategies.
- 📢 The speaker encourages new subscribers to also check out the blog and follow on Snapchat for exclusive content.
- 📈 The video discusses a strategy for negotiating budgets in clinical trials, emphasizing the importance of this skill for research sites.
- 🔄 The speaker mentions that they have been in the industry for over a decade, indicating a wealth of experience in contract negotiations.
- 🤝 The strategy involves a relationship-based approach, suggesting it's only effective when there's trust and open communication with the sponsor.
- 💡 A new negotiation tactic is introduced: asking for the midway point between the current budget and the highest paid site, as a way to test the market.
- 📊 The example given is about an open-label extension of a clinical trial, where there was an opportunity to renegotiate the budget.
- 🤔 The speaker highlights the importance of always testing and measuring one's standing in the industry to improve negotiation skills.
- 🏆 The speaker's firm was found to be the second-highest paid site, which is a positive outcome and a point of pride for their consulting firm.
- 🤝 The video stresses the value of building relationships in the industry, whether with project managers or contract specialists.
- 📚 For new sites, the speaker recommends networking at investigator meetings and learning from others in the field to improve negotiation strategies.
Q & A
What is the main topic of the video?
-The main topic of the video is how to negotiate budgets for clinical trials effectively.
Who is the target audience for this video content?
-The target audience includes new audience members, research sites, and clinical trial sites looking to improve their budget negotiation skills.
Why is it important to subscribe to the Clinical Trials Guru's YouTube channel and blog?
-It is important to stay updated with exclusive content, tips, and strategies on clinical trials budget negotiation and site contracts.
What is the significance of developing a relationship with contract specialists or project managers in the clinical trials industry?
-Developing relationships helps establish trust, facilitates open communication, and can lead to better negotiation outcomes for both parties.
What is the strategy mentioned in the video for negotiating budgets?
-The strategy involves asking the sponsor to provide a midway point between the current budget and the highest paid site's budget, as a means of testing the market.
Why was the new budget negotiation strategy tried for the first time with a specific individual from a pharma company?
-The strategy was tried because the Clinical Trials Guru had already established a relationship and open communication with the individual, allowing for a more comfortable negotiation approach.
What was the outcome of the new budget negotiation strategy when it was first tried?
-The outcome was that the site was the second-highest paid site, and they decided to accept the current budget as a result of the negotiation.
How does the video suggest new clinical trial sites can learn about budget negotiations?
-The video suggests that new sites should network with other sites during investigator meetings and share information about their budget negotiations.
What is the importance of testing the market in budget negotiations as suggested in the video?
-Testing the market helps to understand where a site stands in terms of budget allocation and can provide insights into whether they are negotiating effectively.
What is the relevance of the saying 'a rising tide lifts all ships' in the context of clinical trial site budget negotiations?
-The saying implies that when sites improve their negotiation skills and receive better budgets, it raises the standard for the entire industry, benefiting all involved.
How can experienced research sites benefit from investigator meetings according to the video?
-Experienced sites can benefit by networking with other sites and building relationships with project managers or contract specialists, which can lead to better negotiation outcomes.
Outlines
😀 Introduction to Budget Negotiation Strategy
The speaker introduces a video on the Clinical Trials Guru website, discussing the importance of budget negotiation in clinical trials. They mention an innovative strategy they recently tried for the first time after establishing a relationship with a pharma company representative. The strategy involves asking for the midpoint between their current budget and the highest paid site's budget, as a way to test the market and learn more about effective negotiation. This approach is recommended for those with an established rapport and open communication with the sponsor's representative.
😉 The Value of Relationship Building in Negotiations
In this paragraph, the speaker emphasizes the significance of building relationships in the clinical trials industry, especially with project managers and contract specialists. They share their experience of being the second-highest paid site for an open-label extension of a clinical trial, which is beneficial for their consulting firm. The speaker encourages experienced research clinics to use investigator meetings to network and share information about budget negotiations. They also stress the importance of always testing and measuring one's standing in the industry to improve negotiation skills and raise the bar for all research sites, using the metaphor 'a rising tide lifts all ships' to illustrate the collective benefit.
Mindmap
Keywords
💡Clinical Trials
💡Negotiating Budgets
💡Research Sites
💡Sponsors
💡Open-Label Extension
💡Midway Point
💡Market Testing
💡Investigator Meetings
💡Rapport
💡Collaboration and Networking
💡A Rising Tide Lifts All Ships
Highlights
Introduction to the Clinical Trials Guru's platform and encouragement to subscribe and follow on different channels.
Announcement of a future webinar on negotiating contracts and budgets, a top priority for research sites.
Discussion on the importance of developing relationships with contract specialists and project managers in the pharmaceutical industry.
A new strategy for negotiating budgets by asking for the midway point between current and highest paid site budgets.
The strategy was tested with a pharma company representative with whom a relationship had already been established.
The outcome of the strategy revealed that the site was the second-highest paid, providing valuable market insight.
Emphasis on the importance of always testing and measuring one's standing in the industry.
Suggestion for new research sites to network at investigator meetings to gain insights on budget negotiations.
Highlighting the benefits of collaboration and networking among sites for mutual benefit and industry improvement.
The concept of 'a rising tide lifts all ships' applied to the research site industry, indicating collective growth.
Advice for experienced sites to still network and try the new budget negotiation hack if they feel comfortable.
The significance of building trust and rapport with sponsors for effective negotiation.
Encouragement for sites to use investigator meetings as opportunities for relationship building and knowledge sharing.
The importance of continuous learning and adaptation in the clinical trials industry.
A reminder of the value of the Clinical Trials Guru's services in contract and budget negotiations.
Closing remarks with a thank you note to the audience and a prompt to visit the Clinical Trials Guru's website.
Transcripts
hey everybody welcome back to the
clinical trials guru.com again is the
clinical trials guru calm thank you for
watching make sure you subscribe so I
got a question on snapchat and I was
debating doing a snapchat video but I
got plenty of those
I got a few save for tomorrow so for
today I wanted to answer it here
exclusively for YouTube so thank you
everybody who's brand new make sure you
subscribe and then go check out the blog
too alright the clinical trials guru com
subscribe there and also make sure you
follow me on snapchat alright you can
get lots of exclusive stuff that are
only on snapchat so today's video is
gonna be about how to negotiate budgets
and we've done so many videos on this
but I know there's so many new audience
members and we're probably gonna have a
longer webinar style video maybe next
month or the month after we're back out
doing the regular monthly webinars
myself and Chris we just had one the
other day in case you missed it go check
it out it's about how to get more
studies for your site contracts and
budgets definitely like top 3 priority
for any research site I mean I would say
priority 1 is getting studies priority 2
it's probably training your employees in
the priority to these contracts and
budgets right and then you get patient
recruitment and all that other stuff so
this video it's a strategy that we've
actually tried the other day for the
first time we've negotiated tons of
contracts and budgets right we've been
doing this for 10 years over 10 years
now in fact this is our 11th year doing
this we've negotiated tons of contracts
and budgets many with the same contract
people on the other end so on the pharma
side we're dealing with the same
individual we've established
relationships with them already so I'm
giving you this context to let you
understand that we have a relationship
with these people so what I'm about to
recommend you do and you try this only
if you have a good relationship and
fairly open communication with
person on the other end right so this is
this strategy we've only employed after
negotiating like five contracts with
this guy from the pharma company all
right same guy right so what we did was
we wanted to try something out and we
wanted to test the market which you
should always be doing if you can afford
it test the market if you have a
relationship and you feel like you can
be open with the other guy test it all
right so what we did is we we told this
other guy on the other end from the
sponsor side who's responsible for
negotiating the budget on behalf of the
sponsor and we're obviously negotiating
the budget on behalf of the site we said
hey rather than spending all this time
going back and forth negotiating the
entire budget and going like assessment
by assessment why don't you give us the
difference between what we already have
so anytime you get a study they're gonna
send you an initial budget and then
you're supposed to negotiate it and go
back and forth we said why don't you
give us the midway point between what we
already have versus what the highest
paid site is getting right so again I
would never try this with someone brand
new then we have no interactions with in
the past no history no context we felt
fairly comfortable with this person and
the person said that's interesting no
one's ever asked that and then we said
what we know this is why we're doing it
we're actually testing we're learning
how to negotiate budgets better so it
may not be in your best teach us but we
are gonna be using this as a learning
experience so this is a budget that we
received this is for an extension for a
clinical trial so for those of you who
don't understand how it works some
clinical trials have an open-label
extension right so the previous clinical
trial ended and now the open-label
extension came out so it was time to
negotiate that budget so we already had
the assessments kind of negotiated but
we had the opportunity to negotiate more
because it's technically a new study so
the sponsor said that's interesting okay
we'll do it and then they went to look
at the other sites and all their budgets
they got back to us within a few days
and said hey just to let you know you're
the second-highest paid site so to give
you halfway between what you currently
have and what the highest paid site is
getting would be taking a pay cut for
you and then we said okay now we'll take
what we have thank you so we're testing
the market if you have this opportunity
I would suggest doing it that way you
can sort of see and even if it's a crude
way of measuring where you stack up
hopefully it will provide enough insight
into how much you're either leaving off
the table or whether you're negotiating
the budget the way you should so we were
happy to hear that we were the second
highest paid site of course this is
really good for consulting firm because
we negotiate contracts and budgets for
our clients all the time so we're
definitely going to be bragging about
that but I wanted this videos for you
more experience research clinics that
have dialogue and have a rapport and
have history with the sponsors and
you've been negotiating numerous
contracts and budgets with the same
person develop that trust this is why
it's important to develop relationships
in this industry right whether it's the
project manager and you've worked on
five trials with them in the past or a
contract specialist and you've
negotiated like four or five contracts
with them in the past I would even do it
like on the third contract with someone
with the same person test it out see
where you stand always be measuring
always be testing otherwise you really
don't know where you stand unless you
collaborate and network with a bunch
other sites who are doing the same study
as well which would be option number two
for those of you brand new sites out
there sites typically don't mind sharing
information as far as what they've been
able to negotiate on the budgets and the
best place to do this for you brand new
sites is that the investigator meeting
so when you're at these investigator
meetings introduce yourself to some of
the other sites there's plenty of
opportunities for this at dinner lunches
outings breakout sessions try to network
with as many people as you can and then
just be open window say hey we're a
brand new site we don't know
whether we're negotiating the way we
should be generally sites try to help
each other out because it's in
everyone's best interest it's in the
entire industry's best interest when it
comes to research clinics for sponsors
to pay sites more right it's in the best
interest of the site's for that to
happen so if we get better we being the
sites get better and negotiating our own
budgets it raises the bar for everyone
right a rising tide lifts all ships all
right that's a common expression used by
sailors or something I believe but it
applies in this situation so for the
experience sites out there you can still
do networking at investigator meetings
but definitely try this little hack if
you feel courageous enough to do so and
then for you brand new sites network
with network like crazy with other sites
and investigator meetings and then
really focus on building these
relationships with the project managers
or the contract and budget specialists
on the other end right dan from the
clinical trials guru comm thank you very
much digger
you
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