Contract Pricing Review & Negotiation
Achieve best value through pricing, service levels, and other commercial components of a contract, while preserving a collaborative relationship. Sound relationships with external partners, particularly strategic vendors, indicate to investors and customers that your company is a smart investment.
Growing healthcare and medical technology companies can achieve a unique competitive advantage through contracts with key partners. In close collaboration with your legal team and other key leaders, Nagel Strategies will help to identify and prioritize opportunities to negotiate or re-negotiate terms. Together we will develop and implement a negotiation strategy that accounts for your unique policies, risk profile, and business objectives.
How it Works
Like all services we provide, Nagel Strategies is driven by data and guided by clients’ unique expertise and most pressing business objectives. Methodical research is conducted to paint a clear picture of legacy contracts, historic price, service levels, spend, and oftentimes formal benchmarking. Internal subject matter experts inform overarching goals, projected spend, and unique risks.
Using the data gathered, we will employ a strategy development tool to ensure an organized and collaborative negotiation that considers key negotiation points, leverage points, concession points, and other information unique to your relationship.
Partner Communication and Negotiation
Outcomes that are mutually beneficial can only be achieved through consistent and intentional communication with your supplier partners. Nagel Strategies will lead communication or partner closely with day-to-day relationship managers to coach talent to ensure successful communication.
A close partnership with internal Compliance, Legal, and other functional leaders is essential to escalate and resolve conflicts swiftly and professionally.
Negotiation of legal (non-commercial) clauses are then led primarily by your internal Legal and Compliance team, with close support from Nagel Strategies.
Partner Relationship Management
Oftentimes operational issues, such as invoicing, payment terms, shipping, and deliveries, go unmanaged after a contract is executed. Nagel Strategies can help you to determine whether a new governance model is warranted. Who will manage the relationship? What is the frequency of business review meetings to ensure commitments on both sides are honored? What is the appropriate escalation protocol should an urgent issue arise? While the term “governance” may signal unnecessary paperwork and bureaucracy, even the smallest organizations that rely on key supplier commitments will benefit from a few simple steps to manage risk and well-timed follow up conversations.
Are your supplier contracts serving your company’s business performance? Partnering with Nagel Strategies will help your company avoid surprises including price hikes, broken or unclear promises, and underperformance that can directly affect end customer experience and investor confidence.
Partnering to Negotiate Legal Terms
All companies, and Life Sciences companies in particular, must navigate and comply with government regulations. Nagel Strategies works in lock step with clients’ functional leaders in Compliance, Privacy/IT, Legal and others to ensure the highest level of respect for regulatory compliance.
In addition, it is important to note that Nagel Strategies does not provide legal counsel regarding Intellectual Property, a contract component that is often critical for healthcare and medical technology companies. Insurance, limitations of liability, indemnification, confidentiality, and rights of facilities access are among other terms that Nagel Strategies will defer to your company’s legal counsel to negotiate.
Call +1 412 376 3745 or use the contact form below to schedule a free consultation.