How to Connect the Right Value with the Right Stakeholder
TiGenix is a medical technology company active in the field of regenerative medicine, focusing on the development of innovative local treatments for damaged and osteoarthritic joints.
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Why did TiGenix Contact Management Centre Europe?
TiGenix had an important product launch to make. The VP of Sales & Marketing at TiGenix, Mr. Patrick Haelterman, wanted to develop his field team’s negotiation skills to maximize this opportunity. His team needed to deal with a complex stakeholder mix, where they would have to convince hospitals to negotiate a constructive deal with health insurers and similar reimbursement bodies. This would require a specific approach, different from the traditional product-centric sales call to the orthopaedic surgeon.
Patrick Haelterman wanted to benefit from external expertise to develop his team to manage this situation in the best possible way. He decided to contact Management Centre Europe (MCE) to see if they could help.
∧How did Management Centre Europe Work with TiGenix?
Understanding the situation at TiGenix
The MCE Associate chosen to work with TiGenix had more than 15 years of medical products experience in commercial functions and general management. He had solid experience in Market Access and could assess the situation at TiGenix to help them with the new product launch.
The MCE team met with Patrick Haelterman to discuss the situation in more detail. The TiGenix field team would be involved in many different types of meetings with multiple stakeholders. This would be more complex than just meeting the traditional specialist or Key Opinion Leader (KOL). As Patrick Haelterman stated, “We have experienced field people but they are used to selling one-on-one to doctors. Now, however, they are facing the challenge of selling to buyers from hospitals, care institutions and so on”.
It also became clear that a well-developed value proposition specific to the profile of each stakeholder was needed – to link the right claims with the right audience. This was confirmed in a discussion with Karel Fol, Sales Director, who provided the perspective of the field person in charge of a territory.
Analysis of the situation at TiGenix
The strategy of TiGenix was clear from the beginning. This helped MCE to conduct a gap analysis on the needs of the company from three perspectives: product, people and process. This analysis was complemented with some additional market research on this specific medical segment. As a result of the discussions and the analysis that had taken place three overriding key issues were established:
- There was a complex mix of stakeholders/decision makers and TiGenix had to be prepared to adjust their style to each one.
- The value proposition should have both hard and soft components and TiGenix had to be prepared to sell on intangibles.
- TiGenix had to prioritise prospects, and be prepared to walk away from a deal.
Deciding on the right Customer Specific Solution for TiGenix
TiGenix and MCE agreed that the development should take the form of a workshop on negotiation skills to cover the above key issues. The workshop would focus on market access, with a strong emphasis on how to translate the right value to the right stakeholder. The field team at TiGenix needed to fully understand the above topics and apply what they practiced and learned in the workshop in order to be more confident and competent when participating in high-level business meetings with the hospital C-suite and payers.
As TiGenix was in the final part of a prelaunch phase of its product, the emphasis had moved to execution, and the workshop needed to reflect that. Role-plays break-out sessions, preparation of mini-cases, group presentations and round-table discussions would increase the learning experience.
Development of the Solution for TiGenix
All development materials were customized with a focus on the short-term activities planned by TiGenix. Some materials concentrated on key countries or on key stakeholder meetings in order to maximise the reality of the experience.
Implementation of the Solution for TiGenix
MCE created a highly practical workshop that translated the company strategy into tangible tactics for immediate implementation. The customized workshop covered the following:
- Dealing with different negotiation styles and creating win-win outcomes for both parties – to create more value and better relationships
- Value propositions – the right positioning for maximum differentiation
- Knowing what is negotiable and what is not, and how to start a negotiation.
It also worked on:
- Preparing for negotiation through proper research, exploration of interests and alternative outcomes for both parties
- Using effective bargaining techniques and strategies
- Defending yourself against aggressive negotiating tactics
- Managing emotions and behaviour
Patrick Haelterman, VP of Sales & Marketing at TiGenix
∧Results and Benefits for TiGenix
“When I contacted MCE I would never have hoped to be getting a facilitator with such a strong knowledge and industry expertise – completely the right fit for the project and my people.”
Patrick Haelterman, vice president Sales & Marketing, TiGenix
The group of participants consisted of different nationalities and various functions, which created an environment that led to a creative collaboration and a focused learning experience. Patrick Haelterman, his country directors and the head of marketing attended the workshop. People from the regulatory affairs and reimbursement departments also attended some sessions.
TiGenix were happy with the workshop. As Patrick Haelterman commented, “When I contacted MCE I would never have hoped to be getting a facilitator with such a strong knowledge and industry expertise – completely the right fit for the project and my people”.
After the workshop, participants were able to:
- Evaluate negotiation situations and determine the right approach for the different stakeholders
- Develop stronger value propositions and promote product values appropriately and effectively
- Prepare a solid negotiation strategy, and know when to walk away from a deal.
The MCE Associate selected to work with TiGenix had more than 15 years of medical products experience in commercial functions and general management. He had solid experience in Market Access and could assess the situation at TiGenix to help them with the new product launch.
∧TiGenix
TiGenix was founded in 2000 and is the first regenerative medicine company with a clear and single disease-orientated focus. TiGenix’ ambition is to develop a comprehensive solution for joint disorders - a huge and fast growing unmet medical need in our ageing society.
TiGenix’s product for cartilage repair, ChondroCelect, has successfully completed a randomised Phase III clinical trial and will be launched in Europe when all necessary regulatory approvals are obtained.
www.tigenix.com