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Credit policies need to be set to protect yourself from non-payment. If you make sure you have cle

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

ar credit policies from the start you will reduce your risk of nonpayment. To do this there are a

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

Examples of combination products may in

ew simple rules you should follow:

Rules For Credit Policies

With every written credit policy, in

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

clude two or three sentences that explain credit is granted subject to credit approval. This way i

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

you grant credit you always leave yourself an out if they refuse to give you a credit application,

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

Combination pro

the credit application is incomplete, or you do a credit check on them and they have horrendous cr

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

dit. You MUST be able to refuse credit.

Insist on getting a deposit check with the credit applica

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

tion. This credit policy allows you to assess ability and willingness to pay by making sure the che

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

k does not bounce.

Your credit policy must ensure you get a complete reference and credit check fo

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

r each applicant. If you are dealing with brand new businesses that do not have a credit history th

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

n your credit policy should maintain that these contracts are done with a credit card. Don't take

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

Following aspects would a

he chance.

When establishing your credit policy make sure you do to the reference checks. You'd be

dd to the challenges in developing combination products:

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

amazed at some of the things that come back.

Last rule for credit policies; be really conservativ

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

with your lines of credit. You can always extend lines of credit, but you can't cut lines of credi

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

t without damaging the relationship. Start low and end high.

The Bottom Line on Credit Policies

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

redit polices are set for your protection. Granting credit is a client convenience but ultimately

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

Professional from academic institutions, pharmaceutical industries, health care indust

you only want clients that pay you. When you establish your credit policies make sure you cover of

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

these simple rules. They will ensure you get paid and that you remain in business long enough to g

.

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

rant lots of worthy credit.

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

Companies that provide selfless information through particip

ved. {Attention Publishers: Live hyperlink in author resource box required for copyright compliance

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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