Advice You - Business

It’s a classic mistake for business owners. They start a business that is focused on

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

their product and not on the credit end of their business.

Luckily, a popular new boo

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

Examples of combination products may in

k by Michelle Dunn makes it easy to solve this problem. The book, Become the Squeaky

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

wheel, outlines different types of credit policies that business owners can use to cre

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

ate a customer-friendly credit policy. The goal is to have more customers who pay on

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

Combination pro

ime which translates to higher or more sales.

“You have a lot of different people wit

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

h a lot of different needs, depending on your business,” explains Dunn. “The first st

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

ep is a customer friendly credit policy that ensures you have the information you need

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

if there is ever a payment problem but also one that doesn’t scare away your customer

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

s.”

“It is important that you maintain customer relations but also protect yourself a

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

d your business from bad debt, bad checks or slow or non-paying customers,” says Dunn.

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

Following aspects would a

The second step is to have the policy in effect before obtaining the new customer an

dd to the challenges in developing combination products:

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

d making sure everyone in your organization is familiar with it and enforces it. It i

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

s not very professional to search for a credit application or not know which forms the

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

y have to fill out to open a new account.

If you find your credit application is not

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

orking for you or you are having problems with some aspect of your credit policy, you

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

Professional from academic institutions, pharmaceutical industries, health care indust

can change it at any time and measure your results to be sure they are working for you

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

.

“The best strategy for making your credit policy work is to look at your bottom lin

.

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

e and also ask your customers,” explains Michelle Dunn. “Ask your customers if they h

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

Companies that provide selfless information through particip

ad any problems with the forms or the information they had to provide, and keep asking

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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