Advice You - Business

The use of paper business documents can significantly reduce productivity and increase costs in a wide range of business processes. Perhaps the best example of these ineffi

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

ciencies occurs in the accounting department.

Types of business documents

Just what do we mean by business documents? Generally speakin

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

Examples of combination products may in

g, they are the communications vehicles by which business is executed and recorded. Invoices, for example, are business documents that convey the need to pay for a purchase

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

d product or service. Purchase orders notify vendors that a customer wants to buy something. Purchase order requisitions initiate product or service acquisition requests,

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

raverse the approval cycle, and end up with a purchasing agent for fulfillment. And let's not forget checks, which are orders to a bank to pay this amount to that person, a

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

Combination pro

nd remittance advice, which informs payees how much and for what they are being paid.

Document Management Software in the Accounting Department

The purch

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

asing process represents an ideal illustration of how, by bypassing the paper stage, electronic business documents can launch extremely significant efficiencies within an o

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

rganization.

In conventional processes:

An employee obtains a paper purchase requisition form
Identifies the needed purchase, records the information on t

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

e paper form

Places it in the corporate mail system for distribution to the approver next up-the-line

Depending on dollar amount, it may require further app

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

rovals

The purchase requisition document arrives at the purchasing department

The information is re-keyed into a new form

The form gets generated as

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

a purchase order

Purchase order is sent off by mail or fax

Delays can occur at any point in the approval process, often related to the availability of t

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

Following aspects would a

he executives or managers involved.

Using electronic business document processes on the corporate network or intranet, the entire process can be completed virtually with a

dd to the challenges in developing combination products:

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

single entry of the data by the requestor. The data can be extracted from stored catalogs and past purchase orders or it can be newly entered. The document is generated by

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

merging the stored data with the respective business document template and distributed to relevant parties electronically.

Approvers can be notified automatically that a d

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

ocument is in their mailboxes (or on the intranet under authorized access) awaiting their review. The review process does not require physical presence and once approved, t

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

he requisition can be relayed directly to purchasing. The information is automatically inserted into the purchase order and dispatched to the vendor electronically. The ent

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

Professional from academic institutions, pharmaceutical industries, health care indust

re chain of events theoretically can be completed in minutes without ever leaving the electronic environment.

The process is similar for virtually all operating business d

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

ocuments. Invoices, for example, can be circulated electronically, reviewed and approved, and placed in queue for payment without ever being printed or sent through corpora

.

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

te mail.

By using an electronic document management solution, accounting departments benefit from improved efficiencies and cost savings when producing, distributing, and

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

Companies that provide selfless information through particip

storing business documents. In fact, many organizations begin their document management initiative in this department because the high probability of success and speedy ROI

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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