Advice You - Business

If you are planning on setting up a business or are in the process of doing so here are a few tips to keep your financial life as simple as possible. This program can be started any time i

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

f you do not have an organized accounting system. By following these simple suggestions you will be helping to avoid a financial nightmare that plagues many business operations around tax

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

Examples of combination products may in

ime.

1. Set up s separate checking account for your business activities: One of the biggest mistakes entrepreneurs make at the beginning of their business is to pay for business expenses (

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

etter head, office supplies, equipment, etc) from their personal checking account and with personal credit cards. While this is the fastest way to acquire business basics, it also lays the

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

foundation for an accounting problem you don’t want or need to deal with. Instead, go to your bank and setup a separate checking account using a fictitious business name or some other iden

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

Combination pro

ifier (if you are just setting up a new personal checking account) and deposit the money into that account for check writing purposes. If you have to use a credit card and you have cash ad

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

ance feature, take a cash advance and put that in the checking account rather than using the credit card per transaction. Here’s why: You want to completely separate your personal finance

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

rom your business finance for accurate accounting and preparation for tax time. Beyond this, you will not be able to analyze your business economics (sales pro forma, cost analysis, write-

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

ffs, etc) as well if the financial picture is all blurry and fuzzy with a mixture of personal and business expenses. The only way you can achieve this is by depositing all business-related

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

income into this business account and writing checks from this account to pay (all) your business expenses. You want a rock solid wall between you and the business, which divides the financ

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

al information surgically. The best way to do this is by setting up a separate checking account at the beginning of your business endeavor, before you do anything else.

2. When you set up

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

Following aspects would a

our business account, order carbon-copy checks for your business. The reason for this is that you have a permanent record of all the checks you write in case you forget to log a check and

dd to the challenges in developing combination products:

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

duplicate checks provide an audit trail for all your expenses, which will be critically important at tax time for claiming business expenses and write-offs.

3. Most entrepreneurs are big o

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

dreams and ideas and low on accounting and record keeping. One simple way you can be prepared for tax time is to simply put all records of your business income in one envelope titled “ bu

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

iness income” and all receipts for business in another envelope titled “business expenses”. By doing so, you will not have to sort through personal and business receipts to determine which

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

are which. And if you have never spent hours and hours struggling to account for a quarter or year of mismanaged financial information then, take my word for it, you want to avoid this acc

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

Professional from academic institutions, pharmaceutical industries, health care indust

unting nightmare by following this article advice.

Another advantage of using this simple system is that if you use the services of an accountant (which you should if you have income from

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

he business) your accounting fees will be lower. Why? Because your accountant will have a much easier time preparing your tax returns and won’t have to charge you as much for sorting throug

.

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

jumbled financial information. That saves time when they bill by the hour.

Do you like this tip? You haven’t seen anything yet! Check out our Smart Books Business products by clicking the

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

Companies that provide selfless information through particip

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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