Advice You - Business

Cashflow problems are the main reason why more than 70% of UK businesses go under in their first year.

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

Although this statistic is fairly shocking, the reassuring fact is that there is a lot that companies

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

Examples of combination products may in

can do to manage their cashflow effectively.

We have put together our top tips to help you avoid cas

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

flow problems and become a business success story.

1. Always run credit checks on companies that you

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

do business with

Many people forget or think that it’s not important to vet companies before doing bu

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

Combination pro

iness with them. However, doing so is an important method of avoiding cashflow related problems furthe

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

r down the road.

If you have not checked up on a potential new client, you expose yourself to the ris

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

of not being paid.

There are a number of ways to run credit checks such as ordering an online credit

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

rating from credit reference agencies or checking your potential customer’s payment record.

2. Encou

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

age prompt payment

You will have to pay your suppliers even if you have not been paid by your custome

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

rs. Encouraging your customers to pay you promptly is therefore an effective way to avoid cashflow pro

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

Following aspects would a

blems.

Try offering favourable payment terms to people who pay early and refer to the Late Payment of

dd to the challenges in developing combination products:

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

Commercial Debts (Interest) Act of 1998 on your invoices. This legislation allows companies to charge

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

interest on overdue amounts.

3. Manage your budget carefully

It might sound obvious but good budget

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

anagement is a key step to good cashflow management. Do not be tempted to spend money on promotional a

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

ctivity that has not been accounted for in your marketing plan.

Before you do allocate funds, make su

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

Professional from academic institutions, pharmaceutical industries, health care indust

e you know what the return on investment is likely to be and ensure that you can afford to spend the m

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

oney in question.

4. Manage your accounts carefully

Do you know who owes you what and when payment i

.

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

due? Keeping an invoice book detailing when invoices were sent out and to whom, as well when they wer

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

Companies that provide selfless information through particip

e paid is a simple yet effective way of keeping on top of your finances and avoiding cashflow problems

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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Advice You - How to Avoid Cashflow Problems

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