Advice You - Business

Late payments can produce serious financial problems. The effect on businesses who suffer

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

from high debtor days has been well documented. According to official statistic it is dire

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

Examples of combination products may in

tly linked to business failure. Less has been written however about why paying invoices la

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

e can be disadvantageous for the person who owes money.

This article seeks to redress 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

balance.

Paying your bills late can cause you economic problems. It can strain your relat

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

Combination pro

onship with your suppliers who:

-Might decide not to continue doing business with you; or

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

-Might impose tough new payment terms on you- including compensation claims and late pay

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

ent fees.

The UK government introduced the Late Payment of Commercial Debts Act in 1998 t

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

enable businesses to claim interest from companies who owed them money. As a result, your

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

suppliers are able to charge you extra for late payment very easily.

In addition to this,

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

paying late can also damage your reputation which can have serious consequences for your c

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

Following aspects would a

ompany.

Conversely you might find that if you commit to paying on time or even early, tha

dd to the challenges in developing combination products:

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

you are able to get a more favorable price from your suppliers in return. This can help t

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

reduce your costs and bolster your profit margin.

Moreover, if you do find yourself in f

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

nancial difficulties, your suppliers are more likely to be accommodating if you have a tra

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

k record of paying promptly.

Ultimately, if you pay your suppliers on time you are going

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

Professional from academic institutions, pharmaceutical industries, health care indust

to have a much better relationship with them than if they have to constantly chase you for

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

payment.

The entire economy is based on the principle of prompt payment. After all if you

.

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

pay your suppliers late they will probably have to pay their suppliers late and so on. Ver

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

Companies that provide selfless information through particip

quickly a spanner can be thrown in the wheel of industry and everyone suffers as a result

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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Many a guru has opined on the keys to business success. While everyone has an opinion, I am going to focus on a more practical step you can take that will make a big difference.

When purchasing your home/office equipment, take into consideration what you will need, what you will be using this item for, and how much use will be geared toward it.

With many of the perks of incorporation, without many of the headaches, it's no wonder the flexibility of the Limited Liability Company ( LLC ) is gaining popularity with business owners nationwide, and around the globe. But before you take that leap; is it right for your business?

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Advice You - Late Payments Can Hurt You as Well as Your Suppliers

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