Advice You - Business

Running a business takes many skills sets, and business owners, eager to keep costs in check, try to do it all. From hiring decisions to compiling financial statements, owners spread themselves thin running from task to task. The upside? There's no large salary tied to people holding specialized positions. The downside? Each task gets

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

but a fraction of the time it deserves - and requires.

According to the Harvard Business Review, outsourcing is one of the most important management ideas and practices of the last 75 years. Companies using outsourcing cite innovation as their number one reason for bringing in a fresh perspective to key company fun

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

Examples of combination products may in

ctions. Business owners and executives say they derive these four benefits from outsourcing:

1. Outsourcing allows companies to focus on what they do best - their own core competencies.

2. Companies achieve greater efficiencies without adding people or technological resources.

3. Outside expertise helps companies become more profit

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

ble, thereby increasing company or shareholder value.

4. Outsourcing offers increased service levels within company functions.

One of the most critical functions in a company - especially one transitioning through one of the growth phases - is that of the financial officer. A Chief Financial Officer (CFO) typically focuses on how ef

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

ficiently a business is operating. While some business owners view this function as a reporting function - one where the CFO merely is a score keeper of how well the business already has performed, that's just where CFO duties begin.

A CFO takes the historical financial data (also known as financial statements and other typical recor

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

Combination pro

ing reports), combines that information with operating practices, and analyzes areas where the company could - and should - make changes that affect profitability, productivity and efficiency. The CFO with top-notch business sense can dramatically impact a company's bottom line.

Companies nearing the half million up to the $5 million

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

revenue mark often find they can benefit from the services of a seasoned CFO, but can't - or don't want to - afford the $125,000+ these professionals typically demand for a salary. Some business owners, realizing that they do not have the resources to hire a full-time CFO, simply accept this and vow to grow their businesses so they c

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

an hire a CFO in the future. Smart business owners recognize that if they want to reap the benefits of an experienced, results-producing CFO, they must look for a more creative way to do it.

These smart entrepreneurs regularly make outsourcing work for them. They understand the importance of leveraging their money while obtaining cri

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

ical tools for success. Many times, the cost savings accompanying qualified CFOs makes the decision that much easier.

Outsourced CFOs sell their time by the hour or on a monthly basis -four to eight hours a month, for example, at an agreed-upon fee. CFOs can isolate areas of concern that the business's accountant wouldn't (and possib

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

ly couldn't) detect until tax time. Even the closest accounting advisor isn't privy to day-to-day business practices.

CFOs can have a positive affect on the outcome of major business decisions. For instance, companies facing reorganizations or mergers need to have access to real numbers associated with these events. They also need to

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

know how to leverage available resources with company debt. Skilled CFOs handle these issues regularly and can bring much-needed expertise to company owners and executives as they make short- and long-term decisions.

Other areas offer opportunities as well. Purchasing agreements sometimes can hurt the well-intentioned company manager

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

Following aspects would a

. If a company makes larger purchases because of negotiated lower prices on products and the trade off is a shorter pay schedule, CFOs can isolate this scenario as the key reason why a company could constantly be in a cash crunch.

Finding a qualified CFO may be as far away as a phone call to your CPA or accountant who offers outsourc

dd to the challenges in developing combination products:

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

ing as a credible service component for companies like yours. Today, some firms offer the services of experienced CFOs who have retired and now work as temporary workers - much like you would hire a secretary on an as needed basis. Whichever route you take, financial matters aren't the only areas where an outsourced CFO can lend advic

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

. CFOs can help your business in several critical areas including:

· choosing appropriate accounting software,

· deciding whether leasing or buying equipment is best,

· how to compensate company officers,

· how to handle company collections,

· ho

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

w to handle cash flow and how to balance company debt with receivables, and

· how systems can be improved to improve productivity.

While hiring a CFO for a short amount of time may get you past a cash flow crunch, help secure a much-needed loan or initiate systems that increase productivity, experts agree that to ge

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

the most out of your investment, you should commit to your outsourced CFO arrangement for at least a year. An experienced CFO often can impact your business in less time than an average work day or approximately eight hours.

If you are a business owner currently functioning as CFO, think of all the things you can do with your levera

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

Professional from academic institutions, pharmaceutical industries, health care indust

ged time.

· Spend time with valued customers to ensure their continued business.

· Attract and win new business.

· Develop new products or services.

· Work on operational or financial projects to make your business more profitable or accelerate its progress toward

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

your growth goals

Bottom line: the choice to outsource comes down to dollars and sense. When companies add a CFO's salary to a benefits package complete with annual bonuses, the price tag is high. And, not all CFOs are equal- navigating the maze of available CFOs can leave you dazed and confused. Keep in mind that CFOs possessing bu

.

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

iness performance management knowledge add an extra dimension that positively affects other areas of your company, including productivity, operating efficiencies and internal systems.

It takes time to make the decision to outsource a critical management position. Aligning company growth goals with the operating budget, and comparing

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

Companies that provide selfless information through particip

that to the benefits an outsourced CFO can bring to the picture, enables you to determine if outsourcing is right for your company. If you still aren't sure, call your accounting business advisor to discuss the pros and cons of this type of arrangement.

http://www.one80group.com

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 - Outsourced CFOs are Smart for Business

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