Advice You - Business

While today's competitive financial market demands that banks respond to market needs quickly and efficiently, there was a time when only the largest money centers

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

could afford to offer foreign exchange (FX) service. Technological advancement has made a foreign exchange product line accessible to banks of all sizes. However, i

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

Examples of combination products may in

today's economy, banks have to consider the feasibility of offering foreign exchange product and services. As a fee-based product offering, foreign exchanges servi

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

ce can enhance a bank's revenue stream while meeting a market need. Yet, the cost for creating a FX processing environment can be enormous. It is for this reason th

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

t foreign exchange is an area that numerous bank outsource to correspondent bank or non-bank providers in order to compete in today's financial market.

Outsour

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

Combination pro

cing FX product and services allows bank to offer an advanced technology solution, industry expertise and superior customer service without the costs of back o

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

fice investments. Art Gillis, principal of Computer Based Solutions, Inc. in Dallas, Texas, reported, "About 43 percent of America's 9,355 banks and thrifts current

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

ly outsources some of their operation."

When choosing outsourcing solutions, banks should focus on the services that will allow them to keep overh

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

ad cost to a minimum yet enable them to focus on business development opportunities.

Top 10 Reasons to Outsource FX:

Increase revenues and profits derived from fe

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

e-based services Improve operational efficiencies and productivity level by automating administrative tasks

Deliver values to customers to enhance business relat

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

onships Expand services line to capture more business from existing customers

Achieve more competitive exchange rate through wholesale purchasing Control cost. I

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

Following aspects would a

cash is not tied up in capital expenses, it can be reinvested in areas offering the greatest return on investment.

Leverage the Internet to streamline and automat

dd to the challenges in developing combination products:

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

e product, service and processing of transaction

Acquire industry expertise and expedite market entry Enhance the ability to manage the rate spread on transactio

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

Enhance account management through real-time management report on the purchase and sale of foreign currency and the income generated from each products.

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

10 Questions to Ask When Evaluating a Foreign Exchange Online Systems:

Is the system networked from the parent bank to branch bank?

Does

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 system provide flexibility for your bank to share revenues with the provider or to mark up rates and still have the ability to remain competitive?

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

Professional from academic institutions, pharmaceutical industries, health care indust

the system integrated seamlessly with your bank's other system?

Does the system allow your bank to retain controls over profit margins, processes and acco

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

nt management procedure?

Can the bank rebrand the system for its bank and subsidiary?

What capabilities are available to store, track, and send

.

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

your customer informations?

How are investigation handled?

What is the security feature?

Can your bank create a centralized or decentr

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

Companies that provide selfless information through particip

lized process for managing its foreign exchange transaction?

Does the systems enable your bank to provide customer real-time market informations?

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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