Advice You - Business

The process of accounts receivable starts when products or services are prov

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

ided to a customer on credit. The company that details the transaction inclu

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

Examples of combination products may in

ing the total amount and duration of credit creates an invoice. The invoice

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

s then recorded.

If payment is on time the accounts receivable process ends

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

there. However, often this is not the case. That's when the collection depa

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

Combination pro

tment takes over. First, the customer is afforded the opportunity to explain

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

the delay. If there's a complaint regarding products or services, the matter

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

is forwarded to the respective departments. Once the issue is resolved and

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

ayment is received the process is ended. Sometimes the process will end if t

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 product is shown to be faulty or not up to the customer's expectations, at

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

which point the debt may be expunged or reduced. This may or not be the case

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

Following aspects would a

with your company or the company your represent.

Some companies prefer to

dd to the challenges in developing combination products:

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

ire an accounts receivable outsourcing firm. These firms take over the proce

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

s of collecting overdue payments in a professional manner. A certain amount

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

of fee or commission is charged for successfully completing the process of c

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

llection. In some extreme instances, a customer goes bankrupt and simply can

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

Professional from academic institutions, pharmaceutical industries, health care indust

t pay in which case the debt is transferred to the bad debts account from ac

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

counts receivable.

The bad debts account will stay on record, but the coman

.

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

may or may not ever be able to collect on the debt. Some debts are lost cau

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

Companies that provide selfless information through particip

es, and those losses must be cut so that the system does not get bogged down

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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