Advice You - Business

If you are like many small businesses, even a few late payments on your accounts receivable can seriously crimp your cash flow. It is vitally important that you take immediate an

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

d systematic steps to limit the number of past due receivables that you have at any time. The number one strategy is to have a system in place that limits the number of accounts

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

Examples of combination products may in

that go past due in the first place. There are numerous tools and strategies for doing just that. However, today, we will concentrate on how to deal with the past dues once they

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

appear.

Here are some tips that will help you to reduce your outstanding receivables:

· Address the issue immediately. Never wait more than 3 business days past the due date to

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

contact the customer. This allows for mail delays, but is early enough to catch a situation before it becomes worse.

· When you contact customers, don't give them an excuse to

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

Combination pro

se ("Did you receive your invoice?"). Rather, ask them, "When did you send your payment?" If they tell you it hasn't been sent, ask them if they intend to send it today. If they s

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

ay "no," ask when they expect to send it. Get a commitment from them and follow up if the commitment is not honored.

· Ask your customers why they haven't paid your bill. Rememb

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

r, if they are honest with you, you should treat them with the utmost respect. Everyone has cash flow issues from time to time and your treatment of them will be remembered long

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

after their problems are over and they are looking to purchase products or services that you offer again. As a matter of fact, proper etiquette when collecting could not only res

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

lt in you getting paid more quickly, but can also allow you to keep them as customers for life. You see, if they are indeed having problems, chances are there will be many who wi

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

ll not treat them very well and this will sour their relationship going forward.

· If you get an excuse, remove your emotions from the equation and address the situation logicall

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

Following aspects would a

y. Get a definitive commitment on a date or time frame for when you can expect to receive payment from them. Make sure you are in agreement, so that there can be no claims of mi

dd to the challenges in developing combination products:

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

understanding later. Find out how (mail, credit card, etc.) and when. Then note the conversation in your file so that you can follow up immediately if the commitment is not hono

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

red.

· If they give you a good reason ("My product was defective"), try to remedy the situation, if it is within your control. For example, if you find that the product was inde

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

d defective, make certain that a new, defect free product is delivered immediately.

· If your customer is a larger company, understand that they will generally pay their invoices

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

on a set schedule. You will need to know when your invoices need to be received by them in order to be included in their weekly, bi-weekly, or monthly payment cycle. If you fin

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

Professional from academic institutions, pharmaceutical industries, health care indust

yourself with a past due from one of these companies, be sure to call or contact them several days prior to that time to make certain that they have all the documentation they ne

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

ed to include your invoice with their payments.

These are just some of the many proven steps you can take to collect your receivables once they are past due. To limit future pas

.

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

dues, you will need to revisit your entire process. To compete in business today, you will almost certainly have to have some level of credit for your customers. The key is to

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

Companies that provide selfless information through particip

limit it to those who will pay you! If your process needs an overhaul, it is important to tackle that issue immediately. While sales are important, it is still cash that is king

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 Collect Your Past Due Accounts Receivable

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