Advice You - Business

Every company follows its own credit policy set by management. For some the credi

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

t period offered to the customer is a week while for other organizations it could

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

Examples of combination products may in

be as long as a month. Problems start when payments are not forthcoming within t

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

he time agreed upon. This is when a company has to initiate the accounts receivab

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

e collection.

Quite simply, it is the act of gathering payments for past due inv

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

Combination pro

oices, which is necessary in keeping a business running smoothly. Since a company

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

expects payments from its customers, similarly it has to make payments to other

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

ompanies or individuals such as creditors (for goods and/or services) or everyday

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

expenses including interest, rent, and salaries.

Accounts receivable collection

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

is as necessary to a company's smooth operation as sales and marketing are for i

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

s survival and growth. By and large, the process of accounts receivable collectio

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

Following aspects would a

n has to include the following. The collection process should initiate immediatel

dd to the challenges in developing combination products:

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

y as the credit term ends. If the credit terms include last interest fees the exa

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

ct amount of interest should be collected. Suitable practices should be employed

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

or collection, which includes communicating with the concerned person regularly u

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

ntil dues are settled. However, discretion should be applied in all communication

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

Professional from academic institutions, pharmaceutical industries, health care indust

s so as not to diminish a company's image or its relationship with customer.

The

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

actual process of communicating with the person who owes money includes, but migh

.

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

t not be limited to, telephone contacts, emailings, post mailings, and so on. The

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

Companies that provide selfless information through particip

accounts receivable expert should always be cordial when talking with a customer

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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