Advice You - Business

The Check 21 Law that went into affect in 2004 can make life so much easier for your company. If you receive cons

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

umer checks, vendor checks, business checks, government checks, virtually any kind of check drawn on a U.S. bank,

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

Examples of combination products may in

you can now do from the convenience of your companys' location (or remote location) the same thing that only the

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

top 5 or so banks are now doing for their customers. What is it? Accounts Receivable Conversion!

Because

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

of 9/11 and the fact that billions of dollars in checks were stranded on the ground when the airplanes were all

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

Combination pro

grounded, Congress passed a law that went into affect in Oct 2004 that would allow for image conversion of checks

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

for companies and banks. Your company's AR Dept can now image the checks and send them to the Fed and into the 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

ompany's bank account and NEVER leave the office.

There are two major ways to accomplish this that are available

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

today. One is the use of a document imaging terminal, and a software program installed on your computer. The ot

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

er utilizes a document imaging terminal, a computer, and Internet access to secure servers off location, with no

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

software to buy.

Accounts Receivable Conversion, (ARC), can reduce hours of work and time in preparing deposits.

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

Following aspects would a

No longer do you need to copy checks, enter them manually into your accounts receivable software, spend time lo

dd to the challenges in developing combination products:

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

king up accounts, waste valuable time in filling out deposit slips and going to the bank or having an armored car

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

service do it for you. Once you have completed the image process, you can actually import all your information

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

into your particular accounting software. You can even do recurring billing in house, without outsourcing it wit

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 results of added expense.

Companies i know have streamlined their Accounts Receivable Dept from a nightmare

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

Professional from academic institutions, pharmaceutical industries, health care indust

to a breeze. Major Result? They find huge savings in dollars, man (woman) hours, and wasted time trying to rec

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

oup NSF checks. Some solutions even allow for near elimination of contact with the customer over NSF checks, and

.

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

substantial savings in the process.

Projections are that within 10 years, 80% of mid to large size companies wil

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

Companies that provide selfless information through particip

l be doing their accounts receivable conversion in house through ARC. Yours should definitely consider it.

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 - Accounts Receivable Conversion! A Major Money & Time Saver For Companies

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