Advice You - Finance

When you’re running a business, making sure your customers pay their bills on time can be very difficult and a huge drain on resources; especially if you only have a handful o

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

f staff or are a sole operator. Unfortunately, many small businesses are forced to close their doors within 12 months of starting up, and non-payment of customer accounts play

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

Examples of combination products may in

s a large part in forcing a business to close.

Non-payment is a serious issue for businesses of any size. Late or non-payment of debts can cause serious cash-flow problems, r

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

sulting in your business facing many problems of it’s own - from unhappy staff to not being able to maintain supply-and-demand for other customers you may have. However, if yo

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

u’re experiencing problems with getting paid then there are several steps you can take to ensure your debt recovery doesn’t impact too heavily on your business.

Trying to con

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

Combination pro

act a customer or client about an unpaid bill can be difficult. Most contact is done either by phone or mail, and there is always the uncertainty about a letter being lost in

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 post, or a telephone message not being passed on, although in some cases it could be that the person you are trying to reach is simply avoiding you. However, contacting th

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

e customer is very important as there could be a genuine reason why the customer hasn’t settled their bill, and you should always try to attempt to discuss the situation and r

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

ach an agreement. These could range from allowing the customer to restructure their repayments to writing off part of the outstanding balance.

Sometimes, however, it is neces

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

sary to consider legal proceedings against a customer in order to collect an outstanding debt. Taking legal action to reclaim an outstanding debt should be a last resort, and

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

ften the threat of legal action is enough to make your customers settle up. For some businesses, however, it can be difficult finding out exactly how to go about commencing le

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

Following aspects would a

gal action against a debtor. As a result, many outstanding debts find themselves passed to specialised debt recovery companies.

In the UK, there are many debt recovery compan

dd to the challenges in developing combination products:

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

ies available who can help reclaim outstanding debts, and these companies have the time, expertise and resources required to pursue customers who have outstanding debts. If yo

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

decide that legal action is necessary to reclaim an outstanding debt, companies such as Capquest offer solutions that can help reclaim your money.

One solution is to commiss

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

ion the debt recovery company to recover the debt on your behalf. For a fee – normally around 10% - the company will act on your behalf to work with the customer in order to f

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

nd a mutually suitable solution for both you and the customer. Alternatively, many debt recovery companies will purchase the debt from you. In return, they will process the de

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

Professional from academic institutions, pharmaceutical industries, health care indust

bt as their own and allow you to draw loans against the money owed to your business. This method is commonly used by businesses to improve cash-flow, but is also a useful meth

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

od of reducing administration overheads.

It’s important to be sure that if you employ the services of a debt recovery company, such as

.

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

et="_blank">Capquest, then be sure that they are members of an accredited body. Most debt recovery agencies are members of the Credit Services Association, who are the onl

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

Companies that provide selfless information through particip

y National Association in the UK for companies that are active in relation to unpaid credit accounts, debt recovery agencies, tracing agencies and allied professional services

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 - A Beginners Guide to Business Debt Recovery

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