Advice You - Finance

Many businesses sell their products or services to consumers on terms. The consumer can purchase high priced goods and services with affordable

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

monthly payments over 6 to 60 months. This enables many consumers to buy products and services, which they could not pay for in one large paymen

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

Examples of combination products may in

t.

This method of buying products and services allows consumers to enjoy and utilize products immediately while paying for it over several month

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 or years and fits into a budget that is manageable. This type of purchase is called a Retail Installment Contract, which is between the retail

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

stablishment or merchant and the consumer. The consumer signs a contract and agrees to pay the merchant a monthly payment until the purchase amou

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

Combination pro

nt of the product plus the interest is paid in full. When the contract is paid in full, the consumer has full ownership of the product.

Many bus

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

inesses would be unable to stay in business if they did not sell goods and services on terms. Products and services ranging from $500.00 to $15,0

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

00.00 are usually financed - sold by using a Retail Installment Contract. A good example would be purchasing a car. The car is financed for 60

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

o 72 months and the buyer can drive the car as long as the payments are made each month.

Buying a home would not be considered a consumer Retail

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

Installment Contract. A home is financed by a mortgage with a payment term of 30 years.

Some common industries that sell products and services

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

using Retail Installment Contracts are Health, Home, Technology, Education, and Recreation. These might include Computers, Campgrounds, Radio Ker

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

Following aspects would a

atotomy, Personal Jewelry, Internet Access, Nursing, Travel Clubs, Orthodontia, Security Systems, Web Sites, Massage, Resorts Timeshares, Veterin

dd to the challenges in developing combination products:

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

ry, Water Purification, Dating Services, Electric Mobility, Furniture, Business Opportunities, Fitness Equipment, Hearing Aids, Plastic Surgery,

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

Pet Stores, Appliances, Household Goods, Seminars, Martial Arts, Dentistry, Buyer’s Clubs, Electronics, Health Clubs, Piano Sales, etc.

Merchant

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

s can be traditional brick and mortar retail and service stores, in-home direct sellers, direct-mail, infomercial sellers, and internet sellers.

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

Merchants that are selling products or services that range between $500 and $15,000 may lose many sales opportunities unless they offer financing

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

Professional from academic institutions, pharmaceutical industries, health care indust

to the buyer. By utilizing a consumer finance company, merchants are not required to have deep pockets to carry the sales financing themselves.

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

A finance company buys (at a discount) the installment sales contracts of retail merchants, which provides an immediate cash flow to the merchant

.

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

. The merchant can stock more products and make more sales. A merchant can sell new Retail Installment Contracts as they are originated and thei

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

Companies that provide selfless information through particip

r current in house portfolio of consumer receivables to generate immediate cash for restocking, capital improvements, and provide working capital

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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