Advice You - Finance

Cashflow, rarely understood or explained in a sentence (and sorry to disappoint but I won't try in this b

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

log either) but every business relies on healthy cashflow in their accounts.

Are you financially fit eno

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

Examples of combination products may in

ugh to meet the cashflow demands on your business?

Here's a few pointers to make sure you allow cashflow

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

to be maximised in your business:

1. Sharpen your billing process

make sure you bill debtors p

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

romptly, ask creditors to extend their terms to you and offer incentives for invoiced clients if they pay

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

Combination pro

you promptly. Maybe consider a percentage reduction for early payment. For longer, ongoing jobs you shou

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

ld always discuss the dates and amounts for payment beforehand.

2. Focus on your market expertise

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

it can be difficult to stock and track lots of small numbers of items. If you are stuck with stock then

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

it isn't producing returns for your business. So get rid as quickly as possible and then concentrate on

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

your mainstream market.

3. Use credit reference agencies

do check that your clients are going t

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

o be able to pay you back. The best deals in business can sometimes be the ones you walk away from!

4

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

Following aspects would a

. Restructure your finance

I often wonder how even small businesses can often have 4 or 5 lenders fo

dd to the challenges in developing combination products:

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

r cars, assets, funding etc. A review of your current situation from an independent adviser may create a

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

saving without affecting your ability to deliver.

5. Cut your overhead costs

now I don't mean st

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

aff, I mean the everyday items that you use day in day out; telephones, stationery, electricity, waste, p

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

ackaging, gas..... If you save ?10,000 on your bottom line in a year and you have a 20% profit margin the

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

Professional from academic institutions, pharmaceutical industries, health care indust

n that's the equivalent of putting in an extra ?50,000 of sales without the same inherent risks.

6. W

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

hen all else fails

if the above still won't be enough to stop the worry of cashflow in your business

.

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

, if things seem tougher than they ought to be then talk to somebody who understands insolvency. You'll b

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

Companies that provide selfless information through particip

e amazed at what is available to help small business rise up again. Call Debt Dr for a chat over a coffee

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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