Advice You - Finance

While there have been many changes to the banking industry over the last 20 years, some good, some bad, one element continues to attract the

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

most debate - the lack of a personal touch.

Gone are the days when a customer of the bank could build up a relationship with their account

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

Examples of combination products may in

manager, gone are the days when the bank would do loyal customers “a favour”. Everything now a days seems to be driven by predefined formu

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

aes and risk assessment, taking out the human touch, and human understanding of a situation.

This seems to have affected the small business

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

market the most, with many entrepreneurs experiencing a none contact relationship with their bankers. They appear to be just another numbe

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

Combination pro

, another customer, and very often the banks will not have an in depth understanding of the business. Basic figures and balance sheets are

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

fed into the banks main decision making systems, a risk assessment produced, and an instant often non-negotiable decision. No chat, no addi

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

ional information required, a decision purely based on cold hard statistics.

While the non contact approach by many UK financial institutio

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

ns has been pilloried by many, there are a number of people who would rather bank on line, and arrange additional finance online. They are

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

ery happy to be dealing with a automated system which can give an answer almost immediately, rather than go through the hassle of going into

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

the bank and sitting down with an account manager - who very often has limited control to change or adapt any of the banks initial decision

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

Following aspects would a

s.

Has Online Banking Assisted Banking Customers?

Without doubt the onset of online banking has been of great assistance to banking custom

dd to the challenges in developing combination products:

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

rs, whether personal or business accounts. As well as allowing people to receive decisions almost immediately, it has also allowed potentia

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

l customers to “shop around” all over the country and apply to the most relevant financial institution online, wherever they may be based.

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

he ability to now monitor your accounts online has also offered great assistance in the fight against fraud and other financial crimes. Very

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

often online checking has allowed customers to spot problems earlier than possible prior to online banking. As reported cases of fraud con

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

Professional from academic institutions, pharmaceutical industries, health care indust

inue to grow, this online monitoring is becoming more and more essential.

While some still mourn the death of “personal” banking, and there

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

is no doubt that it does have a place in the business community, overall the internet has offered the chance for quicker decisions on loan

.

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

pplications, etc and the ability to shop around.

All in all online banking has assisted in ensuring a more competitive attitude amongst the

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

Companies that provide selfless information through particip

leading financial institutions, as niche market players enter the online market, looking to attack some of the traditional banking business

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 - Online Banking Or The Personal Touch?

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