Advice You - Finance

Usually this agreement entered into by the buyer stipulates that payment must be made within 30 days. In recent years, the tremendous increase in the use of credit card

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

s, issued by financial institutions to their customers, has done much to simplify these accounting transactions.

Bills, although no longer widely used, are still import

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

Examples of combination products may in

ant in the wholesale trade and in foreign transactions. Bills have certain characteristics that make them negotiable documents. A financial document is negotiable if i

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

t can be transferred from one person to another. This is achieved by the holder endorsing the document and delivering it to the other party. Bearer documents are trans

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

erred by delivery alone. To be negotiable, a financial document or bill must have the characteristic that, under given circumstances, the owner's rights are unalienable

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

Combination pro

, even though his predecessor's rights were defective or invalid.

A bill is a negotiable document in the accounting process. It is an unconditional, written instructio

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

n issued by one person to another whereby the latter is instructed to pay on demand, at a specified or specifiable future date, a certain sum of money, either to the ord

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

r of the person specified, or to the bearer.

There are at least three parties in the accounting bill records, namely the drawer, the drawee and the payee or bearer. Th

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

e three parties need to be different persons; the same person can be party to the bill in more than one capacity. For example, the drawer can specify that the money mus

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

t be paid to himself, therefore he is both the drawer and payee simultaneously.

The definition of a bill stated that it could be made out to 'bearer', in which case any

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

person in possession of the bill on the due date could claim payment from the drawee. This means that the right to receive payment of a bill can be transferred to anoth

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

Following aspects would a

er person merely by handing it to him or her. If the word 'bearer' is crossed out and replaced by 'order' (pertaining to the possible negotiability of the document) it

dd to the challenges in developing combination products:

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

means that the drawee is instructed to pay the amount concerned to the payee, or to any person specified by him in writing, or to any holder subsequently specified. Suc

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

h written specification must appear on the bill itself (usually on the back) and is know as an endorsement. Therefore, within the accounting process is bill is consider

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

d as a negotiable document.

When an enterprise enters into a large number of bill transactions, it is impractical to make a separate journal entry for each accounting t

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

ransaction. In such cases, a separate journal with the necessary columns is used as a subsidiary journal. Accepted bills are valuable documents and, as in the case of

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

Professional from academic institutions, pharmaceutical industries, health care indust

cash, must be controlled properly in an accounting system. They must be safely stored immediately upon receipt. The balance on the bills receivable accounting control

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

ccount must be compared regularly with the items in the bills book and with the bills on hand.

Bills receivable are current assets and are shown in the accounting balan

.

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

ce sheets as such, together with other current assets. They are shown at face value, less any possible provision for doubtful recovery. Bills receivable are often comb

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

Companies that provide selfless information through particip

ined with debtors as a single amount, shown as debtors and bills. As in the case of debtors, provision should be made for any bills that could possibly be irrecoverable

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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