Advice You - Finance

Security is a theme that will preoccupy us for ever. It is the answer to the most important enabler for doing business on the net: TRUST. And banks are (or

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

should be) one of the key suppliers of trust. How the various banks in different countries are dealing with this topic reflect some of the culture behind i

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

Examples of combination products may in

nternet.

A recent incident showed me some striking difference. This is about a bank in the south of Spain, one of the most prominent in the area. And the c

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

ase is this: For transferring money through the internet the initial amount is set to only 600 euros. Transferring an amount higher than 600 euros is not a

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

ccepted through the internet application. Obviously this is done to protect the clients. (I thought initially)

So I went to the (Bank) office and they were

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

Combination pro

willing to change this limit for different type of operations: the maximum amount per transaction, the maximum per day and the maximum per month. These ki

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

nds of measures are added to the internet application of the bank with the goal to protect the client. It is not hard to think of an example where someone (

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

a hacker) gets access to the banking application and is then able to transfer only 600 euros per transaction.

If I compare this to a number of banks I use

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

in the Netherlands, none of these have a limit to the amount to transfer (not per transaction, per day nor per month). A possible conclusion could be that

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

(assuming that more banks in Spain will use the same mechanism) Spanish clients are less comfortable with internet and require higher security standards.

B

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

ut there is another difference.

This particular bank (like many others in Spain) uses the best practice security token which is the coordinate card;

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

Following aspects would a

this is a card with different numbers that are identified by a coordinate - like a cell in spreadsheet (A1, B4) - and the banking application prompts for a

dd to the challenges in developing combination products:

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

random coordinate at the moment of preparing for a transaction.

The best practice in the Netherlands is not this coordinate card but a hardware calculator

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

. This token operates only with your bank pass and your pin code. Obviously this is much safer, but also much more expensive.

In this light it seems more l

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

ogical that this Spanish bank adds an additional security measure (like the one of limiting the amount to transfer). But this measure is most likely not onl

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

y for protecting the client, but rather for protecting the banks insufficient security level.

I had to go to the office to fix this problem and this took i

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

Professional from academic institutions, pharmaceutical industries, health care indust

ncluding waiting time more than half an hour; fifteen minutes for the configuration.

A calculator costs around 70 euros. The distribution will cost twice a

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

s much as the distribution of a paper coordinate card. But in the end, these costs are probably lower than attending a client at a desk for changing limits.

.

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

On an overall productivity level, this will mean a lost of productivity that exceeds the costs of the token and the interaction with the banking agent. Int

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

Companies that provide selfless information through particip

ernet is supposed to make life flexible and faster; in both cases the Spanish situation is lagging behind.

To my opinion (and experience)

© 2006 Hans Bool

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.adviceyou.org.ua/article/89864/adviceyou-Banks-Internet-and-Security--An-Example-From-Spain.html">Banks, Internet and Security - An Example From Spain</a>

BB link (for phorums):
[url=http://www.adviceyou.org.ua/article/89864/adviceyou-Banks-Internet-and-Security--An-Example-From-Spain.html]Banks, Internet and Security - An Example From Spain[/url]

I love being an entrepreneur. I love the challenge of managing all the finances, administrative FUN, the marketing and the work. I really do. And recently, I have made my life even easier by learning, following and teaching these monumental must-have manifests.. You see it is easy for some of us to set a goal and achieve in no time flat and then there are others that know what they want but it seems to take them a lot longer to achieve it. Why do you think that is?

It seems the world of business would have us believe that a franchise is the answer to your Corporate America Blues. But is this the case? Well, the answer is... Perhaps. Here are a few resources and options to consider before you drop $200,000.00 of your hard earned savings on a Franchise.

Everybody cringes at the thought of the raise in cost of stamps every couple of years. Indeed people also cringe at the amount of junk mail they get each day. It is therefore necessary for the United States Post Office to maintain a great public relations strategy.

Tags

Links

Advice You - Banks, Internet and Security - An Example From Spain

Related Articles: