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Advice You - Bankruptcy and The Small Business Owner
October 17th is fast approaching when the new bankruptcy laws take place. What effect will this have on the small business owner? Probably a more major effect than before.
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
My husband and I both own small businesses. In the previous years, we have always had clients that paid on time. This is the first year that we have seen the economy really
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
effect people.
Small business owners have to worry about whether their customers are going to pay. How do you know if your customers are going to pay? Whether you are a n
Small business owners have to worry about whether their customers are going to pay. How do you know if your customers are going to pay? Whether you are a n
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
ew small business owner or been around for a couple of years, this is still an issue that comes up. Here are a couple of suggestions that should help with the foundation of
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
your business:
1) Initially when you meet with a client, you state up front the payment arrangements. This could be whether you are paid COD, upon completion of a job or
1) Initially when you meet with a client, you state up front the payment arrangements. This could be whether you are paid COD, upon completion of a job or
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
within a certain amount of time.
2) Once you have completed the first job or two, see how the client pays.
a) Did they pay on time?
b) Did you have to send t
2) Once you have completed the first job or two, see how the client pays.
a) Did they pay on time?
b) Did you have to send t
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
hem a reminder invoice stating they were overdue?
c) Did you have to repeatedly call three or four times? Then when you got the check it was returned for non-sufficien
c) Did you have to repeatedly call three or four times? Then when you got the check it was returned for non-sufficien
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
t funds?
d) Did the client make good on the non-sufficient funds check?
This could possibly happen to you. The idea is to get clients that pay on time and even ahead.
d) Did the client make good on the non-sufficient funds check?
This could possibly happen to you. The idea is to get clients that pay on time and even ahead.
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
If you have a client you have to remind every now and then, that is acceptable as long as they pay. However, if you have a client that pays you late and the check is not g
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
ood, you want to be wary.
This last type of client is not a client you want to keep or get more of. Why? In our situation, the client came to us a second time with a cruci
This last type of client is not a client you want to keep or get more of. Why? In our situation, the client came to us a second time with a cruci
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
l job and really needed help. The first check they gave us they made good on. We completed a job for them and we were assured we would be paid. Then when it was time to get
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
paid, the client’s phone number had been disconnected. We did some research and later found out that this particular client was being sued by the building management where
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
they had their office. In the end we found out that they had filed bankruptcy.
Looking back at the situation, we knew the first time when we had problems getting paid tha
Looking back at the situation, we knew the first time when we had problems getting paid tha
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
t we should not continue to work with them. However, the second time we were trying to be nice and help them out of a situation. Now, we are out of the money for doing that
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
client’s job.
As a small business owner, you cannot afford to have many or any clients like this last client talked about, they will send your business into bankruptcy. T
As a small business owner, you cannot afford to have many or any clients like this last client talked about, they will send your business into bankruptcy. 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
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
ake the time to know and understand your clients. If you have to ask for references from other vendors they have used, by all means do that. Another alternative for a new c
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
lient is to have them pay COD until they have established a history of paying their bills. You will not have to do this with every new client. However, if you believe there
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
is going to be a problem based on conversations you have with the client, you might want to institute such a policy.
Your small business might well be your livelihood and
Your small business might well be your livelihood and
.
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
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
you cannot afford not to be paid. It is important to establish your policy up front in terms of payment. Do not let this be something you think is understood without verba
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
lizing it. If one company ends up having too many clients filing bankruptcy on them and not paying what is owed, that company could potentially end up in bankruptcy as well
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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