Advice You - Finance

Did you realize that last year close to 30% of credit card company revenue was due to fees that the cards charge for transactions, late payments, bre

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

aking that all important limit and balance transfers! When you think about how much these companies make each year that is a massive figure.

These f

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

Examples of combination products may in

es are there so that the card is free to you, as in you don't pay a fee every year to have the card, however you do pay interest and you do pay for a

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

number of other things, taking money out at an ATM.

I personally only ever take money out on my debit card and from my own bank to make sure that I

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

on't pay charges on getting to my own money. A few months ago I received a new card from my bank which I called and checked that it was a debit card

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

Combination pro

nd they assured me it was.

Saturday night came dinner and drinks with friends means I needed some hard cash which I had in my account. I went to the

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

ATM at my branch and it promptly told me that I would be charged $7 for the transaction. I hit the cancel button and stepped back to check I was in t

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

e right place (I had not started drinking at this point) and I was at my own branch. Confused I called my bank and asked what was going on, they said

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

it was probably an issue with the ATM and I should talk to my branch in person on Monday Morning!

Clearly confused at how an ATM would make a mistak

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

like this I take the money I need allow the $7 to be taken from my account and go off a little despondent at the fact that I have a problem of some

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

ort at my bank. After a Sunday nursing a slightly throbbing head, I rise Monday morning and go straight to my bank and ask why I was charged. The con

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

Following aspects would a

used girl then told me I wasn't charged. Hmmm need to check so I walk out to the same ATM that charged me the $7 Saturday night and it tells me it wa

dd to the challenges in developing combination products:

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

ts to charge me to check my account!

Angry but calm I return to the bank staff and tell them what just happened. That can't be right! I take the mem

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

er of staff out to the ATM and show them. We then head back inside where I find out that the replacement card they sent me is in fact a CREDIT CARD!!

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

I demand to see the manager straight away and inform him that I do not want a credit card and I want all of my charges refunded and a new card issue

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

.

They did as they were asked without argument as I had not requested or asked for this card and certainly didn't want credit through my bank at the

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

Professional from academic institutions, pharmaceutical industries, health care indust

rate of 27% when I had the money in my account to purchase what I wanted!

It is with all of this in mind that I write this article. There must be th

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

usands of times that this has happened and gone unquestioned by the account holders. This is one of many tricks that the card companies and banks wil

.

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

try to get you to part with your hard earned cash while all the time telling you that you are better off.

Check everything when it comes to your mo

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

Companies that provide selfless information through particip

ey. Read everything, twice if you need to, call them and ask if you are not sure but make sure that you are getting exactly what it says that you are

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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Without a sound and robust business model, your small business will fail to scale as life and your market conditions change. Writing a simple and effective business plan will help you to design and organise your business to be profitable and successful.

One of the reasons that professionals resist choosing a market niche is that they confuse niche and offer. Here's an example of differentiating market niche from offer based on my client's coaching practice.

Average medical practice may lose as much as 11% of its revenue due to underpayments. But underpayment recovery potential averages only 5% of revenue and involves costly appeal process. To avoid unrecoverable losses, some providers discontinue servicing patients insured by the worst performing payers. Unfortunately, such a drastic loss reduction measure may boomerang and increase losses depending on complexity of referral relationships. This article outlines limitations of traditional database queries used to identify payer candidates for contract termination and demonstrates alternative decision choices with superior performance in terms of revenue and risk management, facilitated with On Line Analytical Processing (OLAP) technology.

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Advice You - Do You Know Why Your Bank is Charging You a Fee on Things?

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