Advice You - Finance

Nearly every individual makes purchases with a credit card at some point or other. But did you know that you can also apply for a business credit card i

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

f you have your own business? Business credit cards not only make it easy for you to purchase supplies and services, but they also help to streamline yo

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

Examples of combination products may in

ur business and accounting practices -- particularly in small businesses, where man-power is limited and purchases can be frequent.

How to Use It

Busi

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

ness credit cards are used just like any other credit card. If you apply to receive a small business credit card, you will be asked what name should app

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

ear on the face of the card. Many small business owners will imprint their own names, particularly if they are the primary purchaser. However, if you ha

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

Combination pro

ve an active team of frequent shoppers, you may want to consider either imprinting the company name on the credit card or obtaining a business credit ca

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

rd for each of your team members to use at their discretion.

How Business Credit Cards Can Help You

All businesses are accountable to the government f

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 tax purposes and are accountable to themselves for revenue and expense calculations. In the days when all purchases were made with cash, the accountin

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

g departments of large companies had to spend the bulk of their time sorting out wads of receipts and purchase orders. However, when business credit car

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

ds hit the market, credit card companies made it possible for accountants to streamline the record-keeping process. Small businesses benefit from using

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

small business credit cards especially well because most small organizations do not have the resources to enlist a team of accountants to sort out purch

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

Following aspects would a

ases. When you enroll in a business credit card program, you will not only receive itemized monthly statements, but some credit card companies even go s

dd to the challenges in developing combination products:

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

o far as to categorize your purchases so that you can more easily track spending. How's that for customer service?

Taxes

Not only will your accounting

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

department appreciate the implementation of the small business credit cards on a continuous basis, but they will be especially appreciative during tax

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

eason. While it is still a good idea to retain receipts of purchases in case your small business should ever get audited by the IRS, having a small busi

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

ness credit card will help you efficiently file your taxes. You will be able to effectively pull together spending figures. While many CPA's debate whet

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

Professional from academic institutions, pharmaceutical industries, health care indust

her Uncle Sam will accept a simple credit card statement as proof of a business-related purchase, at least you have some sort of evidence of a purchase,

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

even if you have lost a receipt.

Using a business credit card is not only a strategic move for any business, but the cards are also becoming ubiquitou

.

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

s. Especially if you have a small business, rather than have your employees charge their purchases to their own cards or (even worse) pay with cash, con

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

Companies that provide selfless information through particip

sider investing in a small business credit card. Most companies offer low-interest, free business credit cards to businesses with a solid credit history

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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