Advice You - Business

There is a small, yet palpable inherent risk in accepting credit cards. Aside from chargebacks, there always exists a possibility that a given credit card is stolen or prese

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

nted without any authorization to use from the card holder. Even veteran merchants, processing for decades, can recount incidents where they have sent out product, subsequen

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

Examples of combination products may in

ly learning that they have been victimized by credit card fraud.

One day, I received a phone call from one of our retail merchants who sells furniture. She explained that s

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

e received a credit card from a so-called customer that was declined. This customer then presented a different credit card with the same result: transaction declined. The ow

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

er’s intuitive feeling was that “something was not right” – the customer may simply be over-extended, surpassing his credit card limits, or simply trying to engage in an act

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

Combination pro

of deception.

The business owner leaned toward the perspective that the customer may be involved in shenanigans when he told her to ship the furniture to Romania (next day,

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

no less) although the billing address was in the United States. Before she ran a third card through the credit card terminal, she called me, seeking my advice. While I like

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

to give people the benefit of the doubt, her description of the series of events fomented a feeling of suspicion within me as well.

At the time of our conversation, the cus

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

omer asked for his card back and said he wanted to look down a few more aisles and examine the merchandise. But the business owner had the two previous credit card numbers,

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

ncluding the expiration date, and the customer’s name appearing on the card. I told her that I would call MasterCard to investigate, providing them with the information tha

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

the business owner gave to me.

In less than two minutes, I had the name of the card holder’s bank and their telephone number. I advised her to call the bank and inquire ab

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

Following aspects would a

ut the status of the credit cards. Moreover, I told her to have her Visa/MasterCard merchant account identification number as a bank representative may ask for it. I was not

dd to the challenges in developing combination products:

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

certain whether the bank official would be cooperative and provide the information on the account, however.

Fortunately, the bank representative provided necessary informat

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

on about the status of the credit cards. Unfortunately, the bank representative’s news was quite alarming: The two credit cards presented were stolen!

This business owner t

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

hen transformed into a detective, simply trying to find out who this person actually was lest he try to victimize others with credit card fraud in the future. She told him 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

at for furniture shipped overseas, she would need to see several pieces of personal identification. This criminal quickly left the store upon this request, refusing to compl

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

Professional from academic institutions, pharmaceutical industries, health care indust

. I wish I could report a happy ending (i.e., the thief got caught) but at least this merchant was spared, using caution and good old common sense to avoid credit card fraud

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

As one might surmise, Internet merchants are even more at risk for credit card fraud. It appears advisable, whenever possible, to call the card issuing bank of the custome

.

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

to verify that the card is not reported lost or stolen. Again, not every bank will disclose such information but many will.

The extra time and effort in this type of due d

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

Companies that provide selfless information through particip

ligence effort appears well worth it. International orders particularly need to be scrutinized. Indeed, as the truism goes, “An ounce of prevention is worth a pound of cure.

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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