Summary - Business

As a business owner, it's rarely possible to completely guard against bad debt; after all, the only way to avoid debt would be not to t

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

rade at all. Running a small business is not without risk, but there are steps you can take to reduce the risk of debt. All companies h

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

Examples of combination products may in

ave to get paid somewhere along the line, and it is important to be aware of the nature of your customer at the outset of any trading r

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

lationship.

It is often advisable to carry out a credit check on any potential client before entering into a trading relati

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

onship, especially if you have no prior knowledge of the client. Also, give the client a credit limit which reflects the credit rating

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

Combination pro

f the client: if the credit rating is low, then it is advisable to give the customer a low credit limit and vice versa. If the client e

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

xceeds their agreed credit limit, or invoices remain unpaid, ensure that no further goods or services are provided until the account is

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

brought back within the terms of the agreement.

It's also a good idea to keep an eye on your customers’ payment history. Po

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

r cash flow or too many debtor accounts are the top problems facing most small businesses – second only to low turnover or lack of busi

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

ness in the first place.

In addition, you'll want to ensure that your customers know and understand the terms of their cre

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

it agreements prior to commencing any trading with them. Providing the customer with a copy of the terms and conditions which they must

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

Following aspects would a

sign and return to you can help in the event of legal proceedings to recover payment. Furthermore, make sure that any invoice includes

dd to the challenges in developing combination products:

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

the terms of payment and a due date.

Over time, if a customer’s payment of their invoices becomes progressively more sporad

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

c, or even worse, aren’t paid at all, its maybe worth making enquiries with the customer as to the reason for late or non-payment. They

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

might be having financial difficulties - possibly through lack of business - or perhaps their own customers aren’t paying them, result

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

ng in their failure to pay you.

But, if all your attempts at collecting have failed, what else can you do? You might cons

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

Professional from academic institutions, pharmaceutical industries, health care indust

ider legal action in order to try and receive your money through the court. Or, you might instead employ the services of a debt recover

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

y company. There are numerous debt recovery companies, such as Capquest, wh

.

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

can assist in reclaiming debts, or in some cases will buy the debt from you, although at a reduced rate.

However, whatever

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

Companies that provide selfless information through particip

you do, don’t let the problem become so large that the account is no longer manageable: deal with the problem sooner rather than later

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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Is it possible to franchise your business? How can you decide if franchising is the right route to take for your business?

What makes a corporation successful? Can we learn from their success? Using the writings of Cascio as a reference, the article reviews the features of the management systems that are adopted by the successful corporations. Corporations that are successful in making profit through people, invariably demonstrates seven common dimensions in their management systems.

Sun Zi mentioned who is responsible for defeats in war, in Chapter Four of Sun Zi Art of War. Read on to find out and also see how we can apply such knowledge in business.

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Summary - Risky Business: Dealing With Poor Payers is a Business Nightmare

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