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Useful Advices - Accounts Receivable
A company offers products and/or services to its customers to generate sales. 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
he transaction takes place when the customer buys the goods and/or services at
; 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
the price and conditions agreeable to both parties. Generally the transaction i
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
s completed when the customer pays after taking delivery of goods and/or servic
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
es.
However in cases where there is a long-standing relationship between the c
However in cases where there is a long-standing relationship between the c
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ompany and a customer, the buyer may make payment at a future date. This also 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
akes place when the two parties have a payment agreement.
The invoice as prese
The invoice as prese
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
nted to the buyer and that transaction, which is recorded, is referred to as ac
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
counts receivable. When the customer pays his invoice, his account is credited
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
with that amount. The accounts receivable ledger records the details of each cu
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
tomer's transactions and payments received.
Since more and more companies are
Since more and more companies are
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
entering into a transaction with the customers by offering credit, managing acc
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
ounts receivable can pose serious financial problems for a company if not effic
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
iently managed. For instance, a receivable that remains unpaid for a long time
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
can turn into a bad debt. At the end of the financial year, the total sum of ac
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
counts receivable is calculated. Applying discretion, uncollected invoices from
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
the past 365 days (or as deemed fit by the company) are excluded from accounts
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
receivable and classified under bad debts. The total amount thus arrived at is
.
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
treated as a current asset on the balance sheet of the company.
Finally, an a
Finally, an a
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
ccounts receivable department should have a goal structure for each team member
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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