Useful Advices - Business

Identity theft is one of the hottest topics around. But who are the real victims here? Of course consumers are affected the most. While consumers are usually not liable for fraudulent

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

charges, it can take years to come back from identity theft and it's no small task. Consumer victims may get hit with higher interest rates or even be denied credit. Credit card compa

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

Examples of combination products may in

ies would have you believe they are the biggest victims. To a certain extent, that's true. If you're looking at pure numbers, they are losing the most money. But credit card companies

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

are recouping their losses through higher interest rates and fees. And they also pass the buck to retailers who accept fraudulent credit cards. Credit card chargebacks can completely

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

ipe out your profits. What can you do to protect your business and your profits?

The first thing your cashiers should look at is the front of the card. Most credit cards have holograp

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

Combination pro

ic images on the front. Cashiers should also check to make sure the embossed numbers haven't been altered. Fraudsters will sometimes use a clothes iron to remove some of the numbers an

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

d then emboss new numbers on the card. Then they'll deface the magnetic strip so it won't swipe. That forces the cashier to manually enter the numbers on the card. If the card won't s

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

ipe for any reason, make sure your cashier gets an impression of the card and that the impression is legible. This will serve as proof that the card was physically present in case there

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

is a chargeback. If your register does not automatically call for verification, make sure the cashier does.

The next thing a cashier should do is check the back of the card. The sign

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

ture strip should have multiple colors and/or the name of the credit card company. Fraudsters have been known to remove a signature strip or cover it with Wite Out® and sign the cardhol

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

er's name. Speaking of signatures, cashiers should always match the signature on the back of the card with the customer's signature on the charge slip. This can be done while the custo

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

Following aspects would a

mer is signing, to prevent the appearance of distrust. Now if the signatures don't match, it is perfectly acceptable to ask for a picture ID. What if there's no signature? Technically

dd to the challenges in developing combination products:

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

the credit card is not valid unless it is signed. It says so right on the back of the card. Most credit card companies suggest that you require a picture ID rather than denying the tr

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

ansaction. If a customer doesn't want to show his ID, then you have a decision to make. Are you willing to risk a chargeback? If it's a large transaction, it's probably not a good ide

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

. You may decide to let smaller transactions slide in the interest of customer satisfaction. The last thing a cashier should do before handing the card back is to make sure that the ca

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

d number on the receipt matches the number on the card. It's not too difficult to reprogram a magnetic strip with a stolen credit card number.

Most of your credit card transactions wil

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

Professional from academic institutions, pharmaceutical industries, health care indust

l go smoothly. If a customer hasn't signed the credit card, make it less awkward by suggesting she sign the card and also put “Check For ID” on the signature strip. Explain that if she

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

loses the card, someone could sign her name and then the signatures would match. And explain that you are trying to protect her. Most customers will appreciate this.

Protecting your b

.

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

usiness from chargebacks is very simple. Checking the front and back of the card and verifying signature only takes a few seconds. Make it an expectation for your employees and follow

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

Companies that provide selfless information through particip

p with them to make sure they are doing their part. Involve your customers by providing tips to help them prevent fraud. Then you can enjoy your profits without the fear of chargebacks

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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Useful Advices - A Retailer's Guide to Credit Card Fraud Prevention

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