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Useful Advices - Banking On Wal-Mart
It's time to go after Wal-Mart, everybody's favorite corporate whipping boy......even if it's the customer who comes out ahead. Wal-Mart wants to open a limited-purpose bank in Utah from where it could provide service nationwide, but first it must secure approval from the Federal Deposit Insurance Agency (FDIC) and f
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
rom Utah regulators. The retailer has said it merely wants to process its own credit and debit transactions, but opponents fear it is positioning itself to expand further into retail banking. Wal-Mart says it would save money if it could handle its own debit, credit and electronic-check transactions through an in-hou
; 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
se bank. It says it would not offer payment processing to other retailers, nor open bank branches for the public. Opponents fear Wal-Mart eventually will open bank branches, forcing small community banks out of business.
When Jack Pansegrau in Palm Springs, Calif., heard about the controversy, he sided with Wal-Mart
When Jack Pansegrau in Palm Springs, Calif., heard about the controversy, he sided with Wal-Mart
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
. Maybe the company that has saved Americans "billions and billions" could drive down fees for use of automated teller machines and other charges, he wrote. Such letters now number nearly 2,000 - the largest-ever response to a bank application at the FDIC where the issue is so controversial that the FDIC has taken th
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
unusual step of holding public hearings. Unfortunately, though, these hearings may become more of a sideshow and it's likely the issue will be more a referendum on Wal-Mart the store, than on Wal-Mart the potential banker.
The Federal Reserve has raised concerns that commercial owners of industrial banks avoid a le
The Federal Reserve has raised concerns that commercial owners of industrial banks avoid a le
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
vel of federal bank supervision and this has prompted opponents to question whether that lack of full oversight could allow potential troubles within the company to spill into the bank's business and disrupt the payments system. Other, less oblique opposition has focused on the historic separation of banking and comm
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
erce in the U. S.
Interestingly, Wal-Mart is not the only commercial firm to seek to set up an industrial loan company. Its rival, Target, succeeded in its industrial bank application. GM and GE also have industrial banks. But along comes Wal-Mart and all of a sudden some people decide that the regulatory procedure
Interestingly, Wal-Mart is not the only commercial firm to seek to set up an industrial loan company. Its rival, Target, succeeded in its industrial bank application. GM and GE also have industrial banks. But along comes Wal-Mart and all of a sudden some people decide that the regulatory procedure
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
is inadequate. A few states are even threatening preemptive legislative action against Wal-Mart's bid, but hopefully New Hampshire will not follow suit.
Quickly determining which way the wind is blowing, politicians and opponents are weighing in. Senator Hillary Clinton, who curiously once served on Wal-Mart's board
Quickly determining which way the wind is blowing, politicians and opponents are weighing in. Senator Hillary Clinton, who curiously once served on Wal-Mart's board
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
now says she has "serious reservations" about the bank application. Her "new" position is shared by several large New York financial institutions, which view such banks as potential sources of competition. Alan Greenspan has said the application process has the "potential........to further undermine the policies Con
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
gress has established to govern the banking system." His successor, Ben Bernanke, agrees. A number of lawmakers, including anti-business Congressman Barney Frank ( D-MA) and Paul Gillmor (R-OH) argue that granting Wal-Mart a bank charter, given the retailer's "massive scope and international dealings," would carry to
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
o many risks. In an example of logic gone terribly awry, Steve Verdier, Senior VP of the Independent Community Bankers of America, thinks Wal-Mart's bank could wreak havoc on the economy even apart from the fair competition issues. "Just think if Enron had opened a bank" he states. But he admits that while there 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
other principles involved, his group opposes Wal-Mart's charter mainly "because it's Wal-Mart."
Many others, however, say low bank pricing is the way to go. “Wal-Mart sees banking as an opportunity to give the customer a better deal,” says Howard Davidowitz, chairman of a New York retail consulting and investment ba
Many others, however, say low bank pricing is the way to go. “Wal-Mart sees banking as an opportunity to give the customer a better deal,” says Howard Davidowitz, chairman of a New York retail consulting and investment ba
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
king firm. “That’s what Wal-Mart’s about. That’s why they have demolished the food and toy industries. If it’s better for the customers, then that’s the way it ought to be.” Even Robert B. Reich, the liberal-minded labor secretary in the Clinton administration, says that even though Wal-Mart is "not my favorite emplo
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
yer," he is in favor of a Wal-Mart bank, for the very progressive reason that it would improve life for ordinary people. All the opposition to the plan, he added, "is a pretty good indication that consumers would be helped if Wal-Mart could get in somehow."
It's interesting to imagine what would happen if Wal-Mart a
It's interesting to imagine what would happen if Wal-Mart a
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
pplied its legendary price-cutting and other business techniques to banking. Clearly, it would be able to do things that banks don't (or won't) do........like giving customers faster access to money and paying more attention to low-income families so they might be able to pay lower fees to cash checks. Sky high credi
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
t card interest rates would surely decrease as well. The retailer might actually bring to banking the same cost-cutting strategy that made it prevail over less-efficient competitors and become the preferred retail outlet in American. Given its technological and business savvy, inexpensive capital, instant geographica
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
reach, and knowledge of the financial arena, small and midsize banks have good reason to be paranoid. Even big ones should be looking over their shoulders. After all, as grocers, toy retailers, and jewelers have learned, complacency in the face of Wal-Mart can be competitively dangerous, if not fatal, and that's wha
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
t a free capitalist economy is all about.
As submitted in an earlier column, Wal-Mart runs its business and earns its profits by the voluntary decisions of its customers to shop there. Within this context, A Wal-Mart "bank," would operate in the same manner. No one would be forced to use its services. Wal-Mart's opp
As submitted in an earlier column, Wal-Mart runs its business and earns its profits by the voluntary decisions of its customers to shop there. Within this context, A Wal-Mart "bank," would operate in the same manner. No one would be forced to use its services. Wal-Mart's opp
.
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
onents (whether they be posturing politicians, competitors, unions--who fail time and time again to organize its employees, or the government) certainly have the right to to argue as to what line of business Wal-Mart can or cannot go into. But as long as it does not violate any laws, Wal-Mart's should have the right
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
to function in a free capitalist economy in any manner it sees fit. Hopefully, it willl become a force in banking.............and that could be good news for all of us.
"Many people want the government to protect the consumer. A much more urgent problem is to protect the consumer from the government." Milton Friedma
"Many people want the government to protect the consumer. A much more urgent problem is to protect the consumer from the government." Milton Friedma
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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