Useful Advices - Business

Credit policy refers to the combination of decisions pertaining to variables such as credit standards

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

, credit terms and collection. Credit standards constitute the various criteria on the basis of which

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

Examples of combination products may in

the customers, to whom credit is to be granted, are evaluated by the firm. Credit terms contain the

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

erms and conditions of extending the credit facility. They include, duration of credit, terms of paym

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

ent, delivery schedule, discounts etc. Collection efforts comprise the steps taken by the firm in ord

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

Combination pro

r to collect the book debts from the customers.

There are different types of credit policies being f

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

ollowed by factoring companies. A firm may either follow a tight credit policy or a liberal credit p

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

olicy. A firm is said to be following a tight credit policy where it sells on credit on a highly sele

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

tive basis only to those customers with proven credit-worthiness and are financially strong. A firm

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

following a liberal credit policy sells on credit to customers on liberal terms and standards. Credit

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

is granted even for longer periods to those customers whose credit-worthiness and financial soundness

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

Following aspects would a

are well known.

A tight credit policy means rejection or refusal of certain types of accounts whose

dd to the challenges in developing combination products:

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

credit-worthiness is doubtful. This results in loss of sales and consequently loss of revenues. When

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

the firm loosens its credit policy, two types of administration costs are incurred viz., the cost of

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

credit investigation and supervision and the collection costs. An immediate consequence of liberal cr

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

dit policy is the accumulation of bad debts, where the firm is unable to collect the debts. This happ

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

Professional from academic institutions, pharmaceutical industries, health care indust

ens because the firm tends to sell even to such customers with relatively less credit standing. In mo

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

dern days, the credit policy is used as an effective marketing tool capable of boosting the sales vol

.

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

me of the firm. This may be used to maintain the market share, especially in a declining market. Cred

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

Companies that provide selfless information through particip

it policy helps to retain old customers and create new customers by luring them away from competitors

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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Christian business opportunities can literally transform your life. You'll be able to balance your personal and professional responsibilities, increase your sense of financial security, and integrate...

A freight broker works with the manufacturers of goods, wholesalers and distributors to see to the safe and effective and timely transportation of huge loads of goods to be ultimately sold on the market. These professionals also work on the modalities of sending the material from one location to another, and the amount earned as a part of the profit is termed as freight brokerage. The business of freight brokers has been in the trucking business as early as the early 20th century.

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