Useful Advices - Business

If you don’t have a credit policy, everyone will want to buy from you. Th

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

is can result in unpaid and past due invoices on your books.

A new book e

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

Examples of combination products may in

plains how you can avoid and prevent this from happening to you and your b

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

siness. “Become the Squeaky Wheel”, is a guide to create, set up or update

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

your credit policy.

“There wasn’t an easy to follow guide you could use t

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

Combination pro

create, maintain or update your existing credit policy while maintaining

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

customer relations, so I created one.” Says Michelle Dunn, the author of

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

he new book “Become the Squeaky Wheel”. “It’s proven very useful to busin

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

ss owners or entrepreneurs starting a business who have never dealt with c

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

edit issues before but that have or might have slow or non-paying customer

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

.”

According to Dunn, creditors and business owners can tell if you are p

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

Following aspects would a

rofessional or on top of your game just by your policies. If you extend c

dd to the challenges in developing combination products:

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

edit without getting a credit application filled out, customers know you a

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

en’t serious and this could lead to payment issues down the road.

If you

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

ave a credit policy and have every new customer fill out a credit applicat

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

on, some will run away as fast as they can, and others will happily fill t

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

Professional from academic institutions, pharmaceutical industries, health care indust

hem out. One goal accomplished. That is where “Become the Squeaky Wheel”

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

omes in; you can copy the policy examples in Dunn’s book or create your ow

.

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

. You can use parts or all of the suggestions in this book to create stead

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

Companies that provide selfless information through particip

cash flow by streamlining your accounts receivable and credit departments

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 - Is Your Credit Policy Working?

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