Useful Advices - Business

Cash is king—so they say. If you work for yourself or someone else, you need to be aware of ways to improve the cash flow. Budgeting an

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

d collecting are not glamorous but they are both key to having a successful business. Working in a successful business is much more fun tha

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

Examples of combination products may in

working for a struggling one!

1. Stick to your budget. (If you don’t have one, make one now.) The budget is part of a business pl

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

an. You want to know exactly how much to spend on each large item you purchase and when you will have the cash to do it. Your cash flow p

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

ojection coupled with your forecast will give you the proper timing for making purchases. The items you have budgeted for should also be p

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

Combination pro

rt of the business plan.

2. Bill your clients regularly. Many business owners are so busy selling to new clients that they forget

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

to invoice the clients they have already worked with. Put the task of billing your clients on your calendar and then stick to that schedul

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

.

3. Get a retainer for your services before you begin the work. If you are going to be working with a client over a period of tim

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

e, you will want to request some money up front before you begin to deliver the service.

4. Give a discount for early payment. Yo

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

will be able to collect the money more quickly if you offer a discount for prompt payment.

5. Accept a credit card for payment. A

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

though you have to pay the credit card company for this service, having the convenience of a credit card allows the client to pay immediate

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

Following aspects would a

ly. Collection is now the problem of the credit card company.

6. Use your own credit card to finance purchases but do it cautiously.
dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod
> If the interest rate is low and you can pay the credit card company back relatively quickly, credit cards are often a good way to even o
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
ut your cash flow.

7. Establish a line of credit with a bank. This is relatively easy to do so long as you have good credit and it
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
gives you a cushion of cash when things are tight. Sometimes the bank will offer a really good rate to encourage you to become their custo
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
er for other banking services.

8. Put the cash that you have on hand in an interest bearing account. No reason to have cash sittin
ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust
g in an account that doesn’t accrue much interest. As cash grows consider money market accounts, CDs and savings accounts.

9. Pay your
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
outstanding bills judiciously. Notice which vendors are willing to wait for payment and which will charge you interest if you are late
.

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
. Schedule payment to maximize the cash in your account.

10. Consider getting an expert to watch your cash flow. Have someone (f
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip
nancial advisor, accountant, bookkeeper) available to run financial reports each month so you know exactly where you stand in your business

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 - Top Ten Tips for Improving Your Cash Flow

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