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Useful Advices - 11 Reasons Why Most Bank Checks Are Being Dishonoured
There are various reasons why bank checks are not being accepted from drawers:
1
1
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
. Insufficient Fund: When the amount written on a check is more than what the drawer
; 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
has in his account in the bank.
2.The Death of The Drawer: If the bank recieves info
2.The Death of The Drawer: If the bank recieves info
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
rmation of the death of its customer, the bank will not honour any check presented on
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
the account of the dead customer, until further notice.
3. Irregular Signature: If t
3. Irregular Signature: If t
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
he signature the drawer signs on the check differs from the specimen signature in the
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
bank.
4. Non-Existing Account: Sometimes, swindlers who have no bank account but po
4. Non-Existing Account: Sometimes, swindlers who have no bank account but po
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
sess false check books may issue check to those whom they have swindled.
5. Bankrupt
5. Bankrupt
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
cy: If one is judged by a law court to be unable to pay his debts in full, the bank w
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
ill dishonour any check presented on behalf of that customer.
6.Frozen Account: If c
6.Frozen Account: If c
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
urt orders or a military government decrees that some people's account be frozen, the
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
bank must definitely dishonour all checks bearing the account's numbers.
7.When The
7.When The
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
re is Attention: If anything is cancelled on a check, the bank will dishonour such a
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
check, except the drawer signs his signature above or under the altered word.
8. A
8. 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
ost-Dated Check: If this is presented for payment, the bank will dishonour such a che
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
ck.
9. A Stale Checkd: A check that has been delayed for more than six months of the
9. A Stale Checkd: A check that has been delayed for more than six months of the
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
date written on it, if presented for repayment must be dishonoured by the bank.
10.
10.
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
If There Is A Difference Between The Amount Written In Words And That in Figuresd: If
.
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
for instance, the drawer writes thirty dollars only in words and $20 in figure.
11.
11.
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
When Payment is Stopped: If the drawer asks a bank not to pay a check already issued
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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