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So there you are facing bad debt and getting angrier. Your money, your hard work and no return. The guys don't even a

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

nswer your calls. Sorry Mr x is away from his desk, would you like to leave another message on voicemail (like that w

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

Examples of combination products may in

ill make any difference).

Alright lets go back in time - what could you have done differently, when did you realize

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

this was going to become a problem? how would you have dealt with this knowing what you know now?

All good questions

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

so let's analyse and see what we can come up with.

First off why did you wait? You knew it was due. You could have

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

Combination pro

chased it sooner. Then things got worse because not only were you owed money but another order came in and you were s

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

o busy feeling good about the new business you didn't question it. Maybe a credit check way back at the beginning 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

your dealings with this company might have revealed something - "Who has time to do all that. I get an order it's nee

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

ded like yesterday. They seem to be bona fide what else could I have done"? Saved yourself a possible bad debt and br

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

uising loss off your bottom line is the answer. So, first things first. Act big - what I mean is act like a big com

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

pany - if they are solid - they will understand your actions. After all if they don't, it probably means they will b

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

Following aspects would a

e in the same bad debt boat themselves before too long!

Limit the amount of credit you give and stick to it. Make i

dd to the challenges in developing combination products:

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

t company policy - "what can you afford to lose" Don't say zero. You are in business. Business is risk. Know the amou

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

nt of risk and be prepared for the loss, budget for the loss. Work it into your costs. It's a business cost so it's q

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

uantifiable, so quantify it. Retailers add in 10% to allow for shop theft. Bad debt is pretty much the same. So budge

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

t for it accordingly. Work out how much bad debt cost you last year as a percentage of sales and increase your prices

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

Professional from academic institutions, pharmaceutical industries, health care indust

accordingly.

If it happens you won't lose sleep in fact you will congratulate yourself for having had the foresight

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

to prepare for it.

So, credit check new accounts. chase overdue bills early and prepare for the worst by budgeting

.

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 the loss. It really comes down to that. Sure you can use debt collection agencies but once it gets to that stage,

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

Companies that provide selfless information through particip

it really is easier on yourself to just give up on it. If they succeed - great treat it as a bonus otherwise move on

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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Frequently overlooked and hidden deep within our marketing tool box is the ultimate marketing vehicle for your business – you! Many small business owners are so busy figuring out how to increase sale...

Hiring the right candidate for the position is just like any other decision. The better you can define the desired outcome, the easier it will be for you and your team to find the best candidate to help you achieve the desired outcome.

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