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If you own a business and your clients take up to 60 days to pay your invoices, you may want t

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

o consider invoice factoring. Invoice factoring eliminates the payment wait and gets your invo

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

Examples of combination products may in

ces paid in a couple of days. This gives you the necessary financing to pay ongoing expenses s

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

ch as suppliers, salaries and rent.

But invoice factoring is different from most traditional

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

inancing. For starters, it is not a loan, but rather, a sale of invoices. Although it may not

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

Combination pro

e clear at first sight, you can finance your business by selling your invoices.

Basically, wh

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

en you factor your invoices, you sell them to a factoring company, who pays you for them. When

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

the factor buys your invoices, it’s common that they’ll pay you in two installments. The first

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

installment, called the advance, is provided as soon as you sell the invoice. The second insta

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

lment, called the rebate, is provided once your client pays for the goods/services.

Lets look

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

at a factoring transaction to see how it works:

You deliver goods and services to the

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

Following aspects would a

customer.

You invoice the client

You sell the invoice to the factoring compan

dd to the challenges in developing combination products:

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

Factoring company advances (installment #1) between 70% and 95% of the invoice

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

i>You get immediate money for your business

The customer pays the factoring company

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

The factoring company rebates you (installment #2) the remaining money, less a small fee<

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

li>

As you can see, the sale of your invoices provides you with accelerated funds that c

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

Professional from academic institutions, pharmaceutical industries, health care indust

an be used to run and grow the business. Although factoring is a great tool, it only works to

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

olve one very specific problem. That is, that you can’t afford to wait to get paid by your cli

.

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

nts. However, it solves this problem better that most other financial tools. Furthermore, as o

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

Companies that provide selfless information through particip

posed to bank financing, invoice factoring is easy to obtain and can usually be set up in days

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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