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Throughout the year, finance officers at two- and four-year colleges and universities throughout the United States maintain their "wish lists" which inevitably include building endowment

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

and lowering operational costs. While the accounting ledger may be affected by changes in tuition, government and private fund support, quality of investments, and a host of other factor

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

Examples of combination products may in

, there exists a simple way to help thousands of academic officials lower their school's operational expenses. A check consolidation and recovery program can help keep a schools’ steady

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

stream of profit flowing -– essential for even non-profit institutions!

Imagine a Director of the Bursar's Office who is getting an ever-increasing amount of bounced checks. This Direct

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

r, in concert with other officials, may even be considering abandoning a check payment option, upset about a) incurring high return check bank fees (which typically range from $5 to as hi

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

Combination pro

gh as $30); b) not receiving due compensation; and c) spending valuable time trying to collect the debt or utilizing expensive collection agencies. Check consolidation and recovery can a

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

leviate these sources of frustration.

Check consolidation is a perfect mechanism to reduce return check bank charges. Here, the school employee processes any check with a special return

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

item endorsement, changing the bank of first deposit with a simple stamp on the back of the check. In the untoward circumstance that the paying bank (i.e., the check writer’s bank) denie

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

payment due to insufficient funds, that check goes to a special designated bank and not to the school's affiliated bank. Obviously, because the check does not go back to the college or

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

university's bank, the school does not incur their bank’s higher charge. The designated bank can typically charge $3 and even less for any returned check, representing important savings.

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

The savings become magnified if a school has multiple locations. Each location’s NSF checks can be combined and sent to this designated bank. School officials not only enjoy a substanti

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

Following aspects would a

l discount for these returned items, but they typically receive thorough electronic reporting on all NSF checks. The designated bank can either mail the NSF checks back to the school or

dd to the challenges in developing combination products:

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

facilitate electronic collections (a process called electronic recovery). As the service is free, it seems prudent for any school representative to let that bank or its affiliate process

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

r attempt to recover the owed funds.

If electronic collections are requested, all NSF checks are entered into a database and re-submitted electronically up to two additional times throug

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

h the Automated Clearing House (ACH) network. When the funds are collected and released, the school receives 100% of the face value of the check. In addition, some companies even give t

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

e school a percentage of a state-allowed processing fee. (The bad check writer, not the school itself, is assessed a state-sanctioned processing fee, typically $25.)

If electronic colle

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

Professional from academic institutions, pharmaceutical industries, health care indust

ction attempts prove unsuccessful, those NSF checks can be forwarded to a collections department. Upon collection, the school may still receive 100% of the face value of the check.

In si

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

ning up for these services, a school finance official may now embrace the concept that "the best things in life are free." He/she reduces return check bank fees, secures free electronic a

.

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

ttempts in the collection of NSF checks and then, if necessary, "hires" the services of a collection agency at no cost.

These programs should dramatically reduce operational expenses and

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

Companies that provide selfless information through particip

maximize cash flow for any academic institution. Indeed, checks need no longer be perceived as a "necessary evil" for doing business in the "ivory tower."

Copyright 2006 William Hamilto

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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Today more and more people use the Internet, because all we need to know is just a click away. The Internet is a very efficient and quick way of finding information about almost everything.

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