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Finance is a generally applied term for more than a couple of things. The term finance applies to the commercial activ

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

ity of providing funds and capital; also it is that branch of economics that studies the management of money and other

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

Examples of combination products may in

assets. If one were to round up the different definitions into one, finance can be defined as the management of funds

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

nd capitals required by a business activity.

Management of Finance

Management of finance has developed into a specia

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

ized branch within management since long ago. Managing finance involves dealing with optimizing allocation of funds to

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

Combination pro

various activities either by borrowing or by mobilizing from internal resources. The word optimizing in finance may 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

rike an odd note but it means taking intelligently structured steps at minimizing the cost of financing while simultan

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

ously attempting to maximize the profits out of the employed finance.

Finance Governs Most of the Activities

A poor

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

inance management will immediately show as deteriorating conditions in the procurement, production and sales as it tou

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

ches all spheres of business activities. For this reason, a finance manager is expected to be very judicious in either

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

mobilizing funds or allocating for expenses. Lee Iacocca, the most revered management guru, calls finance managers as

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

Following aspects would a

bean counters’ who look at the expense part with rather pessimistic view. Unlike the sales managers, who would like to

dd to the challenges in developing combination products:

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

invest in future by product development, finance managers are rather skeptic of financing a project whose benefits lie

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

in the future. Finance management governs the future outcome too.

Finance in Small Business

For most small business

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

owners there is not a clear distinction between personal finance and business finance often leading to cross utility o

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

funds. Lenders, either future or present, don’t look at this with a soft corner. But resisting the tendency for such

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

Professional from academic institutions, pharmaceutical industries, health care indust

tilities may dampen ones zeal temporarily but sure brings the much needed discipline which is the foundation of all fu

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

ture progresses.

Financing

Small businesses can finance their needs from either internal resources, friends or from

.

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

anks and private lenders. The less you finance from outside lenders the more it ignites the profitability. This is why

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

Companies that provide selfless information through particip

perhaps, Bob Hope famously said, “A bank is a place that will lend you money if you can prove that you don’t need it.

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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