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You can collect those past due receivables. All it takes is a little planning and a commitment to follow the plan. A sale doesn't take place until the money is in you

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

r bank account. Past dues can put a clamp on many aspects of your business as it chokes off its very lifeblood…cash.

Your past due problem can be brought under contr

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

Examples of combination products may in

ol in a matter of days or weeks, with the proper design and implementation of a collection "system." When I refer to "system" I am not referring to a machine, but a 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.

ep-by-step process that is followed with all of your accounts.

Several years ago, I had problems with my accounts receivable. As I look back, it was because I treate

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

d them nonchalantly in the beginning. I might send out some letters or pick up the phone when I had some time or when cash flow became a concern. Unfortunately, at th

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

Combination pro

at point, I was already in a stressful situation and it had a clear detrimental effect on my efforts. I had no clear system and it cost me dearly. At a point of near

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

esperation, I developed a system, which I tested and measured repeatedly for effectiveness, and continue to tweak from time to time, but for the most part, I am still

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

using that same system with the same scripts that I developed then. The system not only streamlined my efforts, but it also DRAMATICALLY reduced my outstanding past

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

dues almost immediately. Not only was I able to give my cash flow a much needed shot in the arm, it also helped keep me from ever getting into that position again.

T

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

e first step in your system is determining which accounts are in need of follow up. In most cases, this will be a set amount of days past due. But, keep in mind, cont

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

act too soon may result in your customer being offended, while calling too late may lead them to believe that collecting on their account is not important to you. It

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

Following aspects would a

is vitally important that you use a proven, time-tested reference here to determine your intervals. Either of these situations can result in a delay in payment from y

dd to the challenges in developing combination products:

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

ur customer.

Secondly, you MUST take the proper tone regardless of your mode of communication. Your written communication as well as your phone calls should be scrip

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

ted well in advance and should only require the insertion of the details of the account such as name, address, amount, etc. Study after study has shown this to be the

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

most effective collection technique. There are many reasons for this, but one of them is without a doubt familiarity. The more the script is delivered, the more conf

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

dent you will become in knowing what to say and when to say it.

Soon after implementing your system, you will learn nearly all of the responses you will get from you

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

Professional from academic institutions, pharmaceutical industries, health care indust

r customers and how to respond to them. It is highly recommended that in addition to scripting the wording in your initial contact, you also prepare scripting for you

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

r most common responses. In this way, there is never a question of what was said to whom and when. In addition, it also sends a clear message to those who show up a s

.

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

cond time that you are serious about your collection efforts and that you are not going away until payment has been received.

Your efforts, when taken together, at t

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

Companies that provide selfless information through particip

he proper intervals, with the proper scripts will clear up the majority of your past dues within 1-2 weeks. Now, wouldn't that be a nice addition to your bank account

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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