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Digg It - Being Businesslike With Business Debt Collection
One of the big mistakes many businesses make when collecting business debts is not having a clear policy and timetable for dealing with debtors.
Too often a debt can sit on the company
Too often a debt can sit on the company
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
books for weeks , even months after it became due because of lack of diligence on the part of the business owner.
Large companies rarely suffer from this kind of mismanagement. If you h
Large companies rarely suffer from this kind of mismanagement. If you h
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
ve ever been on the receiving end of the large company process, you will know how the demands escalate to a serous level in a relatively short time.
Ok, your company may not be in the m
Ok, your company may not be in the m
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
lti-million conglomerate bracket but relatively speaking bad debt is a big problem and can kill the best companies if it isn't addressed in a timely manner.
Large companies have a set p
Large companies have a set p
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
ocedure which usually starts with a statement. You should do the same. Always send statements to your customers at the same time each month, usually around the beginning/end of the month
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
If a bill is due within that time frame or overdue amounts appear on the statement, make a hand written comment on the statement. This lets your debtor know you are watching the accoun
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
and are aware of the arrears.
One week later no more , no less, send a letter to the debtor, informing them their account is in arrears. The letter can be standard but try tp personliz
One week later no more , no less, send a letter to the debtor, informing them their account is in arrears. The letter can be standard but try tp personliz
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
e it by using a time reference within the body of the letter. First time round this will usually get a satisfactory result, otherwise a second letter should follow. Now the thing to reme
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
ber here is that if you have a debtor who is regularly late paying bills then they will know what to expect. In fact they will use your system to buy themselves more time to pay. It's li
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 they know you will send three warning letters before you actually phone them and then they know how much longer after that call they have before you call again.
These kind of debtors
These kind of debtors
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
re playing you and using your system against you - time to mix things up.
If you have a bad payer - earmark them for random treatment.
Try calling them before the debt is due. Quite of
If you have a bad payer - earmark them for random treatment.
Try calling them before the debt is due. Quite of
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
en a company or individual will say they didn't receive the original invoice and will think they can buy extra time by assuming your payment terms begin on receipt of your invoice.
A qu
A qu
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
ck call to confirm receipt or to confirm payment is scheduled within their system, will avoid that excuse.
Normally, you will have a series of letters which will successively increase i
Normally, you will have a series of letters which will successively increase i
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
severity.
Try skipping letters 2 through to 4 and go straight to the telephone call. Then skip the second call and go to the debt collection letter. Incidentally this doesn't have to b
Try skipping letters 2 through to 4 and go straight to the telephone call. Then skip the second call and go to the debt collection letter. Incidentally this doesn't have to b
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
e a real debt collection agency. Many companies use a fictitious debt collection service name which purposely doesn't include a telephone number but instead might just have a mailbox add
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
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
ess. This can have quite an effect on bad payers as they are sometimes stunned at the speed you seem to have escalated the demand. You may even get an indignant call from them asking you
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
to explain why you are using such drastic measures.
If that happens - don't apologise. Simply tell them you are being pressured. But, if they can pay within an acceptable time frame you
If that happens - don't apologise. Simply tell them you are being pressured. But, if they can pay within an acceptable time frame you
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
can call off the debt collection services, for a short while at least.
You must also limit further damage by withdrawing future dealings until the debt is paid. You should inform the de
You must also limit further damage by withdrawing future dealings until the debt is paid. You should inform the de
.
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
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
tor in writing that you regretfully cannot provide services/goods while a debt remains unpaid.
Finally, once you have been received the funds. Consider very carefully before extending c
Finally, once you have been received the funds. Consider very carefully before extending c
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
edit to the individual or company again. There are many old sayings warning of not making the same mistake twice and they will rarely apply more than when doing business with a bad payer
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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