Digg It - Business

Cash flow is your business’s lifeblood, and managing it effectively is the key to its long-

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

term solvency. The first mistake that business owners make is thinking that receivables wil

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

Examples of combination products may in

l always come on a regular schedule. A little optimism is always good for business, but too

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

much can be lethal. Keep in mind that your buyers can and will miss payments. It is your r

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

esponsibility as a business owner to make sure that these lapses are covered. Do not live f

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

Combination pro

rom paycheck to paycheck. Keep a revolving emergency fund to hold you afloat during lean ti

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

mes.

One of the main reasons for business failure is neglecting to accurately forecast fut

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

ure cash flow. If you don’t know what your buyers owe you and what you owe others, you will

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

not have a precise understanding of where you are now and where you will be in the next mo

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

nths. Make it a habit to prepare cash flow projections. Start by doing it weekly and then p

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

ogress to longer periods. Seeing your cash flow on paper enables you to identify possible t

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

Following aspects would a

rouble even before it happens, and zoom in on opportunities to improve revenue.

The formul

dd to the challenges in developing combination products:

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

a for a positive cash flow is simple – your must receive your receivables before you pay fo

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

r your payables. Encourage your customers to pay ahead of time by offering incentives such

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

as discounts. Follow up immediately when buyers are slow to pay, and consider changing yo

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

ur payment regulations (like shifting to cash on delivery).

To effectively manage your pay

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

Professional from academic institutions, pharmaceutical industries, health care indust

ables, retain your money for as long as you can without defaulting on any of your bills. Th

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

ere are many ways to do this, but one of the simplest solutions is to enroll in an online p

.

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

ayment system. This way you can pay all your bills with one click on the day they are due.

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

Companies that provide selfless information through particip

The benefits are twofold – you cut processing costs and use your funds as long as possible

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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