Digg It - Business

Do you own a business? If you are like most business owners, you probably have a lot of responsibiliti

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

es. First and foremost, you have to meet payroll. Every time. You also need to pay rent and suppliers

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

Examples of combination products may in

- on time. All this requires working capital.

However, if you are selling products or services to com

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

mercial clients or to the government, you are probably painfully aware that they can take as many as 6

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

0 days to pay their invoices. Why? Because if you want their business you have to conform to their ter

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

Combination pro

ms. There is no other way around it.

But this also leads to an impossible situation. You have bills t

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

hat need to be paid quickly but customers that want to pay slowly. Unless you have a lot of money in t

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 bank, it’s not a sustainable situation. Sooner or later you’ll miss payroll, delay a supplier paymen

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

t, or turn a large opportunity away.

The solution is simple. You just need working capital. One way 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

o get working capital is to get a business loan. However, business loans are hard to get and can prove

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

to be inflexible. A better solution is to factor your invoices.

Factoring, or invoice factoring as i

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

Following aspects would a

t is most commonly known, is a type of business financing that is ideal for owners who cannot wait up

dd to the challenges in developing combination products:

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

to 60 days to get their invoices paid. It provides you with the necessary working capital to pay rent,

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

suppliers and meet payroll. And, as opposed to a business loan, factoring is easy to get.

Invoice fa

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

toring eliminates the usual 60 day wait to get paid by your customers. The factoring company provides

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

you with an advance on your soon to be paid invoices. In effect, it accelerates your invoices. By acce

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

Professional from academic institutions, pharmaceutical industries, health care indust

lerating your invoices, you get the working capital you need to run and grow your business. And, unlik

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

e a business loan, there are no arbitrary limits. The amount of financing you get is only limited by y

.

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

our sales. If your sales increase, so does your financing.

If you are running a business that is grow

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

Companies that provide selfless information through particip

ing – and you can’t afford to wait up to 60 days to get your invoices paid, consider invoice factoring

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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