Digg It - Business

For your company to truly reap the rewards of a structured corporate travel policy, it must focus on one thing above all else: compliance. Unfortunately, while the explosion in convenient Self Booking Tools gives you a lot more freedom of choice, it

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

also makes compliance a great deal more challenging. Any technology that supports an increase in compliance to policy has merit; it will save your company money and bring back the benefits of corporate travel.

Today's diversity of choice in self boo

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

Examples of combination products may in

king tools makes compliance through denial of access a very difficult protocol to enforce. What you really need is a funnel through which 100% of your company's travel activity must pass. In the corporate world, the only viable funnel is the payment

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

mechanism – getting paid is the ultimate leveler. If you use a corporate credit card as the payment mechanism, supported by a corporate expense management software solution, and suppliers who can report back to you a reasonable level of data, you sta

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 a very good chance of supporting the compliance objective.

A compliance-friendly corporate expense management software solution A corporate expense management software solution which processes card transactions (and possesses decent workfl

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

Combination pro

ow) requires the traveler to personally justify all deviations from policy to their supervisor – on a transaction by transaction basis. Just as importantly, the warehoused individual transactions give the corporate travel manager the opportunity to c

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

onduct spend analysis and examine individual and aggregate behaviors.

You might argue that this is after the act, but it still encourages compliance. As per all card based procurement systems, if an employee consistently deviates from company policy

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

they may be penalized (e.g. card withdrawal, official warning, employment termination, etc.). The threat of negative repercussions acts as a deterrent to card misuse, thereby increasing the level of compliance.

The benefits of policy compliance<

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

/b> 80% of the business case benefits of corporate travel will come from travel policy compliance. This requires:
Sound policy and procedures;

A comprehensive communication strategy;

A gate through which all activity c

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

an be channeled (the card and the corporate expense management software solution); and
Tools to monitor and measure compliance.

There will also be some peripheral benefits to be gained from a corporate expense management softwar

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

solution in the pre-trip phase:

For instance:
The traveler can use the work flow component of a corporate expense management software solution to create travel request and approval records rather than using something less structured like e

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

Following aspects would a

mails.
Using the corporate expense management software solution, the traveler can create a “commitment” record at the time of booking for subsequent matching of the credit card transaction when it comes through.

You can obtain a

dd to the challenges in developing combination products:

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

download of trip data from your TMC, and travelers can seek to match that against trip card transactions, thus reducing the quantity of manual entries required of the travel coordinator.
The corporate expense management software solution

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

provides travelers with a real-time log of commitments beyond what might be recorded in a personal diary.

How does it apply to your company? In looking at the business case for this exercise, you do need to closely examine a numbe

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

of factors to determine the benefits you will actually realize:
There are no industry-wide standards, and the market tends to work as a series of isolated closed provider loops – your efficiencies will be greatest if can conduct your busine

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

ss entirely within one closed loop. It is up to you to determine if you can obtain maximum purchasing power in this environment.
The importance you place on understanding the cumulative value of travel booked but not yet paid.

T

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

Professional from academic institutions, pharmaceutical industries, health care indust

he extent to which you can source the data you require from your travelers via a TMC data feed and, consequently, the keystroke savings you can achieve for those travelers.
The productivity gains you will obtain for your travelers by virtu

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

of them setting up trip details in your corporate expense management software solution at time of booking rather than at time of arrival of the card transaction.

The combination of Electronic Travel Management and Expense Management is a

.

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

n important subset of eProcurement, and it is subject to the same challenges facing all eProcurement initiatives over the past 10 years – industry standards, supplier participation, and a seamless marketplace. Until these elements are all in place, g

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

Companies that provide selfless information through particip

reatest advantage will be gained by companies that focus on the big picture of where they can achieve maximum purchasing value with reasonable purchasing productivity – usually based on being able to perform an analysis of spend patterns and behavior

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

Tags

Links

Digg It - Extracting Real Benefits from Travel & Expense Management

Related Articles: