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During a consultation with one of my clients this week, he proudly stated, "Greg, our past due accounts receivable are down from over $100,000 in October t

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

o less than $30,000 at year end! I still can’t believe what a difference those simple steps made in our collection process.” Later the same day, I spoke

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

Examples of combination products may in

with a prospect who told me that more than half of his current past dues were more than 120 days. “I’ve tried everything I know to try. I’m just going to

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

have to start beating the bushes for more business or I’m not going to make it." If both continue down the same path, which one do you think will be the mo

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

st successful?

My client has been very busy over the last few months taking action so he would NOT be in this position. Unfortunately, the second owner i

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

Combination pro

s typical of many business owners today. Complacency when things are going well can be an absolute killer. Sales were good. Profits were good. What else

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

ould you ask for? Did you realize that many businesses who closed their doors last year had record sales? Did you realize that many of them also had reco

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

rd profits? The difference between profits and cash flow can be the difference between success and mediocrity, or even failure. One of the worst drags on

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

cash flow is lack of accounts receivable management. How do I know this? I have been through it personally and I learned the hard way that failure to pr

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

perly manage your accounts receivable can seriously damage your bank account. I was once forced to write off more than $40,000 in receivables to two separ

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

ate clients…clients that I trusted…clients that I did special favors for and let them slide when they were late. I did it because I liked them…and I trust

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

Following aspects would a

ed them. Big mistake when you let emotions cloud your judgement in the collection area. When that happened it was painful and I don't like seeing that ha

dd to the challenges in developing combination products:

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

pen to others when I know how it can be avoided.

But from all adversity, there is a lesson to be learned. Everyone needs a system for collecting accounts

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

. A system alerts you to specific steps at specific times and takes the guesswork out of sending letters and making calls. A system uses a letter that ha

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

s been proven to work again and again, a call script that has been proven to work again and again and utilizes it increase your cash flow and significantly

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

reduce your past due accounts receivable.

To survive in business, you must always keep your finger on the cash flow pulse. Many business owners I know ar

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

Professional from academic institutions, pharmaceutical industries, health care indust

e so focused on sales and profits that they forget that profits don’t pay the bills…cash does. Some of the most cash flow challenged companies in the worl

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

d are those that are growing the fastest. One of the best ways to keep the cash flowing is to manage your receivables with flawless consistency.

Make sur

.

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

that accounts receivable management has dedicated space on your calendar every single week.

And remember, accounts receivable management is not an event.

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

Companies that provide selfless information through particip

It's an ongoing process that requires regular action. It requires a plan, constant attention, and dedication. Complacency and procrastination can kill you

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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