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Digg It - Construction Factoring - Financing For SubContractors
One of the biggest challenges for construction subcontractors is meeting payroll. Paying employ
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
ees and suppliers is often hard because get paid 30 to 60 days after they submit their invoices
; 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
.
Whether we like it or not, this is the way things are done in the construction industry. And
Whether we like it or not, this is the way things are done in the construction industry. And
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
, unless the subcontractor has a large cash reserve, waiting 60 days can be close to impossible
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
Especially with the never ending payroll responsibilities.
Going to the bank to get a busines
Going to the bank to get a busines
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
s loan or line of credit won’t help much. Banks are notorious for not lending money to subcontr
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
actors. Furthermore, banks usually require at least 2 years worth of audited financial statemen
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
ts showing a profit, and their loans can take weeks or months to get setup.
There is an altern
There is an altern
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
tive. This alternative can eliminate the payment wait and get invoices paid in a little as 2 da
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
ys. Getting paid quickly allows subcontractors to easily pay employees and suppliers on time, e
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
nabling them to grow their businesses. The name of this financing tool is construction factorin
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
g, a special type of invoice factoring. Factoring receivables is an easy way to finance and gro
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
your construction business.
Construction factoring works as follows:
1. You send a bill to t
Construction factoring works as follows:
1. You send a bill to t
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
he GC or client for a progress segment or completed job.
2. The factoring company advances you
2. The factoring company advances you
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
up to 75% of the submitted invoice. You get immediate use of the money. The remaining 25% is k
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
ept as a reserve.
3. Once your client pays the invoice, the 25% reserve is rebated to you, les
3. Once your client pays the invoice, the 25% reserve is rebated to you, les
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
a small fee .
The biggest requirement to qualify for construction factoring financing is to d
The biggest requirement to qualify for construction factoring financing is to d
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
o business with reputable GC’s or commercial clients and to have a well-run business. Generally
.
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
, a factoring financing line can be set up in as little as 5 days.
As you can see, accounts re
As you can see, accounts re
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
ceivable factoring provides you with a great tool to finance your growing construction business
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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