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Does the term “collection agency” put you on edge? If you’re like many small business owners, the mountain of debt you accumulated d

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

uring startup might have been enough to make you worry about collection agencies every time you answered the phone. But your feeling

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

Examples of combination products may in

toward collection agencies are eventually going to change, if they haven’t already.

While no one wants to hire a small business co

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

llection agency, it’s a sad reality of doing business that not every customer feels the need to pay, or has the ability to pay all a

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

once.

If you want to stay in business, you’ll need to collect that money. When your most polite and not-so-polite reminders to pay

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

Combination pro

have failed, you’ll need to start getting serious, which means going to an agency.

Collection Agency Services: More Benefits Than

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

osts

Professional collection agency services will certainly cost more than just writing letters demanding your money back. But the

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

amount of money you’ll collect, not to mention the time you’ll save, will more than pay it back. In fact, when you consider the hour

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

y rate of your employees, or you yourself, collection agencies’ fees really can be quite a bargain.

Let’s say you have an assistant

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

your business pays $10/hour, effectively costing your business $15/hour once you count in employment taxes, benefits, and the overh

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

ad of your office. You would be lucky if that assistant spent just five hours total on each debt, and managed to collect half of the

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

Following aspects would a

m. But you would have sunk $150 into each successful collection. Plus, there’s the opportunity cost: $150 worth of time you haven’t

dd to the challenges in developing combination products:

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

pent in growing your business. So the net loss is $300, and probably more if you’re a profitable business that gets a good return on

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

your people’s time.

But if you refer your delinquent debts to a collection agency for $75 each, and they collect three-quarters of

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

them, you’ve invested only $100 per debt collected. Once you factor in all the money from all the debts the agency collected for you

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

that you couldn’t have collected on your own, the return on investment is huge. That’s not even counting the saved opportunity cost

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

Professional from academic institutions, pharmaceutical industries, health care indust

or all the stress you’ll save yourself and your associates.

In the end, your small business has to focus on doing what brings in t

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

he money: your core business. Leave your taxes to your accountant, your office repairs to your building manager, and your collection

.

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

to your small business collection agency.

If you have a small business, medical practice or facility, and you have customers, clie

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

Companies that provide selfless information through particip

nts or patients that are not paying you within your stated terms - you might need the services of a small business collection agency

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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Organizations and companies have a never-ending need to print dates on documents received by the company and on the documents being printed and processed by the company. Instead of going through the tedious process of printing the individual dates on each paper, one can use a date stamp machine to make things easy.

Calendars and cubicles, do you wonder how they could possibly be related? For example, a calendar provides a way to determine which days are religious or civil holidays, which days mark the beginning and end of business accounting periods, and which days have legal significance, such as the day taxes are due or a contract expires. So where does the cubicle come in you ask? That is quite a different story.

Imagine a river. Then visualize all that the river carries with it. Apart from the water and fish, there are other elements which form the river. Processes are very much like a river. They flow in a natural direction and carry information with them from one point to another. The process of Value Stream Mapping is a by product of the Lean Manufacturing process pioneered by Toyota and the core fundamental is to identify the areas of waste which can be avoided within a manufacturing or office process.

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