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As a staffing agency owner, your biggest concern is making sure your employees get paid on time - always. In this arti

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

cle, we’ll discuss a tool that will help you get the funds to meet payroll every time. We’ll also talk about a financi

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

Examples of combination products may in

ng tool that will let you take on new contracts, even those that you think are too big and can’t possibly afford to wi

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

n. This financing tool is easy to qualify for (it’s NOT a business loan), can be set up in days and can give you all t

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

he necessary funding your staffing agency needs.

This tool is called invoice factoring, and also referred to as recei

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

Combination pro

vable factoring. This financing is not offered by a bank, but rather by a factoring company.

If you are like most age

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

ncy owners, your problem is not lack of work or customers. I am sure you have plenty of both. Your biggest problem is

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

hat your customers take between 30 and 60 days to pay their invoices. But, your employees need to be paid weekly (or b

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

i-weekly). And unless you have a fat bank account, the math does not work. Sooner or later, you’ll run out of money.

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

But what if you could eliminate slow paying clients? No, I don’t mean that you should stop doing business with them. I

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

mean, what if you could turn them into quick paying clients? What would happen to your business if every client was g

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

Following aspects would a

uaranteed (yes, guaranteed!) to pay you in 2 business days? How many of those clients could you take?

Let me have a g

dd to the challenges in developing combination products:

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

uess. You could take as many of those clients as you could get your hands on.

By factoring your staffing agency recei

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

vables, you can turn your slow paying invoices into quick paying invoices. The process is simple:

1. You do your work

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

as usual. You bill your customer but then submit a copy of the invoice to the factoring company for financing

2. The

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

factoring company provides you an immediate advance on 90% of the invoice. You can use that money to meet payroll and

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

Professional from academic institutions, pharmaceutical industries, health care indust

pay expenses

3. The factoring company waits to get paid by your customer

4. Once they are paid, they rebate the rem

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

aining 10%, less their fees

The main requirement for factoring is that you do business with good paying customers. If

.

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

your customers pay regularly (but slowly) you can almost always qualify. And as opposed to a business loan, your pers

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

Companies that provide selfless information through particip

onal credit is usually not an issue.

So, if you own a growing staffing company, be sure to 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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