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Okay so you want to accept credit cards from your customers, an

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

d are interested in establishing a merchant account. Whether yo

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

Examples of combination products may in

own a brick-and-mortar retail store, mail order outlet, or int

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

rnet shopping operation, there are a few things to consider whe

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

choosing a credit card processing provider.

First of all, you

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

Combination pro

should make a list of several providers that offer the features

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

you want, then compare the variable fees that may differ depend

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

ng on the company you deal with. These fees include things like

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

set-up, cancellation, and monthly minimum, and may be negotiabl

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

based on your unique circumstances.

Once you have determined

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

he what your business will be charged for its merchant account,

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

Following aspects would a

it’s often a good idea to do a few sample calculations to work

dd to the challenges in developing combination products:

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

ut your total credit card processing costs during a good, bad,

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

nd average month.

Finally, you should read and double-check th

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

contract, including small print and detailed terms. Don’t sign

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

anything until you are confident that you understand all the fe

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

Professional from academic institutions, pharmaceutical industries, health care indust

s, minimums, termination clauses, and other details. It’s impor

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

ant to keep in mind that merchant account providers won’t go ov

.

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

r every single point with every single customer, and that it is

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

Companies that provide selfless information through particip

ultimately your responsibility to read and understand the terms

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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Digg It - Merchant Accounts: Points to Consider

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