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Many people today simply prefer the convenience of paying by credit card. If you want their business, you must be able to accept their credit-card pa

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

yments.

In part one of this series we will discuss why you should accept credit cards, and the basics of getting merchant status. Part two will de

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

Examples of combination products may in

l with objections you might get, which credit cards to accept, and the check paying option.

Obtaining merchant status, which allows you to accept

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

credit-card payments, might seem like an unnecessary hassle, especially for those in business where the majority of their customers pay by cash or ch

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

ck. But by not accepting credit-card payments, you lose sales. This is especially true if yours is a mail order business, or consulting business. Jus

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

Combination pro

look at the majority of business today, all of them accept credit cards, and becoming more and more popular all the time are debit cards.

As man

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

y businesses have found, up to 70 percent of people never mail the check, so accepting credit cards is crucial. When the customer places an order, he

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

s excited and eager to buy. Faced with the prospect of sending a check, waiting for it to clear and then awaiting shipment, his interest is likely to

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

wane. In the meantime, you lose sales.

The Basics of Merchant Status

In order to accept credit cards, you need to work with a bank that will t

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

ansfer the money into your account within a day or two of the sale, and then collect the money from the customer. In return, you pay the bank a commi

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

sion of 1.5 percent to 5 percent for each credit-card transaction; a set, per-transaction fee; and a setup fee. You will also have to pay monthly sup

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

Following aspects would a

port or equipment-rental fees for a point-of-sale terminal—the machine used to swipe the card—depending on the contract.

The fee is based on two t

dd to the challenges in developing combination products:

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

ings, the average amount per transaction and the total volume for the year.

When you apply for merchant status, the banks evaluate your business b

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

sed on its sales track record, the type of business it is, your credit record, the business’s credit record and your overall financial picture.

Ap

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

ly for merchant status when you get your start-up financing. This accomplishes several things. First, it shows that you’ve thought ahead. And you wil

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

probably have customers that you wouldn’t have otherwise. In fact, some people don’t pay with anything but credit cards.

Second, you show you’re

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

Professional from academic institutions, pharmaceutical industries, health care indust

taking steps to minimize the time and expense involved in recovering bad debts. If someone writes a bad check, for instance, it will cost you time a

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

d money to recover the loss. If you swipe a customer’s credit card through a point-of-sale terminal, you can be sure you’ll get paid. The machine con

.

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

acts the issuing bank to authorize the transaction and runs the account numbers through a variety of fraud-protection procedures.

In part two of t

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

Companies that provide selfless information through particip

is series we will deal with objections you might get, which credit cards to accept, and the check paying option.

Copyright 2004 DeFiore Enterprise

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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