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Nothing can drive a business down faster than customers who don’t pay their bills as agreed. When you sell to customers on credit you

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

are making an agreement with them. You will provide them with goods or services in exchange for their payment within the terms you agr

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

Examples of combination products may in

ee upon. Period.

What I’m seeing more and more of is businesses using their suppliers as banks. Taking 60-90 days or more to pay a bi

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

ll is becoming more and more common. I’ve seen some business owners shrug their shoulders and just accept that nothing can be done abo

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

t it. That’s just the way it is.

Naturally, I disagree with that approach. The reason you grant credit is to increase sales. But, the

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

Combination pro

sales you want more of are the sales that pay and don’t drag your business kicking and screaming into the Cash Flow Swamp.

So, what’

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

s a business owner to do?

Late paying customers can create a serious threat to the survival of your business. Whether you’re just sta

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

ting out or you’ve been in business for awhile, it’s a critical business function to develop a solid plan to get paid.

Here’s an exam

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

ple of a solid plan:

You decide your business will not grant credit. You decide to be paid up front before you provide services or pr

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

oducts. You get set up to accept credit cards or use Paypal (or both). You communicate in no uncertain terms (nicely but firmly) what

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

our payment terms are. You explain that payment is due before (or at) the time of service or purchase and that you accept cash, checks

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

Following aspects would a

, money orders, credit cards and Paypal. Period. Then, you stick to it with no exceptions. You make that a condition of doing business

dd to the challenges in developing combination products:

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

. Communicate it firmly and respectfully. Don’t waffle or apologize. People who take advantage of others can sense weakness. So can pe

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

ople who always have a tale of hard luck and woe. It’s human nature.

Remember, late paying or nonpaying customers are endangering the

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

survival of your business. These are not the customers you want to do business with. You’ll have nothing to show for your work but str

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

ess and poverty. If you want to do some of your work for people in tough situations, donate your time but do it with the understanding

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

Professional from academic institutions, pharmaceutical industries, health care indust

that the majority of your time has to be spent on work that pays.

If you’re working on a big project, set the expectations before yo

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

start so that a condition of doing the project is incremental payments. A percent before you begin, a percent during the project at s

.

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

pecified intervals, and the remainder due on completion. This gives you the option of stopping work if you’re not getting paid.

As wi

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

Companies that provide selfless information through particip

th all areas of business, the best Defense is a good Offense. Set the standard for how you’ll be paid, communicate it, and stick to it

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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Motivating people is a sure way to get the best from them - yet it is not something for a to-do list. Motivation comes from consistent cultural shifts from within. Managers are the ones who can show behaviours which will make the difference and lead to a team of highly motivated individuals developing your business forward.

Law-enforcement agencies, especially police departments often get a bad rap and a bad reputation due to negative publicity or mistakes that might have been made in the field. Sometimes these stories get rather embellished and it is not the

People toy with the idea of starting a small business at various stages of their lives. Some think of starting a small business after their educational career is over. Some think of starting a small business because of unpleasant or unhappy situations they have encountered in their work places. There are also others who think of starting a small business, because that is the only way they will be able to work again following a break from work for reasons such as health or redundency.

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