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Digg It - The Origin Of Accounting Theory
If it is to be comprehensible and reliable, accounting must be used in accordance with specific rules and regulations. It would be chaos of Babylonia
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
n proportions if each person used his own grammar and vocabulary - nobody would understand anybody else. Likewise, it is essential that accounting is
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
used according to generally accepted rules.
The first prerequisite is that accounting should agree or conform with the basic truths according to whi
The first prerequisite is that accounting should agree or conform with the basic truths according to whi
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
ch our economic system functions; the current economic and business practices and the applicable law as embodied in legislative regulations or common
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
law. Consequently, it is important that uniformity is maintained in accounting practice; in other words, a specific set of circumstances, wherever it
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
may be encountered must be dealt with by everyone in exactly the same way within the accounting process.
Accounting theory creates a framework that e
Accounting theory creates a framework that e
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
nsures that accounting practice complies with the requirements of conformity and uniformity. This theory is embodied in a set of principles, policies
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
, methods, procedures and conventions. The continuously increasing scope and complexity of our economic system requires a corresponding process of ad
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
aptation in accounting in order that the relevant information regarding economic activities may be recorded. It is essential that everyone involved i
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
n accounting should understand this process of adaptation; moreover, a prerequisite for such understanding is a grasp of not only the theory of accoun
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
ing, but also the structure of that theory.
Accounting theory is based on a set of basic economic truths that are of a dual nature. First, accountin
Accounting theory is based on a set of basic economic truths that are of a dual nature. First, accountin
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
g theory is based on propositions generally accepted in the economic order of a particular society. For example, consider the concept of personal own
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
ership: a general accepted tenet of our society is the exclusive right of every person to own things - they are his personal property and no one else'
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
s. This concept is a basic economic truth.
Second, the basic economic truths have characteristics similar to those of natural laws in the sense that
Second, the basic economic truths have characteristics similar to those of natural laws in the sense that
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
specific causes generate specific consequences. If, for example, someone derives greater value from a transaction than what was put into the transac
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
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
ion, his net worth - his wealth - will have increased by the surplus amount. This, too, is a basic economic truth. These economic truths are formula
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
ted as concepts and postulates. A concept is a generally accepted view of a specific phenomenon, which is described in specific terms. A postulate i
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
s a generally accepted hypothesis or supposition of a specific condition or phenomenon, which serves as a basis for the formulation of principles.
In
In
.
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
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
the development of accounting theory, concepts and postulates serve as formulations of the basic truths or propositions upon which the theory is base
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
d. They do not attempt to prescribe the working of the accounting process, but simply the foundation upon which the structure of accountancy is based
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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