Actual - Finance

Whatever sort of business you run, it can be difficult to ensure that your customers pay their bills on time. After all, late payment of debt can

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

cause crucial cashflow problems and non-payment of debt has the potential to effectively cripple your business. But how can you make sure that you

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

Examples of combination products may in

customers pay their debts on time? And, if they continue to renege on their payments, how can you go about recovering the debt?

To begin with, i

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

t's important to set out clear terms and conditions for your customers to adhere to when they're making their payments. For instance, offering dis

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

ounts on early payments - and making customers aware of the consequences of non-payment - will definitely encourage bills to be paid on time. On t

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

Combination pro

e other hand, charging customers a fee on late payments is sure to encourage your clients to by the agreed deadline. Legally, if your customer fai

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

ls to pay their bills within 30 days of being invoiced, the amount of interest you'll be able to charge interest daily at the Bank of England base

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

rate plus eight per cent.

Additionally, you'll also be able to claim debt recovery costs when adding interest onto any overdue payments. Your cus

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

omer is legally entitled to pay you rates of ?40 for debts of under ?1000, ?70 for debts ranging between ?1001 and ?10,000 and ?100 for late payme

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

nts exceeding ?10,000. However, if you choose to claim debt recovery costs, it's vital to let your customers with unpaid bills know in writing tha

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

you plan to implement these extra charges.

While these efforts usually provide results in obtaining your payments on time, some customers repeat

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

Following aspects would a

dly ignore reminders to settle their bills with your business. In this case, the best course to take is usually to employ a debt recovery agency t

dd to the challenges in developing combination products:

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

o claim any overdue payments that are owed to you. Debt recovery agencies can offer a lot of advantages when it comes to collecting debts for you.

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

Firstly, debt recovery agencies have the time, expertise and specialist industry knowledge that are needed to effectively recover any debts that

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

re outstanding to you - so you can concentrate on the everyday running of your business. Often, the agency will also be able to instruct solicitor

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

s on your behalf if the customer still doesn't make their payment. Handing over these responsibilities to an external debt recovery agent will lea

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

Professional from academic institutions, pharmaceutical industries, health care indust

e you free to tend to the everyday running of your business.

Ultimately, if you decide to opt for a debt recovering agency in order to collect an

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

payments owed to you, it's essential to check whether the agency is registered with the Credit Services Association by referring to the CSA's web

.

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

site http://www.csa-uk.com. Choosing a reputable debt recovery agency, like Ca

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

Companies that provide selfless information through particip

quest for example, will ensure that you won't be associated with any questionable practices and will guarantee the fast recovery of your debts

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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