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Have you ever refused a job or an order because your business didn’t have enough capital to purchase the supplies or hire the extra staff? You build a good reputation, hav

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

e good workers and then when you finally get a nice big contract, you have to turn it down because all your money is tied up in accounts receivables. You know the bills wi

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

Examples of combination products may in

ll be paid, but they aren’t due quite yet so you are the one who suffers because of cash flow problems.

If you have customers who are established, are good credit risks and

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

almost always pay on time, you can sell those invoices to an investor (a factor). The factor will give you an advance of 70% to 90% when the invoice is issued and will wa

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

it for the bill to be paid. Then you will get the rest of the money minus a small fee of 1% to 5%. The advance and fee depend on monthly volume, size of invoice, credit, t

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

Combination pro

ime it takes to be paid and other things.

Some business people who call me are under the impression that the advance of 70% to 90% is all they get. They are thrilled when

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

they discover they get the rest when the bill is paid except for the small fee. So they actually get 95% to 99% of their invoice.

Factoring isn’t a loan, it isn’t a cred

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

it line, you don’t have debts to pay back, you don’t tie up any assets other than the invoices, it only takes a few days to get approved and you keep complete control of y

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

our company.

Almost any business can use factoring, so long as they have invoices that are issued to another business. Even a business in Chapter 11 can have their receivab

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

les factored. Different factors have different requirements, minimums, maximums, fees, rates and applications to fill out. Some have a small application fee, many do not.

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

There are factors who work with any industry except construction and medical. There are others who specialize in construction contractors and others in medical receivable

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

Following aspects would a

s. These two have specific rules and regulations and risks and you definitely want a factor who specializes in them.

A good broker will be working with several factors and

dd to the challenges in developing combination products:

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

should be able to find the best factoring company for you. The broker will work for you, will get your questions answered and will be able to go to a second factor if the

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

first one doesn’t fit your needs. The broker gets paid directly by the factor and your rates and fees are not affected.

Quite often business people think of using a facto

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

r as a last resort when their business is struggling and they are trying to survive. In reality, businesses should consider a factor when they are starting out, so they ca

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

n keep their business growing. They should definitely use a factor when they are feeling confident about their business and are ready for growth.

The businesses you do th

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

Professional from academic institutions, pharmaceutical industries, health care indust

e work for simply have a different address to send the payment to; they still do the work for you, get the invoice from you and have the same payment terms as they always

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

do.

Just think how your business could grow if you were paid most of each invoice when you issue it: you could get discounts when you buy your supplies if you pay cash, y

.

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

ou could do more marketing, hire more staff, buy more equipment, increase your own credit rating. Instead of focusing on collecting the payments you could concentrate on g

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

Companies that provide selfless information through particip

oing after more contracts.

Then next time a customer calls you with a big contract, you just have to get the papers signed and get on with the work. Sounds good, doesn’t 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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Importance of business plans. Different types of business plans for start ups and established businesses. Template and samples of the the business planning process.

Wallace Flint was the first person to suggest an automated checkout system in 1932. But the history of modern barcode begun only in 1948, when Bernard Silver, a graduate student of Drexel Institute of Technology in Philadelphia, asked his friend Norman Woodland to develop a system to automatically read product information during checkout.

A large number of individuals dream of owning their own business. A number of those individuals are able to make that dream come true. If you are one of those individuals, there may come a point in time when you have too much business. Too much business often means a large amount of money. Instead of complaining about too much business, there are many business owners who take action. This action often involves outside assistance, such as an answering service.

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