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A recent survey showed that only 28.7% of small business owners were happy with their accountant, and only half of those would recommend him to their friends because he was too

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

busy already.

The following are the most common reasons small business owners give for their dissatisfaction. Do any apply to you?

1. The accountant in charge is not accessible and

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

Examples of combination products may in

ever returns phone calls. In the early stages he couldn’t do enough. He used to come out to the factory at least once a year to have a look. Now he seems to have time only for the big fel

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

lows. It seems I’m too small for him to be bothered with.

2. I am forever being foisted onto less senior staff who just do not know the answers. They have to research the m

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

tter or get hold of someone more knowledgeable It means delays and wasted time that I am being billed for.

3. The change over in staff is frustrating. I have a complex structure a

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

Combination pro

nd I have to explain it anew every time I visit. It would be lovely to build up a relationship with someone permanently. (or at least for two years in a row).

4. I deliver my work

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

in plenty of time but the accountant sits on it like a clucky hen for months. Sometimes I receive fines from the Tax Office which are not my fault. My accountant reimburses me if I

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

kick up a stink about it, but I am afraid I am building a bad reputation with the tax people.

5. Even though the work has been in his office in loads of time, the completion always s

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

ems to be hurried. Work is sent to me with errors. Surely this isn’t right? Now, I insist on seeing the work in draft form first, and I am able to pick up most of the errors

6. He

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

charges for everything. I rang him to point out a mistake his firm had made in my account and he charged me $35 for fixing it.

7. The fee he charges is out of all proportion to the

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

ervice he gives! The fee goes up each year while his service gets poorer. I don’t mind paying the appropriate fee but he charges like a wounded bull.

These are the percepti

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

Following aspects would a

ons only from disgruntled clients and may be colored by many things. They may be even untrue! I am sure that the accountant would tell another story, but…

Before you engage an acc

dd to the challenges in developing combination products:

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

untant or even in dealing with your presentaccountant you should clarify his terms of engagement. You wouldn’t go to a mechanic and say, “Fix my car. Do whatever you think is appropria

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

te. Never mind the cost just send me the bill.”

Nor should you with your accountant. Your accountant may be performing a service you don’t need and don’t use. How will he know

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

if you don’t tell him?

On the other hand, there may be a service you really do need which he is not doing. Ask him to give you an estimate. Don’t be put off with,”It’s a bit hard

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

to estimate I charge an hourly fee”.

Once his tasks for the year are nailed down why shouldn’t he have an idea of how long each task takes.

The charge out rate for each employee may ran

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

Professional from academic institutions, pharmaceutical industries, health care indust

e from $35 to $200 dollars per hour according to the skill and experience of the employee. The Accountant should be able to estimate the fee using the rate for the appropriate employee. I

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

f during the year a specialist just happens to do some data entry over the weekend to get the task finished you shouldn’t have to pay his rates.

The most important attribute of a good

.

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

accountant is his ability to act as your confidante. You should be able to tell him anything.

You won’t be able to if each time you are in his office you are worried about the fee

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

Companies that provide selfless information through particip

he is going to charge for the visit.

Kelvyn Peters and Associates
http://www.profitstrategies4business.com

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

Recently my dentist recommended that I see an orthodontist for a consultation, and not only did I learn about having my teeth straightened, but I also witnessed absolutely brilliant, excellent customer service offered by this outstanding local business. If you own a business that offers a service to your clients, these tips for excellent customer service will show you how to expand your local customer or client base with no extra work or marketing expense.

Globalisation combines the pressure to buy goods from foreign suppliers with lower labour costs and the increasing access to new products and services over the Internet. Unless small businesses invest in the future that they choose, they will cease to compete and fail.

It's a bullseye when the right public relations alters individual perception leading to changed behaviors among key outside audiences.

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E-Folder - Small Business Operators - 7 Reasons You Should Change Your Accountant

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