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Knowledge of accounts can make life much easy. If you are to invest in a new business or joining your forefather’s business, planning to take some loan, looking for job in any marketing company, desire to be the manager of a multinational company

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

or have the onus to manage your own assets and liabilities, knowing some basics of accounts becomes mandatory.

Broadly, accounting is bifurcated into two categories-

Cash Bases Accounting

Accrual Accounting

The Cash Based accounting pertains

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

Examples of combination products may in

to the management of an individual’s personal monetary transactions. In this case, he keeps a track of the money he withdrew, deposited, gave or received from someone etc. This accounting comes to life when actual cash transactions take place.

T

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

he Accrual Accounting requires an accountant who notes the transactions even if no money has been actually exchanged. This method works on the principle of comparing or seeing the ratio of the expenses to expenditure. If the expenditure is more,

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

ou need to cut down your luxuries, if not then it’s always good to have some savings for future. This type of accounting tells you the amount that you owed; this might not match with the figure of your bank balance.

In the language of accounting

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

Combination pro

there are several key terms that one needs to be familiar with. Some of the crucial ones are discussed below-

The Assets- the assets are generally those possessions of an individual that have a good market value or are quite valuable. Assets are

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

mainly classified into three types- Current Asset- the cash is the most basic asset of any individual. The money that is being held in accounts like the checking and savings accounts is also included in the cash. Also inclusive are the marketab

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

e securities in the form of bonds, stocks, shares etc. The money lent or payments due from clients, even form a part of it.

Fixed Asset- comprises of all the tangible valuable things like property, machines, equipments, land and the like that ar

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

e not meant to be sold.

Intangible Asset- incorporates all the untouchable things like copyrights, patents, trademarks etc. that have tremendous monetary significance.

The law of opposites governs the nature; where there are assets, there will

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

e liabilities. These are the debts that you have to pay back to your creditors. This can be done through giving cash or any other asset like jewelry, some other goods etc. Liabilities again are of two kinds-

1. The Current Liabilities- the liabi

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

ities that are to be paid back within a certain time limit and most often through your current assets. These include the accounts payable i.e. type of bill that you have to monthly, the Notes Payable-loans taken from banks meant to be repaid with

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

Following aspects would a

in 30 days and the Accrued Expenses- the compulsory expenses like taxes, wages, interests etc. where the bills are not received but the balances of each must be repaid.

2. Long Term Liabilities- those debts that can be repaid at ease for the ten

dd to the challenges in developing combination products:

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

re is more then a month.

The Financial Capital- is the economic capital. It is any liquid medium or merchandise that stands for wealth or other styles or capital. There are four ways to manage and display the financial capital. First, this capit

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

al is needed when a contract is made with any sort of capital asset. The financial instruments work in the form of currency in case of sale, purchase or trade of goods i.e. the medium exchanges. Second, it works as a settled medium or mode like g

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

ld for the Standard of Deferred Payment. Third, The Unit of Account has a market value attached to it which in turn varies with the economy of the country. Fourth, The Source of Value is concerned with financial capital that needs to be saved a

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

d recovered. It is a collection of things like gold, real estate, collectibles etc.

Petty Cash is an important factor in business. It is the smallest account within a business setting or the cash in bills and coinage required to pay little expen

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

Professional from academic institutions, pharmaceutical industries, health care indust

ses.

Types of Business- there are several kinds of business one should be aware of like

Sole proprietorship- where a single individual who starts the business owns it too.

Partnerships- the companies or businesses started by two or more person

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

where they conjointly own it.

Corporations- involve lot many shareholders or investors who are responsible in taking decisions for the company.

Limited Liability Companies- can be said to be sisters of corporations. Here the business members a

.

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

re not under a legal obligation to pay the debts if the business fails.

Payrolls- the term payroll designates the manner in which you will be paying the employees of your company and even yourself. Many multinational companies cater to payroll

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

Companies that provide selfless information through particip

service provider companies that do the work quite efficiently.

These are some of the broad guidelines that will help you grasp the basics of accounting. It is essential to have some such wisdom for accounts as it is fruitful in all walks of life

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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