Cases - Business

Are you selling goods or services to commercial customers or to the government? If so, you a

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

re probably used to the idea of having to wait up to 60 days to get your invoices paid. Howe

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

Examples of combination products may in

er, waiting to get paid can be challenging, especially if you have business expenses that ca

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 wait. That is where a factoring company can help you.

Factoring companies can provide y

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

u with financing, based on your slow paying invoices. They eliminate the 60 day payment wait

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

Combination pro

ng period and provide you with the necessary liquidity to meet payroll, pay rent and meet bu

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

siness obligations. Here is how factoring works in a nutshell:

1. You invoice your customer

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

and send a copy of the invoice to the factoring company

2. The factoring company advances

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

ou up to 90% of your invoices

3. You get immediate use of the funds. The factoring company

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

aits to be paid

4. Once the factoring company is paid by the customer, the transaction is s

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

ttled

Although many business owners will go to a factoring company to get financing, factor

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

Following aspects would a

ing companies also provide other important services. Most notably, factoring companies can a

dd to the challenges in developing combination products:

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

t as your business credit department. They can review existing clients and new prospects and

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

advise you of their payment habits. And since they manage your accounts receivable, factors

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

an also provide you with important financial reports and financial analysis.

More important

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

y, a factoring company can help you grow your business. By turning your slow paying invoices

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

Professional from academic institutions, pharmaceutical industries, health care indust

into cash, they give you the financing and the flexibility to take on new opportunities. A

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

d, factoring financing lines don’t have arbitrary limits like business loans. They grow in r

.

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

lation to your sales. The more you sell, the more financing you get.

Because of these benef

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

Companies that provide selfless information through particip

ts, factoring companies can be great business partners and help finance your business growth

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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If you have good team members then you can afford to rely on them to do their part, micromanagement will only bring grief.

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