Cases - Business

A manufacturing company with 120 staff historically bought their company vehicles from the local dealer who offer

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

ed excellent service, choice and most importantly a large discount. The quantity of cars required at this stage

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

Examples of combination products may in

as six and two vans, which they purchased from ex-demonstration stock.

The company was experiencing a surge in p

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

roduction and as a result they had to manage cash flow tightly as expenditure on meeting the production deadlines

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

was going out long before the products were being paid for. As a result the financial team looked at the account

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

Combination pro

s and decided to look at cost cutting across the business to sustain the cash until they got paid.

One area that

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

seemed to stand out as an obvious cut was company cars. The current cars were bought outright and part-exchanged

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

after twelve months or when a new member of the team joined the company. The company employed contract workers

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

ho needed a car to travel to appointments and this was one area that could be changed to help improve the cash fl

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

ow of the business.

The financial director spoke to the dealer who identified a contract hire and leasing compan

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

who specialised in company vehicle finance for business. The broker liaised with both the dealer who sourced th

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

Following aspects would a

e vehicles and the finance company that provided the finance and therefore could provide a vital service to this

dd to the challenges in developing combination products:

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

usiness. The broker explained that the company could part-exchange their current vehicles or he would sell them

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

on the open market on their behalf to raise some cash. The next step was to decide on a monthly payment for the

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

leet of vehicles that the company could lease for three years. So instead of paying ?25,000 minimum per vehicle

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

in one hit the company now had a monthly payment of ?1840.00 spread over three years for eight vehicles (includin

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

Professional from academic institutions, pharmaceutical industries, health care indust

the vans).

The company have now increased their workforce by 10% due to an increase in production. They are gr

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

ateful to have set up a vehicle leasing scheme as this means they can offer a company car to new contractors with

.

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

ut paying out a large sum of money in one go. Also, the cars come with maintenance packages which means they are

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

Companies that provide selfless information through particip

not paying for the vehicles to be serviced or for breakdowns as this is all covered within their monthly payment

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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Cases - Vehicle Leasing - A Case Study

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