Cases - Business

Your success in getting a Bank to support a request for finance you may need does depend upon you choosing the right Bank in the first place. Even if you don’t initially intend to borrow any money, you should keep this possibility i

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

n mind when you are researching the market for the right Bank.

With competition increasing you can get some good deals if you are prepared to shop around. Also, don’t pass over the Banks which offer only telephone or Internet Banki

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

Examples of combination products may in

g for small businesses. If you operate a very small and simple business then an Internet only Bank account may be right for you.

So where should you look and what criteria should you use when searching for a Bank for your small bus

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

ness?

Your Existing Bank

If the Bank where you have your personal account offers business banking facilities then this may be a good place to start. You already know their level of service (good or bad!), the layout of the

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

branch and perhaps some of the staff if you are lucky! This can make the whole process of opening a new account much easier.

But don’t open your business account at the same Bank just because it will be less hassle. You must still

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

Combination pro

nsure that the services which go with the business account are what you are looking for and at the right cost.

A New Bank

Even if you have a good relationship with the Bank that has your personal account, don’t discount the

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

opportunity of looking around. One reason to consider opening your business account at a different Bank is that of total separation between the two aspects of your life – your business and personal life.

Consider whether you want o

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

ne institution to have complete control of your business and personal finances. If you do go through a sticky patch in the business, would you feel comfortable with the Bank seeing what you have sitting on your savings account?

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

ocation

If you have no preference for a particular Bank then location of your Branch may be more of a priority, especially if you will be paying in a lot of cash where a bank just around the corner would be very useful.

Some b

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

sinesses have very simple needs when it comes to banking. If you don’t handle cash or large volumes of cheques and are happy banking over the telephone or Internet then location is obviously less of an issue! But be mindful that the

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

lack of a ‘real person’ to talk to could be a frustration when you have a major problem to sort out.

Go Hunting

If you have no particular Bank in mind, or you are only interested in getting the very best deal, visit as many

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

Following aspects would a

as you can so you can make an informed choice. Ask to speak to the Manager and tell them you are interested in opening a Business account and that you are looking for information.

The good ones will spend time with you, offer you

dd to the challenges in developing combination products:

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

rochures, talk you through the process and the leaflets and tell you about their range of services. How you are treated at this early stage will give you a good idea of how you are likely to be treated later on.

Now is the chance f

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

r you to get to know about what services and benefits they can offer your business. Ask questions such as,

· Do they offer on-line banking or telephone banking?

· Will you have a named point of contact? Or will you be put through

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

to the dreaded Call Centre?

· At what point will you be able to apply for borrowing facilities and what are the standard terms?

· Do they provide help and support?

· What are the charges to operate the account?

· If you decide t

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

open an account with them, what information such as ID or application forms will they need from you to open the account?

· Do they offer an opening incentive such as 12 to 18 months free banking?

Could You Do Business With The

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

Professional from academic institutions, pharmaceutical industries, health care indust

?

Once you have done all your research take some time to assess all the information you have gathered. Which Bank offered you the best deal? Which Bank is the most convenient? Which Bank offered the services or products most s

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

uitable to your circumstances?

I have not mentioned probably the most important aspect for many business people – the person who is going to be looking after you; your point of contact to sort out the things that will go wrong! Ask

.

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

yourself whether you could get along with him or her. A good relationship with your Banker is vitally important.

And Your Decision Is?

So, based on all your findings, which Bank stands out head and shoulders above the rest

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

Companies that provide selfless information through particip

Which one did you feel most comfortable with? Make an informed decision based on all the information you have gathered and then move on to the next stage which is actually opening your account.

Robert Warlow Small Business Succes

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

HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.cases.org.ua/article/42743/cases-How-to-Choose-a-Bank-That-Is-Right-For-You-and-Your-Business.html">How to Choose a Bank That Is Right For You and Your Business</a>

BB link (for phorums):
[url=http://www.cases.org.ua/article/42743/cases-How-to-Choose-a-Bank-That-Is-Right-For-You-and-Your-Business.html]How to Choose a Bank That Is Right For You and Your Business[/url]

Attracting and retaining a high performing team is one of the biggest challenges many business owners face. There are a variety of reasons for this and one of the key factors is that the owner doesn't realise that there's much more involved in the process than just placing an ad and asking a few questions.

Whether you are about to graduate from college, or want to change jobs at a later point in life, career planning is a very important aspect of the process.

Logistics in a retail store is beyond important to its operation. But when people evaluate the effectiveness of a retailer's operation this is often the last thing they look at.

Tags

Links

Cases - How to Choose a Bank That Is Right For You and Your Business

Related Articles: