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Business Articles - Credit Card Factoring
Credit policy refers to the combination of decisions pertaining to variables such as credit standards
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
, credit terms and collection. Credit standards constitute the various criteria on the basis of which
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
the customers, to whom credit is to be granted, are evaluated by the firm. Credit terms contain the
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
erms and conditions of extending the credit facility. They include, duration of credit, terms of paym
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
ent, delivery schedule, discounts etc. Collection efforts comprise the steps taken by the firm in ord
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
r to collect the book debts from the customers.
There are different types of credit policies being f
There are different types of credit policies being f
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
ollowed by factoring companies. A firm may either follow a tight credit policy or a liberal credit p
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
olicy. A firm is said to be following a tight credit policy where it sells on credit on a highly sele
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
tive basis only to those customers with proven credit-worthiness and are financially strong. A firm
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
following a liberal credit policy sells on credit to customers on liberal terms and standards. Credit
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
is granted even for longer periods to those customers whose credit-worthiness and financial soundness
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
are well known.
A tight credit policy means rejection or refusal of certain types of accounts whose
A tight credit policy means rejection or refusal of certain types of accounts whose
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
credit-worthiness is doubtful. This results in loss of sales and consequently loss of revenues. When
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
the firm loosens its credit policy, two types of administration costs are incurred viz., the cost of
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
credit investigation and supervision and the collection costs. An immediate consequence of liberal cr
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
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
dit policy is the accumulation of bad debts, where the firm is unable to collect the debts. This happ
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
ens because the firm tends to sell even to such customers with relatively less credit standing. In mo
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
dern days, the credit policy is used as an effective marketing tool capable of boosting the sales vol
.
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
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
me of the firm. This may be used to maintain the market share, especially in a declining market. Cred
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
it policy helps to retain old customers and create new customers by luring them away from competitors
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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