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Customer bills that are unpaid after the terms that were set are considered pas

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

t-due accounts. Many business owners and managers have a billing processes, bu

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

Examples of combination products may in

t no process for collecting on past due accounts.

One of the biggest dilemmas

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

small business owners face when managing a business in collecting on past-due a

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

ccounts. Why, do we have a fear of contacting clients or customers who owe us m

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

Combination pro

oney? Most business owners avoid calling a client of customer on a past-due ac

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

count, they prefer to send a letter, which do not bring results. Here are a fe

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

w step to collecting on past due accounts.

1.Once an invoice has been sent to

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

the client or customer, and payment has not been made with in the terms. Give

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

the client or customer a professional courtesy call to confirm that they receiv

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

ed the invoice.

2.After 1 week if payment has not been paid, place another pro

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

Following aspects would a

fessional courtesy call, advising that the payment still has not been received,

dd to the challenges in developing combination products:

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

be sure to ask when payment will be send, the check number and amount of check

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

.

3.Send out a demand letter immediately after call.

4.Contact a reputable co

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

llection agency who specializes in collecting on business accounts for past due

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

account over 90 days.

Constant communication trains customers to pay bills pr

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

Professional from academic institutions, pharmaceutical industries, health care indust

omptly and establishes an efficient, professional relationship between you and

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

them.

Be sure to view your accounts receivable aging reports periodically to

.

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

avoid delaying the contact of past due accounts.

Bonus Tip: Be consistent, do

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

Companies that provide selfless information through particip

n't hesitate, the longer you wait to contact, the harder it would be to collect

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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