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Ready to accept credit card payments for your e-business? Learn everything there is to know 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

bout getting a merchant account. Thinking of going online to expand business in this e-commer

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

Examples of combination products may in

e era? Accepting and receiving payment is a tough challenge. Foremost, familiarize yourself w

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

th the jargon of Merchant Accounts.

All merchant account providers offer different services

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

to enable you to accept online payments through credit cards. Take your time to choose best

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

Combination pro

nd appropriate merchant account provider by exploring all pro & cons and to avoid adversiti

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

s. Look for the details that distinguish one provider from next on the parameters & evaluato

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

s of - Rates and Rolling Reserves, Chargebacks and Chargeback Fees, Monthly Limits/Inflexibl

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

limits, Underwriting and Risk Assessment, After-sales customer service/Poor service/ inept

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

ustomer care/technical difficulties, Online Experience and Personalized Treatment etc. 'Fir

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

t-step' decisions like choosing a best suited merchant account provider need to be among you

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

Following aspects would a

r most intelligent strategic moves.

Find best merchant account for your business model and f

dd to the challenges in developing combination products:

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

r the types of goods and services you sell. Best service provider charge more but render qua

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

ity services. Cheaper alternatives may cost you more in the end due to their inept and inad

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

quate services. The solution is finding the right balance between competitive rates, reasona

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

le fees and services provided. You must do some rate comparison of the Transaction Fees, Dis

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

Professional from academic institutions, pharmaceutical industries, health care indust

ount Rates, Chargeback etc.

Merchant account provider will like to underwrite and perform a

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

isk assessment of your business before signing you in. It is good idea to apply through a s

.

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

curity-minded payment processing company to influence your chances for approval, It will als

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

Companies that provide selfless information through particip

enhance your capacity to negotiate for a merchant account customized to your specific needs

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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Subjects - The ABCs of Accepting Credit Cards Online (Part 1)

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