Subjects - Business

Encouraging prompt payment is at the heart of good cashflow management. Conversely, late payments by your customers

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

can make your business vulnerable as you risk getting into financial difficulties.

So how do you encourage prompt

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

Examples of combination products may in

payment by your customers? Read our top tips below for some practical ideas.

Although of course you cannot guarant

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

e that your customers will pay you on time even if you implement these suggestions, you can certainly cut down on t

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

e incidence of late payments.

Use Your Invoices To Encourage Punctual Payment

1. Calls to action

Putting

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

Combination pro

clear call to action on your invoices can help to ensure speedy payment. In other words, rather than simply saying

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

; ‘This invoice is payable on receipt’ mark the date that payment is due clearly on the invoice.

2. Incentives

Of

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

er favourable payment terms and incentives to encourage prompt payment. For instance you could try offering a disco

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

nt to customers who pay your invoice by a certain number of days after it has been issued and before it is actually

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

due. Even a discount of as little as 2% can encourage people to pay early.

3. Use the Law

The Late Payment of Com

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

ercial Debts (Interest) Act was introduced in 1998. It was designed to give companies a statutory right to claim in

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

Following aspects would a

terest from customers who did not pay them what they owed by the time payment was due. Referring to this act on yo

dd to the challenges in developing combination products:

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

r invoices in the following way can help to encourage prompt payment: ‘Interest will be charged on overdue amounts

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

in accordance with and at the rate prescribed by The Late Payment of Commercial Debts (Interest) Act 1998’.

Genera

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

Advice

1. If someone has not paid you on time, do not be afraid to contact them to find out why. There may be a s

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

mple explanation such as them not having received your invoice.
2. If a number of customers owe you money, con

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

Professional from academic institutions, pharmaceutical industries, health care indust

tact the people who owe you the most first. 3. Involve third parties where necessary. This is where our services c

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

n help.
We are able to contact the people who owe you money on your behalf and encourage them to settle any ou

.

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

standing payment issues within ten days or face being registered by us. In our experience of chasing late payments

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

Companies that provide selfless information through particip

letters from third parties normally get a faster response than letters sent out by the company which is owed money

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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