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Most businesses face problems with customers who are unwilling to pay. Recovering debt poses a huge problem in such circumstance

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

s. Customers will ignore calls and notices or virtually disappear in some cases. In the scenario of global businesses this could

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

Examples of combination products may in

turn out to be a major concern. However, interactive systems and practical debt recovery solutions have enabled businesses to de

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

l with their debtors in a professional manner while they recover debts.

To begin with, if a company follows these measures debt

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

recovery might never be a concern. The measures being:

• Billing quickly and efficiently

• Personal reminders to customers

•

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

Combination pro

nsuring feedback from customers

Explaining the adverse effects of debt recovery on the customers worthiness might help in debt

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

recovery too. The company must resort to a debt recovery agency only when debtors do not pay back despite reminders or warnings.

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

How does a debt recovery agency recover debts?

• Collection letters/collect service: In the beginning of the debt recovery pro

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

ess, the agency will dispatch collection letters to remind your customers. Generally collection letters serve the purpose well.

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

• Solicitors letter: Through a solicitors letter the debtor is given a 7 day legal warning. If not adhered to, it would result i

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

legal action against the debtor to recover outstanding debts.

• Legal Action: In case the debtor does not adhere to any of the

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

Following aspects would a

above, debt recovery agency will assist you in legal action against the debtor.

What are the benefits of Debt Recovery?

• Sav

dd to the challenges in developing combination products:

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

s your time and money which you can use for your business plans

• Improves cash flow and value of your business/organization

•

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

You can track the progress of debt recovery of your various customers and plan accordingly

Debt recovery services have proven t

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

be a cost effective and efficient means to recover bad debts. They will offer up-to-date details on individual cases, guide you

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

on the various options available and also provide information and support when your claim is disputed.

In todays competitive bu

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

Professional from academic institutions, pharmaceutical industries, health care indust

siness scenario, cash flow is one of the major determinants of the growth of a business. It is extremely important to ensure tha

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

debts are collected promptly. Incase customers do not co-operate you don't have any other option other than availing services o

.

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

a debt recovery agency. But it is important to research and find a reputed debt recovery agency. It is easy to be lured into th

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

Companies that provide selfless information through particip

services of debt recovery agencies online but careful research will lead you to a successful and efficient debt recovery agency

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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