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Top Articles - Offer a Vendor Leasing Program to Enhance Sales and Profits
Equipment vendors who offer a properly structured leasing program are not only giving the customer a viable financing option, they are taking a major s
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
tep to increase sales, market share, and profits. Yet it’s surprising how many companies will not provide a leasing program. Some say it’s because th
; 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
ir customers have their own sources. Others say their customers pay cash. This mindset can be costly in a variety of ways. The biggest problem is th
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
at it can drive the customer to the arms of your competition.
Some equipment suppliers do offer a leasing program, but give the customer a choice betw
Some equipment suppliers do offer a leasing program, but give the customer a choice betw
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
en several leasing companies for them to use. That may sound practical, but “shopping” deals with a multitude of leasing companies can actually lower
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
he chance of approval. If the customer chooses one of the leasing companies, and is subsequently declined, two negative actions may result. First, th
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
e credit inquiry lowers the customer’s credit score. Second, it will be clear this is a shopped transaction, and will make it more difficult to get th
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
credit approved. If it is approved, the lower credit score will cause the rate to be higher.
Establishing a sound relationship with one reputable le
Establishing a sound relationship with one reputable le
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
sing company is the best course of action for both your company and your customers for several reasons:
• The relationship (allowing one leasing compa
• The relationship (allowing one leasing compa
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
ny to be involved) should result in lower rates for your customers, thereby making it more attractive to buy from you. If a vendor uses multiple compa
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
ies and shops deals, they will not usually get the best rates.
• Using one leasing company results in better pricing because of increased volume.
• Using one leasing company results in better pricing because of increased volume.
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
Leasing companies make more money when deals come through referrals, rather than expensive marketing. The referral business is more profitable because
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
it provides a steady stream of deals from clients who are looking to acquire equipment now and need financing.
• Because maintaining the relation
• Because maintaining the relation
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
hip with the equipment supplier is critical to profitability, they will do everything in their power to keep the approval rate high and the lease rates
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
low. These savings are passed on to the client.
• The leasing company will also be more motivated and go the extra mile to fund the most challeng
• The leasing company will also be more motivated and go the extra mile to fund the most challeng
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
ing credits.
• Because of economies of scale involved with large volume directed to the leasing company, the supplier is often entitled to referr
• Because of economies of scale involved with large volume directed to the leasing company, the supplier is often entitled to referr
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
l fees of 1% to 2%, thus providing an additional income stream.
Providing a lease option to your customers has tremendous advantages to everyone invol
Providing a lease option to your customers has tremendous advantages to everyone invol
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ed. Both the leasing company and equipment supplier will likely enjoy increased profits and the customer can acquire much needed equipment without a l
.
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
arge down payment. Another advantage to the customer is that leasing allows them to easily upgrade their equipment package to a state of the art level
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
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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