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Top Articles - How to Purchase Much Needed Medical Equipment Without Spending Your Own Money
We are enjoying the fruits of the exponential growth rate of medical equipment technology. The medical community may now offer diagnoses based on i
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
nformation about a patient’s condition that we couldn’t accurately obtain using older equipment. The problem is that most organizations
; 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
capital budgets just can’t keep pace with the quickening of technology advances.
The problem is getting worse
If you&rsqu
The problem is getting worse
If you&rsqu
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
;re like most medical care providers, you are facing the dilemma of how to provide cutting-edge care to your patients but don’t have the fina
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
ncial reserves (cash or credit) to make the purchase of new equipment. One could argue that it is economics that slows down the delivery of medical
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
care. Standard accounting practices allow for the assets to be depreciated over five years. What do you do when the equipment needs to be replaced
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
in some amount of time less than five years? One option is to try selling the outdated equipment on eBay or somewhere else in the open market.
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
rong>There’s another solution
There is another option that many astute organizations use. They simply lease the equipment. Why leas
There is another option that many astute organizations use. They simply lease the equipment. Why leas
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
? It’s all about cash-flow. Typical leasing standards require you to put just 20% down in cash, and there are some rather nimble leasing comp
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
anies that will allow you to write 100% of the cost of the equipment as operating costs on your firm’s balance sheet. By treating the asset a
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
an operating expense you don’t have to deal with depreciation on the leased medical equipment. Plus the lease does not show up on your credi
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
t report, possibly freeing you to make other necessary purchases.
Is leasing for you?
While most organizations need to be in bus
Is leasing for you?
While most organizations need to be in bus
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
iness for at least 3 years, savvy shoppers can find leasing companies that have no time-in-business requirements. And even without documenting your
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
financials you should be able to enter into leases up to $150,000. By providing a bit of financial information, you can lease items with a much hig
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
her dollar figure.
Does this sound like a viable option?
Typical lease terms are two to five years, and are affected by the typi
Does this sound like a viable option?
Typical lease terms are two to five years, and are affected by the typi
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
al useful life of the item you are leasing for your business. Some leasing companies have the flexibility to buy back newly acquired equipment asse
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
ts and convert them into leases. Do you normally pay shipping, installation, training and other soft costs on top of the actually hardware? You can
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
search out leasing companies that will include these items in the lease. Have a lease with unfavorable terms? Most do not know it, but you can act
.
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
ally “refinance” leases into one with more favorable terms.
If you’re strapped for cash, or just want to conserve it for other b
If you’re strapped for cash, or just want to conserve it for other b
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
usiness purposes, leasing will enable you to obtain a much needed piece of business (medical or otherwise) equipment without a large outlay of cash
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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