Main Subject - Business

Real Time Gross Settlement (RTGS) is a specialized central bank application that ensures the settlement of critical payments in the financial system. Given the relatively sma

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

ll number of countries on our planet, one would think that the proliferation of such systems is universal. This is not the case as recent research has shown.

This Fall saw t

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

Examples of combination products may in

he publication by the New York Federal Reserve Bank of, Staff Report (No. 260, September 2006) entitled “Technology Diffusion within Central Banking: The Case of Real-Time Gr

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

ss Settlement”.

The report examines the speed and the rate of the introduction of RTGS systems and technology to central banks. At the time of publication there were 174 cen

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

tral banks around the world. Starting in 1985 when only 3 central banks operated RTGS systems, the end of 2005 saw 90 central banks operating such systems. The remaining 84 b

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

Combination pro

nks are expected to have all introduced RTGS systems by about 2020.

The paper summarizes what RTGS is as well as the role of the G10 and the BIS in setting the standards and

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

being the driving force in the move to RTGS adoption. Interlinked systems, such as TARGET (and also CLS to a lesser extent) have helped force the pace of change.

The introd

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

ction period is exceptionally long, having taken 20 years to move from 3 central banks to 90 central banks and the anticipated additional 15 years to cover the remaining 84.

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

The report finds that the spread of RTGS systems is consistent with the standard S-curve prediction (initially take-on is low led by “innovators” after which the rate increa

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

es as “early adapters” introduce the system after which the rate of increase levels out).

The chance that a country introduces RTGS in a given year increases significantly i

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

n the level of real GDP per capita. Moreover, countries with a lower relative price of capital and countries whose major trading partners adopted RTGS are also more likely ad

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

Following aspects would a

opters.

This suggests that, beyond market forces reflected by real GDP and capital costs, spillovers seem to play a significant role in the adoption of this financial innova

dd to the challenges in developing combination products:

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

ion. These spillovers seem to be transferred mainly through trade relationships. To what extent the pattern of RTGS adoption reflects central banks’ technology decisions is u

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

ncertain and is suggested as a source of further research.

Other factors that are seen as determining when a central bank will switch to RTGS are:

•Price of information & c

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

mmunications technology – The lower the relative cost the more likely the central bank is to switch to RTGS.

•Relative size of the central bank – the more central bank staff

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

in relation to the overall population, the slower the rate of switching to RTGS.

•Financial market development – the more sophisticated/ developed the faster the pace of RT

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

Professional from academic institutions, pharmaceutical industries, health care indust

S implementation.

•Membership of international organizations – Membership if bodies such as BIS, EU force the rate of RTGS adoption.

•Bilateral trade – the level of interna

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

tional trade also appears to be a positive factor especially if trading partners have RTGS systems.

From a systems developer's point of view there is still a lot of life lef

.

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

in the central bank RTGS market. Added to this is the fact that many of the existing systems are going through a process of being upgraded. The original "1st Generation" RTG

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

Companies that provide selfless information through particip

S system are being replaced with "2nd Generation" versions that include many new features with various degrees of hybridization as is illustrated in the Bundesbank's RTGSplus

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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Main Subject - RTGS Systems – Progress to Date and Future Growth

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