Main Subject - Business

Many business owners do not consider their banks as welcome and willing partners in their business. Yet it is an important relationship that will often affect your ability to grow and to survive periods of financial stress. You want to treat your bank

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

like your best customer, not your worst supplier.

Working with an unwilling and unwelcome partner is obviously not a very constructive relationship. A more effective partnership with your bank can be built on some of the following ideas:

1. They wi

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

Examples of combination products may in

l not get it.

Start by accepting that your bankers will never fully understand what you do for a living - your motivation, your interests or your circumstances. But you do have to try to get them to understand enough about you and your business plans

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

so that they can be confident that working with you will be good for them.

Remember the bank's primary role is not to lend you money, it's to earn a return on the investments of shareholders and depositors while protecting their money.

2. It's only

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

he money.

You will need to prove that the money is all you need. You have everything else looked after. The banker will not have to worry about your customers, your management team, your sales and marketing efforts, your operating efficiencies, your

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

Combination pro

health, your marriage or anything else except the financial services you need.

3. They have a checklist.

When you meet and fill in the forms, remember the banker wants to be satisfied on four criteria:

Character - do you have a reputation of integri

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

y and responsibility on prior financial obligations? Capital - do you have enough personally at risk in your business? Capacity - do you have the skills and resources to deliver the planned results? Collateral - if you cannot repay your loans,

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

what assets are available to cover them? Good answers on these points will provide the start to a relationship with a willing partner instead of a reluctant one.

4. Reduce the risk.

You may be stimulated by risk and reward, your banker is not. It

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

s a very conservative career choice. Regardless of how good you and your plans are, the banker will still want personal guarantees. That means he gets your house if you fail. (And I have never met a banker who found it amusing to suggest that you sho

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

uld get his house if you succeed.)

5. Think big.

The more you need, the more interested they'll be and you'll likely get better terms. (The only time I had no personal guarantees was when our loans were at $4.5 million.) If you're starting small the

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

describe your growth plans and your intention to build a strong, long term banking relationship.

6. Get a second opinion.

Bankers love to win business away from other banks. (That's good for their career plans.) So check out the competition anytime

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

Following aspects would a

you need new financing or if your current bank is not serving you well. Just be sincere and ready to change. One banker asked me directly, "If I meet all your requests will you move to my bank?" I said, "Yes". He delivered and so did we.

7. It's

dd to the challenges in developing combination products:

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

ot a people business.

It's a numbers business and you cannot negotiate with a computer. That friendly, understanding person you're talking to does not make the decisions. Your numbers get fed into some obscure computer program and the answers (or mo

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

re questions) pop out. They are not negotiable. A good banking relationship means that you will be told what numbers are required to get favourable answers.

8. Manage your numbers

Make sure your business plan computes and gives results that are attr

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

ctive to investors and to lenders. Then manage the numbers to deliver the results and stay within the limits set by the bank. Read the fine print to be sure you don't miss any requirements to maintain financial ratios or any restrictions on payments t

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

o shareholders. Deliver financial reports as required, but also be sure to provide your own analysis and explanations before someone else does. You don't want that computer to set off alarms.

9. No surprises, please.

Bad news is never well received

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

Professional from academic institutions, pharmaceutical industries, health care indust

but the reaction will be much worse if it's also a surprise. And no news will only make them worry.

Keep your bankers aware of what might go wrong and what you plan to do about it. Then keep them current as things evolve so they get used to your ev

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

er-changing circumstances and how you are handling them. (Hopefully, well.) Avoid going back with a new plan too soon or too often. And try to plan well ahead of any request for more financing.

10. People still matter.

The personal connection is stil

.

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 very important part of a good relationship with your bank. Part of managing that relationship is to be sure that you are not entirely dependent on just one contact. If it lasts, the contact will change and you need to know someone else to maintain

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

Companies that provide selfless information through particip

continuity of the relationship. Stay connected at several levels.

Your banking relationship needs to be strong to withstand the inevitable hard times that hit any business. A welcome and willing partner should help you weather those occasional storms

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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A business needs a merchant credit card account to accept credit card payments from customers. These companies accept credit card payments through a combination of software and hardware and are usually referred to as credit card merchant accounts. There are two types of merchant credit card accounts. One is the physical credit card merchant account and the other is the web credit card merchant account. By and large higher rates are paid by businesses with web credit card merchant accounts.

As a creative, you might think you'd know where I would lean on the answer to this one. But then again, you'd be wrong.

The most important advice I can offer the candidate is: that the vast majority of jobs are found and secured via referral and networking. In other words - talk to everyone you know about your job search. Don't keep it a secret. You never know who might know of an appropriate job opening or who might have a personal friend that knows someone who is hiring. And don't forget your past professional associates.

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