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Main Subject - Strategic Outsourcing For Financing And Accounting Services
With the advent of globalization, vastly increased availability of bandwidth at rock-bottom rates and wage differences at various locations across the globe, firms a
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
re increasingly resorting to Business Process Outsourcing, or BPO. This allows firms to focus on their core business activities and strategic functions that are the
; 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
revenue drivers. Non-strategic functions and business processes are outsourced from an outside partner. These could include customer support, invoicing and claims pr
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
ocessing.
Strategic Outsourcing:
Considered at the strategic level, outsourcing essentially involves the transfer of control of a product or a process to a supplie
Strategic Outsourcing:
Considered at the strategic level, outsourcing essentially involves the transfer of control of a product or a process to a supplie
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
r who may provide the service either at the same location or remotely, whichever is most cost effective. In strategic outsourcing an entire service, product or produ
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ct line may be handed over to the supplier for strategic value. By its very nature, strategic outsourcing yields best results by outsourcing to a provider who adds v
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
alue to the company’s core business processes.
• Benefits - It is now well established that strategic outsourcing yields many tangible and intangible benefits to a
• Benefits - It is now well established that strategic outsourcing yields many tangible and intangible benefits to a
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
usiness. It yields many competitive strategic benefits, lowering manpower costs, freeing up internal processes and ease of management.
• Concerns - The strategic ou
• Concerns - The strategic ou
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
tsourcing decision makes sense only if it brings tangible business benefits to the firm. If not properly planned, outsourcing could well result in lowered customer s
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
atisfaction levels, decreased quality, delayed deliveries, theft of intellectual property or customer information and increased costs for the firm.
Outsourcing Fina
Outsourcing Fina
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
nce and Accounting Services
Companies are increasingly resorting to outsourcing the finance and accounting function to BPO firms located overseas. Preferred destina
Companies are increasingly resorting to outsourcing the finance and accounting function to BPO firms located overseas. Preferred destina
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
tions are India, Ireland and countries in Eastern Europe. The finance and accounting function is concerned with the acquisition and use of funds by the business. The
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
se needs cannot be postponed or put on hold. Any errors in this department can have disastrous consequences for the entire firm. It is, therefore, of prime importanc
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
e that the outsourcing is carefully planned and executed and lower costs quoted by a provider are not the sole criteria for selection.
• Advantages - Outsourcing of
• Advantages - Outsourcing of
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
this function can accrue substantial savings for businesses. A separate accounting division may not be necessary with consequent savings in recruiting, training and
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
labor costs. The outsourcing firm with specialized expertise and technology can help you improve the processes.
• Services Available - Services that can typically b
• Services Available - Services that can typically b
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
e outsourced include bookkeeping, audits, preparation of financial statements, ledger maintenance, payroll processing, training of accounts staff and software assist
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ance, to name a few. These are essentially low value adding activities and eminently suited for outsourcing.
BPO is being accepted increasingly as an effective mana
BPO is being accepted increasingly as an effective mana
.
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
gement tool enabling businesses to take advantage of labor arbitrage. It enables firms to access specialized services and latest technologies at competitive costs. I
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
t cuts on transaction times by leveraging the different time zones across the globe. Firms must include this aspect in their strategic planning to maximize the gains
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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