Main Subject - Business

Accepting a check by phone, fax or web is a great way to increase revenues, decrease collection headaches and offer new payment options BU

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

T there are several essential “things” that you MUST know.

First let’s talk about all the great benefits:
1) You don’t have to wait for

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

Examples of combination products may in

a customer to mail in payment.
2) It’s a LOT less expensive than a credit card. A credit card transaction always involves a discount rat

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

. Typically around 2.3% it means that you pay that percentage of the transaction dollar amount as a processing fee.
3) You find out about

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

NSF or rejected transactions must more quickly than a paper check-typically within 2-3 days.
4) You can call a late payer and tell them

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

Combination pro

no you don’t have to send out a check we will take your check right now”
5) It’s safe for the business and the customer.
6) You offe

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

r an alternative to credit card payments for those who are at or over their limit OR do not have a credit card (there are LOTS of people)

Now

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 you MUST know:
1) The funds transfer is not “guaranteed”. With a credit card the funds for your transactions are “booked” for y

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

u when you perform a transaction. A check by phone (an ACH transaction-more info at www.ach-payments.com) is a request that funds be transferr

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

ed. The money may or may not be in the customer’s account. The collection of NSF funds can be automated to ease this burden as well as the ava

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

lability of front end checking account verification tools.
2) The governing body of electronic transactions, NACHA (www.nacha.org), state

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

Following aspects would a

s that a check by phone transaction be accompanied by notification (or a recording of the transaction that can be accessed) of the transaction

dd to the challenges in developing combination products:

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

to the customer. This notification can be done by sending a postcard or email confirmation of the transaction.
3) The customer has a 60

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

ay revocation window to dispute the electronic debit to their account. They may “charge back” the monies debited (hence the NACHA rule that yo

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

u have proof of their assent to the debit).
4) You may not accept a business check by phone. This rule is under review by NACHA. The issu

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

NACHA has is that the person on the phone for the business may or may not have the authority to authorize an electronic debit. You can obtain

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

Professional from academic institutions, pharmaceutical industries, health care indust

written permission from an authorized person at that business to debit their account via the ACH network and in that manner accept the check

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

by phone.
5) Recurring debits to the customer’s account are not allowed (NACHA again) based upon voice obtained permission. Their must be

.

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

some kind of written permission from the consumer although a web based permission for recurring debits would be acceptable.

So your business

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

Companies that provide selfless information through particip

absolutely should consider implementing check by phone payment functionality but keep these 5 things in mind to make your business life easier

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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When incorporating in the state of Nevada, it's important for you to understand that there is much more to the process than obtaining your personal tax identification number (also known as your EIN), and a list containing the names and addresses of the corporation directors.

Speedometers are commonly divided into mechanical or electronic types. A cable enclosing a rotating, flexible shaft is fixed to mechanical speedometers to furnish the input signal. The rotating shaft is coupled with a permanent magnet in the speedometer. It turns at a speed relative to that of the vehicle. Electromagnetic forces deliver the torque to ricochet the needle.

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