Main Subject - Business

Let me recall, tongue in cheek, the old joke about the guy who asks the finance company 'how do I stand for a loan?' To which the finance company replies 'you don't, you

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

kneel!'

Most business require extra funding at times and some may even relate to the old joke above. Broadly speaking there are two settings for business that ask 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

funding. One where funding is needed because business is expanding and requires more resources, or secondly because things are going badly and the business is running ou

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

t of money.

Depending on what setting a business finds themselves in will determine where's the most appropriate place to source some finance.

If things are going well

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

business is expanding and orders are strong then almost anyone will kindly offer you finance to continue the growth of your business.

About 70% of businesses will go t

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

Combination pro

o their main bank for extra funding and may well get it. The major disadvantage is that the bank will usually require some form of security, usually your own home. If th

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

ings go wrong then it will mean the loss of your home if you've secured funding against it. If you are still feeling confident then you've just found a source of funding

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

Perhaps the bank will lend against your debtor book (yes, that's an asset in your business too). They will still probably look for some form of Personal Guarantee which

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

usually involves a charge that will see them securing the finance to your personal assets (yes usually the home again) if things start to go wrong.

If cashflow is tigh

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

t or non-existent then things are going badly! If things are going badly and let's face it lots of things can go wrong, where to go for your financing then? Let me use a

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

'F' word - Factoring!

A company's largest asset, next to property, is usually their debtor book. It is possible to outsource the collection of monies on invoices to a

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

Following aspects would a

factoring company who will then forward you a percentage of your debtors outstanding monies for a fee. Factoring used to be considered a 'dirty' word but these days more

dd to the challenges in developing combination products:

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

and more companies now outsource their credit control to factoring companies, than at any other time. This can be a very overt project called factoring or a very confid

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

ential project called invoice discounting. Your clients will know if you are factoring your debtor book but will not have any idea if you are using invoice discounting.

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

oth methods will inject much needed cashflow into your business.

Still need money but the banks and factoring companies won't lend what now?

Typically there are three

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

common sources for money: friends, family, and the foolish!

If you can make a good case for your business then there are foolish people out there who will lend to you.

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

Professional from academic institutions, pharmaceutical industries, health care indust

Well OK, they are not so foolish as to just give you money but they will take a risk if the proposition seems profitable. If friends and family rally round too then perh

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

ps you can get the much needed funding.

If all the above fails then it's time to look around again.

Commercial lenders, grant funding, business angels and venture capi

.

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

talists are all possible ways to get funding. Some will only lend a few thousand pounds whilst the likes of commercial lenders may be able to fund into millions of pound

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

Companies that provide selfless information through particip

s. All have their strengths and drawbacks.

The bank needn't be the only place to consider when asking for funding but do make sure that you have calculated your figures

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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As a salesperson or the owner of a small business, do you consider yourself to be qualified, experienced, and dependable? More importantly, have 95% of your customers had a satisfying experience doing business with you or your company? If your answer is 'yes' to all those questions, then your services or products have the potential to be in high demand. The trick is effectively communicating that information to your target market.

As we develop our business, we continually have the opportunity to redefine it. Here’s how to keep your business fresh, vibrant and in line with who you have become.

It's a good bet that if you own a small business you probably learn something new every day. In today's volatile marketplace, knowledge is still power. Granted, there's no substitute for on-the-job experience but you must be prepared to keep up with the rapid pace of commerce in order to stay competitive.

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