Main Subject - Internet and Businesses Online

So, you have started a business online. To stay competitive and keep the sales coming in, you wish to offer your customers th

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

e option of purchasing with a credit card. But how do you do that? One way is to open a merchant account. Let us take a look

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

Examples of combination products may in

t just what a merchant account is.

If you have never heard of a merchant account before, the concept is really quite easy to

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

understand. A special account is created through a banking institution (usually the bank where you do your business or person

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

al banking) or a clearing house (which is similar to a bank, with slight differences) which will permit you to accept payment

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

Combination pro

by credit cards. Any and all credit card transactions will pass through online authorization and ultimately be deposited into

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

your account (once the credit card charge has been approved).

Using a merchant account is really the easiest way to accept c

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

redit card payments. There are other ways, but they can cost more and be a much bigger business hassle. When a merchant accou

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

t is established and a company is willing to authorize payments to your business online, your customers can begin using their

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

credit card numbers for purchases and you will receive payment!

Actually, that is an over simplified explanation of what hap

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

ens. There are many steps that need to occur before you will see any of the money from credit card payments.

Step 1 – Impro

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

Following aspects would a

ve your website so credit card numbers can be accepted.

Step 2 – Verify and approve the charge. This can be done by the inst

dd to the challenges in developing combination products:

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

tution where you have a merchant account or by an independent online authorization company. If you go with the latter, be sur

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

to do sufficient research. Going with an inexpensive company may save you money up front, but if they approve invalid credit

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

cards you will pay much more!

Step 3 – Charge is authorized, so the details move to the customer’s credit card processor. 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

ey debit the card and deposit the money into your merchant account.

There are companies that provide these steps in an “all-

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

Professional from academic institutions, pharmaceutical industries, health care indust

n-one package” deal. The choice of how you accept your credit card payments online is up to you, but a great amount of search

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

ing for the best and right company is necessary.

Looks easy, does it not? However, setting up a merchant account may be tric

.

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

ier than you think. This is especially true if you are just starting your online business. You may have to wait until your bu

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

Companies that provide selfless information through particip

iness is established and can show its profitability before a financial institution will give you the desired merchant account

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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