Advice Pool - Business

There's been a lot of bad press lately pertaining to the ethics of debt collectors. As the owner of a collection agency, I'd like to take this opportunity to respond to such allega

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

tions. As a general rule, businesses contract with collection agencies in an effort to resolve recovery issues due to extended lines of credit that have failed to be honored.

When

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

Examples of combination products may in

not pursued diligently, past due accounts are among the leading contributors to serious cash flow issues that prevent businesses from paying their own bills, or forcing them to go

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

ut of business altogether. Businesses depend on earned revenue to thrive, it's essential to the life of the business.

As a business owner, I understand the urgency of recovering p

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

st due revenue. As a collector, it is imperative that we abide by the Fair Debt Collection Practices Act (FDCPA) standards. The role of a collector is to fulfill our obligation to

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

Combination pro

he creditor and assist them in recovering earned revenue.

It is my opinion that collectors also have an obligation to the debtor to assist them in resolving issues they face with

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

their creditors. In all fairness, most debtors do not intentionally dishonor their financial commitments. Debtors are entitled to be treated with respect as opposed to being treate

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

as second class citizens, unfortunately, this isn't always the case. Debtors have the opportunity to register a complaint with the Federal Trade Commission (FTC) if they feel thei

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

rights have been violated. For more information on the Federal Trade Commission go to http://www.ftc.gov.

Any business, or individual may stop a debt collector from making contac

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

with them by submitting their request in writing. Once a collection agency receives such a request, they must cease all communication with the debtor, except to acknowledge the re

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

uest and ensure there will be no further contact, or to notify the debtor that the original creditor intends to take legal action. Please understand however, that making such a req

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

Following aspects would a

uest does not make the debt go away if the debt is indeed valid. The original creditor still has the option to sue the debtor for the balance due.

If a business contracts with a c

dd to the challenges in developing combination products:

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

llections agency to pursue collections, their customers have rights mandated by the FDCPA. The FDCPA requires that debt collectors treat debtors fairly, and prohibits certain metho

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

s of debt collection. FDCPA rules and regulations do not apply to creditors collecting their own debts.

There are precautionary measures a creditor may take to avoid the need for

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

hird party intervention. As in all aspects of business, it is important that accounts are regularly monitored and updated. At the first signs of delinquency, the accounts receivabl

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

department should make contact with the account to discuss payment issues. The longer accounts are allowed to fall behind, the longer it will take to resolve the issue and bring t

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

Professional from academic institutions, pharmaceutical industries, health care indust

he account current.

In the event a business, or individual anticipates being late with a payment, they too may avoid having their account placed with a collection agency. In such

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

ases, the debtor should contact the creditor and discuss alternate payment arrangements. Contacting the creditor displays good faith, and alleviates any concerns the account will d

.

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

fault on payment commitments, thus the creditor will likely be more willing to work out an alternate plan to bring the account current in the most timely manner possible. Communic

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

Companies that provide selfless information through particip

tion is the key to conquering uncountable obstacles. In the collections industry the word "communication" may very well be the single most important function in our job description

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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