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Advice Pool - Why Is It So Difficult To Collect Timesheets?
It’s an all too familiar story: It’s Friday afternoon, and you need to finish your accounts and get those invoices out so you can stay in control of your cash flow. You look over your staff timesheets and s
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
ee that, as you predicted, many of your staff haven’t submitted them yet. You chase them up, only to find out that one of your staff is at a meeting at a client site and cannot be contacted, and a couple mor
; 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
have already left for the weekend. Then there are those that have to be told three times to do their timesheets. How are you supposed to cope with this and still have time to run your business?
There are
There are
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
a number of methods to deal with this type of situation when it occurs. There is always the possibility that you will find yourself in this situation even with the very best of planning, so you need to have
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
ome kind of coping strategy. Here are a few coping mechanisms that you can use:
1 – Wait until next week to do your invoicing. This method is probably the easiest solution to handle from an accounting poin
1 – Wait until next week to do your invoicing. This method is probably the easiest solution to handle from an accounting poin
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
t of view, and it means you can go home early too! However, if you are currently struggling with cash flow this may not be an option.
2 – Send out your invoices today and add the missing timesheets to futur
2 – Send out your invoices today and add the missing timesheets to futur
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
invoices. There are many reasons not to do this, as it can create difficulty with administration, and it can also confuse your clients. However, if you are strapped for cash, it may be the best option.
Th
Th
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
at being said, the best way to handle these situations is to plan ahead so that they never occur. Here are a number of proven methods that you can use to get those timesheets in more painlessly:
1 – Make ti
1 – Make ti
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
esheets due days (or weeks) before the it’s time to send out the invoices, and check to make sure you have received them well in advance of needing them to do the billing. While this may sound obvious, you’d
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
be surprised at how many businesses have difficulty achieving this.
2 – Delegate the task of collecting timesheets to a staff member you trust. This will allow you to spend more time on what you are good a
2 – Delegate the task of collecting timesheets to a staff member you trust. This will allow you to spend more time on what you are good a
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
; running your business.
3 – Provide an incentive for staff to submit their timesheets by a certain time. By far the most effective method of doing this is to “link” the collection of timesheets with the pa
3 – Provide an incentive for staff to submit their timesheets by a certain time. By far the most effective method of doing this is to “link” the collection of timesheets with the pa
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
yroll. Not the nicest way to go about it, but you’ll probably never see another late timesheet!
4 – Automate the process as much as possible. If you have a lot of traveling staff, make it possible for them
4 – Automate the process as much as possible. If you have a lot of traveling staff, make it possible for them
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
to submit their timesheets via email. You can also put systems in place to automatically email staff to request missing timesheets.
If you require a reasonable level of detail in your timesheets, you will g
If you require a reasonable level of detail in your timesheets, you will g
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
enerally benefit from implementing a time tracking software solution. Staff can have a program that is installed on their computers and is easy to use, allowing them to enter timesheet information easily whi
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
e they work. Some time tracking packages will also automate the process of timesheet submission and will link directly to your accounting software, making life easier for everyone.
The key to the success of
The key to the success of
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
any time tracking system is for it to be an integrated part of the corporate culture. Hence, staff should be informed that part of their job description includes the submission of timesheets by the deadline
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
. If you can get staff to create their timesheets while they work and submit the daily, it will be easier for both staff and manager.
If your staff spend a lot of time behind their computers, you may wish t
If your staff spend a lot of time behind their computers, you may wish t
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
o consider a software package that can help the staff fill in their timesheets. One such package is Spherical Technology’s Time Tra
.
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
king Software, which logs the files and applications that a staff member uses, and makes it easy for staff to create an accurate timesheet at the end of the day.
Timesheets are an important but much over
Timesheets are an important but much over
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
looked aspect of running a successful business. With the right planning and systems in place, timesheet creation and collection can be painlessly integrated into the day-to-day operation of your organization
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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