New Deal for Biologics Biggest in History

Jun 30, 2015

An amazing new class of drugs that could treat cancer and other fatal diseases is in the midst of the biggest trade negotiations in history. The Obama administration is in talks with the pharmaceutical industry about a Trans-Pacific Partnership which would effectively give them a monopoly on pricing for over a decade. But international relief organizations believe such a deal with lock in high prices for the drug, making it inaccessible to people in developing countries. Others are using the negotiations as an example for why administrations shouldn’t have the authority to make policy regarding life and death.

One of the major points of contention in the negotiations is that the most important pharmaceutical discussion ever is happening behind closed doors. Most citizens aren’t even aware that talks are occurring. Plus, it seems that the financial and pharmaceutical industries have the upper hand in the negotiations which has some lawmakers on edge. In fact the 12 year provision is so controversial that all 11 nations that would be a party to the Trans-Pacific Partnership are opposed to it. Still the proposal has the support of many Republicans and some Democrats who say that the deal for biologics, the name of the new class of drugs, are worth the investment. Biologics are injectable drugs that are organic products from living cells, unlike traditional pills.

The Obama administration seems to be straddling the fence. The Affordable Care Act originally allowed for the dozen year provision, however the administration has repeatedly tried to trim that down to 7 years. This is due in part to strong opposition from Pacific Rim countries. On Capitol Hill, the AARP and many Democrats also oppose such a lengthy term of sovereignty.

The impacts of this deal reach far beyond the pharmaceutical industry. It would affect more than 40 percent of the world’s gross domestic product, and many intellectual property rules where publishers, software development companies, and movie studios will all feel the repercussions.

This TPP trade deal is the largest in history. If you have a business that deals in pharmaceuticals, it could change your business forever. The use of biologics could cause a massive rise in profits, but will also wreak havoc on your payment processing systems if they are not prepared. Contact eMerchantBroker.com to learn how we can open and manage your pharmacy merchant account so that your business can process any type of payment and your ability to make money is limitless.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

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Several factors influence a merchant’s risk level. Though only one factor likely will not get a merchant classified as high risk, a combination of these may: business size, location, and industry, credit score, credit card processing history, a industry’s reputation for excessive chargebacks, a prior history of high chargeback ratios, and whether a merchant exclusively sells online.

Virtual terminals are stationed on a merchant’s website, making it easy for customers to make a payment or purchase online. Merchants or a payment processor can easily set up virtual terminals, so online businesses can accept credit and debit card and e-check transactions.

A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

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