Useful Advices - Finance

Does your credit card balance never seem to go down? Do you wonder where your minimum payments go each month? Has your interest rate increased without your knowledg

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? Does your credit card statement have charges you don't understand? You're not alone! Many people find themselves making their minimum credit card payments each m

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

Examples of combination products may in

onth discovering at the end of the year that their balance is almost the same as when they started.

How does it happen? Most credit card balances rise innocently e

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

nough. Once I worked with a woman who had this experience. She got a credit card intending to pay off the monthly balance. This plan worked to perfection for the

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

first three months. At that time, Kim (not her real name), very prudently took advantage of an annual clothing sale. She used the sale to purchase much needed work

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

Combination pro

clothes at 50% off. The final bill was a little over $1,500.00. Kim's intention was to pay off the balance two weeks later when she got her paycheck. However, tw

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

o weeks later, when Kim got paid, she encountered another financial problem: her car needed $1,100.00 worth of repairs. The following day, Kim's credit card bill ca

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

me in the mail. Kim had never paid much attention to her credit card bill prior to that and was relieved to see a box with the heading : minimum payment due. Kim h

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

ad fully intended to pay the $1,000.00 that was on her credit card bill, but after paying cash for her car repairs, she didn't have the money left to pay off her cr

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

edit card balance. Not wanting to hurt her credit rating, Kim immediately mailed the minimum payment.

When Kim received her next credit card bill, she realized tha

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

t there was no decrease in the balance. She was not too concerned. Over the next few months, Kim would use her credit card and see her balance slowly increase even

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

Following aspects would a

though she always sent in her minimum payment on time. Kim was out for lunch one day with a business client when her credit world started to unravel: her card was r

dd to the challenges in developing combination products:

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

efused. Kim got back to her office and called the credit card company. She was told that she exceeded her credit limit of $2000.00. The credit card company explain

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

ed to Kim the following: 1) her minimum payments covered only finance charges on her existing balance 2) in the fourth month, they received her payment two days lat

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

e, which automatically kicked in a much higher interest rate. Kim learned these facts because she called her credit card company right away. At the critical momen

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

t of discovering her card was over the limit, Kim took took positive action to rectify the situation. She and her credit card company agreed on a workable payment

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

Professional from academic institutions, pharmaceutical industries, health care indust

schedule which zeroed out her credit card balance in twelve months. By communicating with her creditor, Kim did minimal damage to her credit score, and was able to

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

build a strong financial future.

To prevent falling into the trap that Kim fell into, make sure you are fully aware of the terms and conditions of your credit car

.

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

d agreement. Financial institutions are required by law to fully disclose all terms and conditions that will increase your interest rates and/or assess late fees.

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

Companies that provide selfless information through particip

Communicating payment problems as quickly as possible to your creditors will have a minimal effect on your credit history and greatly enhance your financial future.

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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