Advice You - Finance

You have not bothered to manage your account properly. You have borrowed money offered to you by your bank, and then not made sure you have left enough funds

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

to pay for your direct debits or cheques. You haven’t even managed to put aside money to cover those bank charges. What makes you think you are entitled to a

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

Examples of combination products may in

y kind of refund and that you can reclaim your bank charges? It is your account and your responsibility, so why blame someone or something else?

Well to a ce

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

rtain extent it is your fault, it is your account and you spend the money available, just like we all do. That is the point, just like we all do. Years ago y

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

u would find it very difficult for your bank to let you spend more than you had and would have to jump through hoops to borrow even the smallest amount. These

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

Combination pro

days it is openly encouraged; we all have offers landing on our doorstep which seem attractive but can have dire consequences. However, the level at which bank

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

charge when it all goes wrong seems very unfair and there is an important point:

English law does not allow a penalty clause. If a bank cannot justify that i

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

t costs ?25 - ?40 to send you an automated letter advising you of an unauthorized overdraft then the fee is considered a penalty.

Excessive fees for overdraft

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

, returned cheques, unpaid direct debits and standing orders are all potentially unlawful.

What can you do? Well you can claim those bank charges back for fr

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

ee. You can get a list of charges from your bank. Interest can be added to those charges and you can write a standard letter to your bank asking for a refund

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

If you are lucky they will send you a cheque, but in most cases they will refuse. A second letter will then be sent informing them that they have so many da

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

Following aspects would a

s to refund or you will pursue the matter in the small claims court. Again they may refuse, but at the end of the day if it does go to court you are unlikely

dd to the challenges in developing combination products:

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

not to receive a refund. The bank has to prove that the charges were not penalties. At any of these stages before a court hearing there may be an offer which

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

you may need to negotiate.

If you really don’t want to get your hands dirty with this, or simply don’t have the time then there are companies out there that w

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

ill do this for you at a no win no fee commission. This commission is usually 25% of the won claim value. The fee also includes court costs. However, in mos

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

cases these claims do not go to court so that level of fee has to be considered carefully.

Shop around and you will find the odd company that does offer a si

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

Professional from academic institutions, pharmaceutical industries, health care indust

mple low fixed fee on a no win no fee basis. The benefits are you only pay for the stage at which you win your claim, and as the company does not automaticall

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

factor in court costs it may take more care to maintain the relationship between you and your bank in order not to get to that stage.

Whatever choice you mak

.

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

e do it soon as the OFT (Office of Fair Trading) are rumoured to be soon setting an acceptable level of charges for the banks. If that is the case the banks a

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

Companies that provide selfless information through particip

e extremely likely to limit payouts that are in excess of the new set charge. So if ?12 is the ruling then it will have a massive impact on claims.

Good luck

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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Advice You - What Makes You Think You Can Reclaim Bank Charges?

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