Advice You - Finance

We all love a bargain and when we’re faced with a store card offer at the sales counter as we make a purchase, the temptation can be difficult to resist. At face

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

value store cards can seem appealing –discounts on purchases, invitations to promotional and preview events, extra money off in the sales, and glossy member mag

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

Examples of combination products may in

zines – and after all, they’re just another credit card, aren’t they? In fact, no, they’re not just another credit card. Although they may offer some tempting pe

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

ks, they can be very expensive methods of borrowing that can lead to spiralling debt if the balance isn’t paid at the end of the month. There’s no reason why you

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

shouldn’t open a store card account if you’re sure it’s going to be an appropriate financial arrangement for you – but you should weigh up all the pros and cons

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

Combination pro

carefully before you make any decisions.

Check interest rates and hidden fees:

Lurking behind the fabulous special offers and discounts are various potential c

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

arges and fees that could send your debt soaring out of control. For a start, the interest rates can be more than double those of bank credit cards – sometimes a

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

s much as 30% APR. And then there’s the hidden charges, which can really catch you unawares. Watch out for penalties for late payments or for defaulting on payme

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

ts. Some cards even charge interest from the purchase date if you don’t clear the balance at the end of the month.

Pay off the balance if you can:

Why shouldn’

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

you take advantage of the offers if they’re there for the taking? You could save a lot of money by opening a store card (for example, discounts of up to 20% may

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

be offered with your first purchase), as long as you are sure that you will be able to pay the bill before interest is charged. Check what the bill period is – i

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

Following aspects would a

t’s normally 30 to 50 days. Also find out whether there’s an interest-free introductory period.

Work out a budget:

If you plan to spend a lot using the store c

dd to the challenges in developing combination products:

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

rd, work out a monthly budget of how much you will need to set aside to pay the bill, to determine whether you can afford it before you sign up to anything.

Inv

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

stigate other credit options:

Store cards seem to easy to set up – just completing a short form in front of a sales assistant who’ll make a quick phone call to

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

arrange it all for you – but these days it’s really not difficult to obtain credit from a bank, and you’ll normally get better rates with a bank credit card than

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

you would with a store card. Shop around before you make any decisions – investigate what the banks have to offer.

Don’t be afraid to ask questions or say no:

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

Professional from academic institutions, pharmaceutical industries, health care indust

ales assistants can be quite persistent – they’re often on commission for the number of store card accounts that they open. Don’t allow yourself to be bullied by

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

them. Feel free to ask any questions and take as long as you want to mull over it. In fact, you don’t need to sign on the spot – take the forms and documentatio

.

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

away so that you can examine them in detail at home before making your decision.

Don’t go overboard:

One store card might be tempting, but don’t get carried a

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

Companies that provide selfless information through particip

ay. The more store cards you have, the more difficult they’ll be to manage and keep track of – and that’s when your debts can start to spiral out of your control

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 - The Pros and Cons of Store Cards

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