Advice You - Finance

There is a common misconception that people who cannot store their unaccounted wealth in their own country open accounts in Swiss banks. Even though this may be true to an extent, Swiss banks are well

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

known for their sophisticated and discreet banking services.

Many of the rich and famous like film stars, business entrepreneurs, top government officials, presidents, etc, are reputed to have Swiss

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

Examples of combination products may in

bank accounts. Then again, it is also said one need not be a multi-millionaire to open a Swiss bank account.

Brief Background of the Swiss Banking System

One of the most prosperous and economically

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

advanced nations, Switzerland has the world’s largest gross domestic product (GDP). There are nearly 400 banks in Switzerland, which range from the “Two Big Banks”, to smaller banks, serving single co

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

mmunities or selective clients. Considered as the world’s largest offshore financial center, the Swiss banking sector is renowned for its privacy, stability and protection of their customer’s informat

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

Combination pro

on and assets. The Federal Banking Commission (FBC) regulates these banks.

Opening a Swiss Account

Often freely available, a Swiss bank account provides total confidentiality, strict privacy, and is

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

tax-free. However, certain documents are required as proof to open a Swiss account. For example, people who are not residents of Switzerland need to furnish their passports, along with a passport siz

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

photograph. Depending on the profession, a current bank statement would be required to determine the client’s current financial condition. Along with this, certain personal information, like the date

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

of birth, country of origin, etc., is also required.

A useful feature of Swiss banking is that it can also be done via correspondence as long as the customers follow bank rules and regulations. The

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

ank and customer could interact through the Internet, telephone or snail mail.

However, a drawback of Swiss banking is that non-residents are expected to pay a hefty amount as deposit, and, the small

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

er accounts are more expensive to maintain. There is a clause especially for US citizens wherein they are expected to refrain from making any business transaction through their Swiss accounts, to keep

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

Following aspects would a

their account privacy intact.

Deposit

A security deposit is needed in case the customer wants to obtain a credit card. Approximately 1.5 to 2 times the monthly credit limit is demanded, depending o

dd to the challenges in developing combination products:

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

the bank the customer chooses. This deposit is returned when the customer decides to discontinue the credit card, and has paid all outstanding bills.

Confidentiality

There are legends about mysteri

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

ous numbered accounts in Swiss banks. Some high security bank accounts are given pseudonyms or special names instead of issuing them in the name of the customer, to preserve the anonymity of the custo

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

er. This number or name is used wherever the customer is referred. Moreover, even bank employees are expected to respect the customer’s privacy, the failure of which could land them in prison for seve

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

ral months.

However, Swiss banks, being very particular about preventing money laundering, crosscheck the authenticity of the information provided by the customer. If, during the scrutiny, the bank f

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

Professional from academic institutions, pharmaceutical industries, health care indust

nds the information of a potential or existing customer connected to some criminal activity, a Swiss judge or prosecutor issues a lifting order. These investigations could include international crimin

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

al investigation for tax fraud, insider trading, or the infamous terrorist financing of recent times.

Closing of an Account

Despite a few negative notions about Swiss banking, closing an account is

.

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

aid to be easier than expected. No financial penalty is demanded, and neither is the money held hostage, like it is done in other off shore banking.

To conclude, the secrecy and discreet nature of Sw

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

Companies that provide selfless information through particip

iss banking makes them convenient and dependable. This not only helps customers to save money, but also is a viable means of attaining economic superiority in the business world and society as a whole

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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