Advice You - Finance

Any time someone borrows money from a bank, the funds lent are referred to as a loan. Any time when the bank asks for collateral (a securi

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

ty that the bank takes charge of if you are unable to pay, like your home or property), that’s called a secure loan. A first secured loan

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

Examples of combination products may in

n property is considered to be first charge, while a second loan (perhaps a home equity or second mortgage) is second charge. Secured loans

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

are easier to obtain than an unsecured loan, as the bank has a means of repayment in the event that you are unable to.

There are many typ

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

s of secured loan programs available, offering different benefits and such to the borrower. But no matter which one you choose, there are

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

Combination pro

some things you need to know before you agree to or sign anything.

First, secured loans come in a variety of amounts (typically averaging

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

etween ?3,000 to ?50,000, but have been seen as high as ?250,000 with some lenders). They are repaid on a monthly basis for a predetermine

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

d amount of time (usually between 3 and 25 years). Some loan programs may have a prepayment penalty (a fee attached to the loan if it is pa

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

d off earlier than expected), so be sure to ask your lender if this applies to your loan.

Second, the APR (Annual Percentage Rate) is 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

interest you’ll be charged for borrowing the money. Your APR will depend on several factors, including your credit history and equity avail

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

ble in the property. It’s a wise idea to compare interest rates from different lenders to be sure that you’re getting the best one possible

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

Following aspects would a

Next, you need to know how to apply for a secured loan. The Internet revolution has changed the lending industry for the better, as it’s

dd to the challenges in developing combination products:

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

no longer necessary for you to leave your home to apply for a secure loan. Although you can visit your local branch of your favorite lendi

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

g institution, it’s much easier to login online and enter your information, or to pick up the telephone.

Finally, you need to know how gov

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

erning laws are protecting you. All secured homeowner loans are subject to the Consumer Credit Act of 1974. This act contains strict guide

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

ines as to how money is lent out, covering loans up to ?25,000. (Loans for greater amounts are unregulated). Before such a secured loan is

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

Professional from academic institutions, pharmaceutical industries, health care indust

granted, you will have to sign a legally binding credit agreement for the terms of your particular program. A consideration period of 7 da

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

s is to be granted to you by the lender. Lenders are to offer you insurance options to cover your monthly loan payments in the event that y

.

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

ou are unable to pay under specific circumstances, such as illness, unemployment, an accident or death. All coverage options will vary bet

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

Companies that provide selfless information through particip

een lenders, and so will the cost, so be sure to check with your lender for any details, specifically as to what is covered and what is not

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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Quite a bit, actually. Public relations helps business, non- profit and association managers achieve their managerial objectives with results like these. New proposals for strategic alliances and joint ventures; rebounds in showroom visits; customers making repeat purchases; stronger relationships with educational, labor, financial and healthcare interests; enhanced activist group relations; new membership applications; capital givers and specifying sources looking their way, as well as improved relations with government agencies and legislative bodies; both new thoughtleader and special event contacts; and expanded feedback channels.

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Advice You - The 411 on Secured Loans: What You Need to Know

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