Advice You - Finance

Orderly payment of debt (OPD) is a program offered under the Bankruptcy and Insolvency Act and a viable alternative filing a bankruptcy, or a consumer proposal.

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

OPD is a repayment program that permits consumer debtors to pay their unsecured debts in full over a period of time. The OPD has many advantages, for instanc

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

Examples of combination products may in

e, it provides protection court from your creditors (i.e. they are prevented from being able to make any attempts to collect on their debts), the payment schedu

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

le is set up based on your ability to pay, under OPD a reduced interest rate is charged (5%), you do not have to directly contact your creditors, there is acce

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

ss to a credit counselor who while help you to resolve some of the issues that have caused these difficulties and they will help you to understand how to rebuil

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

Combination pro

d your credit once the program is finished. The one down side to fining under OPD is the impact on your credit rating. As a result of filing under OPD you wil

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

l have an R7 that will be listed on your credit history for a maximum of 3 years from the completion of the program.

It is this impact on your credit that to m

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

doesn't make a great deal of sense and the reason for this is that people who pay their debts in full under OPD and people who compromise their debts by filing

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

a consumer proposal both have the same R7. To me there should be greater incentive to pay the debts in full, but as a result as a result there are relatively

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

few situations where OPD makes financial sense. The most common of which are as follows:

1. Your total unsecured debt is less than $5000. In circumstances w

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

here you owe less than $5,000 you will find the cost of filing a proposal can make OPD a more viable option.

2. The majority of your debt cannot be cleared thr

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

Following aspects would a

ough filing a bankruptcy or proposal. If your debts are primarily debts that cannot be released under a bankruptcy or a proposal it may be to your advantage to

dd to the challenges in developing combination products:

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

consider OPD. A good example of this would be student loans. If it has been less than 10 years since you last attended school and your creditors are making pa

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

yment demands that you cannot meet, then OPD will relieve the pressure, fix a more reasonable payment level and allow you to make payments over an extended peri

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

d of time.

3. You have assets or high enough income that in bankruptcy would result in your creditors being paid in full. If in a bankruptcy your creditors wo

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

uld end up being paid in full, then this would be required in a proposal. However, the administration fees in a proposal to pay debts in full would likely be m

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

Professional from academic institutions, pharmaceutical industries, health care indust

ore expensive than the 5% required under OPD.

4. You are self employed. At the time of writing this article, if you are self employed then you are not eligibl

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

e to file under OPD.

In most other circumstances we find that filing a consumer proposal is typically a more cost effective solution. The filing of a proposa

.

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

l has all the same benefits as OPD, results in an identical marking on your credit history report and is often significantly less expensive. For more informati

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

Companies that provide selfless information through particip

on on these or any other of the alternatives to bankruptcy feel free to visit us online at our Bankruptcy Edmonton website or call us directly at (780) 435-5110

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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