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Advice You - Edmonton Bankruptcy Series- Do I need to open New Bank Account When Filing a Bankruptcy or Proposal?
When we are contacted by individuals who are considering filing a bankruptcy or consumer proposal in Edmonton, Alberta, we always suggest tha
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
t they immediately open a new bank account. While this is a suggestion and not a legislative requirement; it is almost always in their best
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
interests to do so.
There are really only three scenarios that opening this new account is critical, but we find that at least one of these
There are really only three scenarios that opening this new account is critical, but we find that at least one of these
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
pplies to virtually all of our inquiries.
The most common situation involves people who owe money to the institution that they are currently
The most common situation involves people who owe money to the institution that they are currently
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
banking with. In this situation, the institution (i.e. the bank) often tries to seize any monies in your account and directly apply them to
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
he outstanding loans. Legally speaking, this is referred to as “set-off,” and in the absence of a bankruptcy or proposal this is their right
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
. However, the day you file the bankruptcy or proposal, this right is lost. Unfortunately, there is a delay between the time you sign all th
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
required documents and when they are received and processed by the bank. Realistically speaking, if during this delay any funds are seized,
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
the trustee can arrange for the funds to be returned, but this often can take up to 3 months and may cause some difficulties for you if the m
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
nies are required for day to day living expenses.
Over the last decade, it has become common practice to arrange bill payments to automatica
Over the last decade, it has become common practice to arrange bill payments to automatica
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
lly be withdrawn from your account (i.e. direct payment). Due to the same unavoidable delay, payments are often withdrawn after the date of
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
signing. In fact, it often takes a couple of months for the bank to recognize the filing of a bankruptcy or a proposal, and if they continue
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
to take payments out of the account when they aren’t entitled, you may again experience the same problem as in the first scenario. We can ge
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
t the money returned, but again it can often take time.
The third scenario that can create difficulties is if you have an overdraft on your
The third scenario that can create difficulties is if you have an overdraft on your
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
ccount. Technically the overdraft is an unsecured debt, and the filing of a bankruptcy or proposal will serve to automatically cancel and cl
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
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
ear this debt. This really only becomes an issue if you make any deposits into the account, because the bank will automatically use the moni
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
s to reduce the amount you are in overdraft, and it can often be very difficult to trace these types of transactions. As a result, the funds
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
may not be recoverable by the trustee.
As a result we always suggest that it is in your best interests to open a new account with an institu
As a result we always suggest that it is in your best interests to open a new account with an institu
.
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
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
ion that you do not owe money, prior to filing either a bankruptcy or elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
osals.htm">consumer proposal in Edmonton, Alberta. For more information on this feel free to contact Goth & Company Inc. 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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