Advice You - Finance

The most widely held misconception about bankruptcy is that it’s the debtor’s version of the “get out of jail free” card in Monopoly. While most people know that bankruptcy affects your credit for 7

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

to 10 years, very few people know that it’s possible that you’ll have to pay back the debt anyway, even if you file a Chapter 7 “straight” bankruptcy. The formal definition of bankruptcy is “a procee

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

Examples of combination products may in

ing in federal court in which an insolvent debtor’s assets are liquidated and the debtor is relieved of further liability.” On the other hand, the commonplace definition of bankruptcy is probably “the

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

process of completely wiping out your debts for free.” In the majority of cases, the latter definition may be appropriate, but in some scenarios, it’s likely that even with bankruptcy, you’ll still ha

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

e to pay back at least a portion of the debt.

So when is it likely that you’ll have to pay back your debts? Here are the most common scenarios when you’ll get all the negatives of filing bank

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

Combination pro

uptcy (severe credit impact for 7 to 10 years), but none of the benefits (you’ll still have to pay back at least part of the debt):

1) You make more than the average person in your state. If

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

his is the case, then it’s likely that you’ll be forced into a Chapter 13 bankruptcy plan. In a Chapter 13 bankruptcy, the court orders that you pay all your disposable income to a court appointed tru

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

tee, who in turn disburses payments to your creditors. Keep in mind that the court determines your disposable income by national and county statistics on average necessary expenses, not what you’re pa

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

ing. So just because you’re paying a lot for a car does not mean the court will approve it. There are numerous cases when a judge ordered families to stop sending their children to private schools so

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

hey can have more money to pay back their creditors. For example, here are the latest statistics on the Illinois median income by size of household:

Illinois Estimate
1-p

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

rson families 41,650
2-person families 52,891
3-person families 62,176
4-person families 72,368

2) You have assets. If you own a home or car, then it’s possible that the bankr

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

Following aspects would a

uptcy court will force you to sell them to generate sufficient cash to pay back your creditors. Chances are if have a good chunk of change invested (unless it’s in a tax-exempt account like an IRA) th

dd to the challenges in developing combination products:

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

n you’ll also be forced to liquidate it. If you have a second home or another vehicle (assuming you own both completely), then you’re really out of luck. Fortunately, there are some safeguards to pro

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

ect consumers from bankruptcy hell. In Illinois, every resident is entitled to at least $7,500 of the value of their home, $1200 of the value of their vehicle, and $2,000 for anything that they want (

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

nown as the wild card exemption). Also, these values double if you’re married (assuming the property is in both of your names).

What does this actually mean? Consider the following example.

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

Let’s say you have a house that’s worth $250,000, and it’s in both yours and your wife’s name. You still owe about $200,000 on your mortgage, and you decided to file Chapter 7 bankruptcy. In this ex

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

Professional from academic institutions, pharmaceutical industries, health care indust

mple, you would be forced to sell your home, and with the proceeds you would pay back the mortgage company what you owe on the outstanding balance of the loan ($200,000), you’d pay yourself the Illinoi

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

real estate exemption ($15,000), and then you’d pay back your other creditors whatever was left ($250K-200K-15K=$35,000).

3) The creditors can prove that you were fraudulent and never had any intenti

.

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

n of paying them back.

For the majority of us it means that unless a) you don’t have a lot of equity in any of your property, b) you don’t have any investments like stocks, real estate, etc., c) you d

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

Companies that provide selfless information through particip

n’t care about having to sell anything mentioned in points a and b, or d) you don’t care about having to give up your disposable for 5 years in a Chapter 13, then bankruptcy may not be your best option

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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Any business with the minimum interest to be successful should concentrate on developing their corporate image and when I say “any business”, I mean it, absolutely any business—even if it’s a mom-n-pop shop. - Article discusses importance of professional logo design in relation to branding and corporate image. Also includes a brief description of all different types of logos.

Stop going blind trying to read e-books from your computer screen. A few minutes of your time and a few cents worth of supplies and you can be printing and binding copies of your book that look like they came from the bookstore.

Before you go off researching every idea that strikes your fancy, take a look at yourself. Ask yourself what you may have to offer. Chances are you may know more than what you think.

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