Advice You - Finance

The concept of filing bankruptcy has changed significantly in face value over the past couple years. Ten years ago, one would have looked at bankruptcy as the worst possible thing anyone could ever do to themselves. It meant losing everything, and never recovering. Then, a couple years ago, people started using bankruptcy as an easy way out of debt. Some

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

times choosing chapter 7 and other times chapter 11 depending on their liquid assets and ability to repay their debt. So many people started doing this, that the government accepted the new “Bankruptcy Law,” that essentially put a stop to “bandwagon bankruptcy.” I call it that because that’s what it had become – well everyone else is doing it to get out

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

Examples of combination products may in

f debt and they seem to be fine, I guess I’ll do it to!

The question that needs to be asked though is how did so many people get in so much debt that this even started happening? Isn’t there something governing and controlling how easily people can be given the opportunity to increase their debt? Well sure, there is our credit score, but even that somet

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

mes has no effect on what a person can do. So who’s to blame for all our debt, and all the bankruptcy? Is it the consumer, or the companies that provide the credit in the first place? Of course your immediate answer is the consumer, as they should have had the self-control to not get into their financial mess in the first place. Before you agree with tha

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

statement however, take a look at the whole picture.

A credit card is usually a person’s first experience with credit, and the ability to acquire debt. Typically as soon as someone turns 18, they are bombarded with offers for credit cards, student credit cards, special “gas” credit cards, and “first-timer” cards. This is a great thing in the sense that

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

Combination pro

one can start building credit early in life, but with that comes many dangers that can quickly out weigh the pros if not handled properly. Let’s say you were given a piece of plastic and told nothing more than “this card is worth $500 dollars, you can spend it on anything you want, and you don’t even have to pay it back right away! Just give me $10 a mo

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

th until you get around to paying it off. Infact we will even raise that amount to $1000 in a couple months, and heck while we are at it, why not give you $5000 to play with.” Well if that’s all you were told, you would be excited and grateful for such a generous offer of course! At this point you might be saying “C’mon, everyone knows there is interest,

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

and that you need to pay off your balance in full, and if you miss a payment they will default you to a 30% interest rate, and if you use your card too much and carry a high balance you will get a bad credit score, and you CAN go over your limit and get charged $30 or more, and there could be a membership fee or annual fee…..” Now just wait a minute and

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

ead that again. Do you really think every 18 year old that just got a credit card offer in the mail knows everything I just listed? Regardless of how smart you are, if no one tells you about something, you are not going to know, at least not until it’s too late. The worst part is, this is just credit cards I’m talking about, and that’s only the tip of th

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

e iceberg.

So what iceberg am I talking about? I’m talking about the one that sank my financial ship, and the same one that sank so many others by the age of 21. In the three years from 18 to 21 it is possible for someone to acquire so much debt, that they are forced into bankruptcy as an only way out. So how does it start? It starts with the credit car

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

s as mentioned above and moves into greater things like installment loans, say for a car for example. Why is it that an 18 year old student with no full time job and an income of maybe $18k a year can buy a $20k car if they like? All they need is a signature worst case, regardless of the obvious cold hard numbers that say its impossible to afford. After

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

Following aspects would a

he installment loans its school loans, and not the typical Stafford loan that everyone needs and gets. I’m talking about those special loan offers that come to the student giving them $10k plus, to spend on whatever “school related” things they need. So even though I didn’t need that $2000 computer, I might as well get it now that I don’t have to pay for

dd to the challenges in developing combination products:

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

it until I’m out of school. How about a new wardrobe while we are at it, since I need that for the new semester. What those loans don’t tell you however, is that even though you don’t have to pay them off until after graduation, they are still accruing interest all along the way, not uncommonly at a rate of 10% or more. This also typically applies to an

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

y student loan that is not a government loan, and even then sometimes they incur interest while you are in school (usually at a much lower rate however). So what happens when you add it all up? Pure disaster.
At the age of 21, I had incurred over $80k in debt. Meanwhile, only attending 1 ? years of school, so only 1 ? years worth of school loans, wh

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

ch by the way, kick in as soon as you drop out of school, regardless of your reason (ff course there is forbearance and deferment, but interest is always involved). So where did it all come from? A little bit of everything, and a bad downward spiral. Once the credit cards got to high to pay, and the car payment got to extreme, one can simple apply the fo

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

mula for compound interest to everyone he/she owes because that’s what is going to happen, and fast. I would love to find a mutual fund, or an investment property that grew as fast as my debt did once I slipped the first time on my payments, but it’s not going to happen, that kind of growth only happens if you are in the credit business.

So in the end I

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

Professional from academic institutions, pharmaceutical industries, health care indust

was forced into bankruptcy even with the new law intact. After credit counseling and debt management, there was no way of climbing out of my hole. After going through this, I did a little research and found I was not alone, and not the idiot I thought I was. There are thousands of young adults who went through the same thing, and ended up in the same mes

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

s. And so brings me back to my original question; who’s to blame, the consumer or the credit companies? I believe it is not wholly one of the other. I believe it is the consumers fault for not providing education to other consumers while still in high school. I also believe it is in part the fault of the credit companies and their willingness to get rich

.

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

off of others, regardless of their age and the potential outcomes. There needs to be more regulation, and there needs to be more education. My goal in this article is not to bash the credit companies, or to point blame at anyone in particular. Rather, I just wanted to share me story with others, and the things I’ve learned through trials and tribulation.

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

Companies that provide selfless information through particip

Hopefully this will help in some way save others from the mess I’ve encountered.

I’ve compiled a website to help with all Debt related issues. It is a free ad-supported site, so feel free to read some of the articles and check out some of the links I’ve collected. The address is www.TacklingDebt.com

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

Today medical billing careers and jobs are very exciting and are in great demand allover the world. A medical billing career is the right option for service minded job seekers who wish to help patients. Top colleges and universities with medical billing career training programs offer you challenging jobs in medical billing careers. With the advent of modern technology, there has been a great demand for work from home medical billing careers.

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Advice You - Bankrupt By 21 Years Old - Whose Fault Is It

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