Advice You - Finance

Record numbers of people are filing for bankruptcy each year. If it has even been in the back of your mind, you should take the steps to avoid bankruptcy.

Why avoid bankruptcy? W

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

hen you claim bankruptcy, it will remain on your credit report for ten years. So when you are able to obtain credit, it will often be at a higher interest rate, as banks will consi

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

Examples of combination products may in

er you to be a greater risk to lend to. You also may not be able to get the entire amount you asked for on credit due to your credit history.

Not only is a credit report for obtai

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

ing credit, employers are more and more likely to check your credit score before hiring you. A good clean credit report reflects favorably on your reliability as an employee. Part

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

icularly if you will be dealing with finances or customer accounts.

Not to mention that there are some debts that bankruptcy will not discharge, such as tax liens, student loans or

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

Combination pro

child support payments. Even if your other debts are relieved, you will still be responsible for the non-discharged ones. Too many people think bankruptcy will remove all pre-exis

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

ing debt; it does not. There is also an emotional cost to bankruptcy. Feelings of depression, inadequacy and failure often go hand in hand with bankruptcy.

Even though there real

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

ly are cases where bankruptcy is the best option, try to exhaust all other possible solutions first. Ask yourself why you are in financial trouble. Is it because of illness, job l

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

ss or bad spending habits? Sit down and create a budget of all income and expenses to get a better idea of where you can save money to put towards your debts. Creating and stickin

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

to a budget is one of the most successful ways to avoid bankruptcy.

If you are becoming more and more behind on your payments, contact the lender. It does not matter whether the

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

ender is for your mortgage, credit cards or any other revolving debt. The creditor would rather speak with you and try to work something out rather than have to take you to collect

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

Following aspects would a

ions. Many credit card companies offer a debt solution program for you if you are having trouble making your payments. They may be willing to lower your interest rate (if your cre

dd to the challenges in developing combination products:

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

it score is still good), so your monthly payments will be lower. Or they may lower your monthly payments at your current interest rate. Keep in mind that option will result in you

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

paying more money overall over time. Your home is one of your most important assets. Before you become delinquent in payments and face foreclosure, talk to your mortgage lender.

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

They will be willing to work with you and may have a hardship program that you can enter without it damaging your credit.

Contact a debt counseling service. Choose a not for profi

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

(NFP) organization, you don't want to pay exorbitant fees for a company that will ruin your credit to try to get your debts discharged. NFP companies will work with your creditors

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

Professional from academic institutions, pharmaceutical industries, health care indust

to consolidate your monthly payments into something more manageable for you. This is only for unsecured liabilities like credit cards. You do still need to have some kind of incom

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

e to qualify for this, as you do need to make scheduled payments.

Debt consolidation loans: If you have equity in your home, you could take out a line of credit to pay off your 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

ts. Be extremely careful if you pursue this option, as many people will again rack up credit card debt. That would lead to you owing new debt and the home equity loan concurrently

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

Companies that provide selfless information through particip

While bankruptcy is sometimes the best option for a person, view all other avenues first before making this decision and know exactly what will result if you do declare bankruptcy

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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