Advice You - Finance

Don’t declare personal bankruptcy until you have considered all of your bankruptcy alternatives
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
>. Personal bankruptcy should only be considered as a last resort, after all other bankruptcy alternatives have been co
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in
nsidered and rejected.

Bankruptcy attorneys are busy, so they may not have time to discuss these bankruptcy alternative
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

with you in detail, so it’s up to you to do your own research. Here are four options that can help you avoid personal
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
bankruptcy.

•Talk to a credit counselor. A credit counselor can give you advice about budgeting and m
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro
naging your finances. A credit counselor will help you make a budget so you can figure out where your money is going. I
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
f you know where your money goes, you can reduce spending and use the money you saved to pay off your debts. If you can
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
cut your spending and pay off your debts yourself, you can avoid personal bankruptcy.

•Reduce spending
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
A credit counselor can help you make a budget, buy only you can reduce your spending each month. Do you need premium c
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
able television and all the extra features on your phone? If you can cut some features, you can save money. Make your
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
wn coffee instead of going to the coffee shop will save money. And making meals at home, instead of going to a restaura
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a
nt, will also help you save money and avoid bankruptcy.

•Consider debt consolidation. If you have a g
dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod
ood job and earn enough money each month, you may be able to go to a bank or credit union and borrow enough to repay of
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
our debts in full. The big advantage of debt consolidation is that instead of trying to make payments to lots of differ
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
ent creditors, you only make one payment to the bank, and all of your other debts are gone.

•Make a deal direct
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
y with your creditors. It never hurts to ask, so get on the phone and call up the people you owe money to (your
ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust
creditors) and ask them for a better deal. If you have been a good customer in the past, they may reduce the interest
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
rate you are paying, or extend the term of the loan to make your monthly payments more manageable. Most creditors would
.

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
rather help you now, rather than risk a bankruptcy in the future.

There are many bankruptcy alternatives, but
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip
they depend on you taking action to deal with them now, so don’t wait, get started now to avoid bankruptcy in the future

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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Advice You - Bankruptcy Alternatives – Four Options That Can Help You Avoid Bankruptcy

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