Advice You - Finance

Most of us are aware of the credit score - a numerical quantity widely used to assess your credit worthiness. But there’s another scoring tool that can debar you from getting credit. It's the Bankruptcy Risk Score - a supplementary score that most creditors and lende

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

rs scrutinize prior to offering credit.

Personal bankruptcy seems to be a major consumer credit problem for lenders and credit providers. Since creditors cannot recover losses due to bankruptcy without litigation, so consumers filing bankruptcy are more costly for

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

Examples of combination products may in

hem. The year 2005 has experienced record number of bankruptcy filings - at least 31.6% higher than 2004 prior to the new law coming into effect.

But the new law has hardly helped debtors. Reports suggest that only 3.3% of the debtors could get rid off debts using de

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

bt management plans. The mandatory credit counseling sessions under the new law proved useful to only a maximum of 5% and minimum of 1%-2% of the filers. Here lies the need for Bankruptcy Risk Score to make debtors more aware of how much credit they can deal with. On

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

the other hand, creditors and lenders get the extra edge over traditional scores, as they are better informed of the consumers' credit status. This helps them in making credit decisions accordingly.

Creditors assess the score when you apply for a mortgage, a credit

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

Combination pro

card or any other bank card. Before extending credit, banks may also review the score while checking your accounts. Banks need to maintain a standard capital-to-risk ratio, and Bankruptcy score enables them to evaluate the risk within their portfolio. A combination o

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

your credit score and spending habits (how you use credit card, shopping card, etc) helps in the evaluation.

You may be looking for a single loan, either a mortgage or an auto loan. But multiple lenders may ask you for the credit report. In order to make up for thi

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

s, while determining the Bankruptcy score, multiple auto or mortgage inquiries are taken as a single inquiry. Over applying for credit also matters a lot as far as this score is concerned.

Bankruptcy Risk Score Vs FICO Score

Unlike the FICO credit

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

core that gives a general overview of your credit history, the Bankruptcy Risk Score highlights your chances of getting bankrupt. The score varies from -200 to 2018, with the most ranging between 0 - 1000. Higher score indicates greater risk of filing bankruptcy. 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

is is in contrast to the FICO scoring model where a low score implies there is higher risk in offering credit.

With Bankruptcy Risk Scores, creditors can:

Supervise existing portfolios

Decide upon the initial credit limit

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

Raise or lower the existing credit limits.

Determine the collateral requirements for mortgages and other secured loans.

Identify lower and higher risk debtors and then offer loan programs as per their payment ability.

Bankruptcy

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

Following aspects would a

cores are not available to consumers, only the creditors are informed about it by credit reporting agencies. However, the credit reporting agency, Experian has decided to provide consumers with such scores, knowing which consumers can anticipate debt problems and thu

dd to the challenges in developing combination products:

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

s be more cautious. Experian has also compiled the following list of states with higher bankruptcy scores.

Texas

Nevada

New Mexico

Louisiana

Arizona

With a high bankruptcy score, you can hardly get credit at some of the best rates prevai

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

ing in the market. Just like you go for a credit repair in order to raise your FICO score, you should look forward to different means of improving the bankruptcy score. Here are some easy-to-follow steps to guide you in the process.

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

Pay your bills in time:
Late payments or missed payments create a negative impact on the bankruptcy risk score. Other factors affecting the score are accounts being referred to collection agencies, repossessions or an already declared bankrupt

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. You can avoid such situations by using automated payment system which helps you to pay in time. You may also check out with the credit reporting agencies for any error or dispute in your credit report. Maintain a low debt balance:
Keeping a

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

Professional from academic institutions, pharmaceutical industries, health care indust

low debt balance, that is, a low balance-to-limit ratio is necessary. Using up a credit card beyond the limit affects your score. But you can have multiple cards with minimum balance on each. And, in case you have indeed crossed your credit limit, you may consult the

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

creditor for an alternative repayment plan.

Open accounts only when required:
It's better not to open several accounts within a very short period of time. This can lower both your credit score as well as Bankruptcy score. Credit report statis

.

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

tics show that an individual applying for new credit 6 times in the past 1 year is 8 times more likely to file bankruptcy than others are.

Bankruptcy score depicts whether you will be bankrupt, delinquent or go through a charge off in future. With this score, analys

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

Companies that provide selfless information through particip

s of your credit history becomes more precise with creditors being well-informed of your credit status. While creditors and lenders can judge your credit worthiness better, you too can decide as to whether you can afford to manage debts, provided you know your score

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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