Advice You - Finance

In a capitalist market seemingly obsessed with profit, the green bandwagon suddenly appears rather ironically overloaded with corporates. Whether it be big brand retailers, such as Tesco, or technology giants, such

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

as BSkyB, business now seems intent on winning the hearts and pockets of the environmentally-conscious consumer.

Financial-services firms are the latest businesses to show a keen interest in the environment, with s

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

Examples of combination products may in

everal banks now launching ‘green’ credit cards. Barclaycard, for instance, is introducing its ‘Breathe’ credit card in the summer. Made from PETG - a recyclable and more environmentally friendly alternative to 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.

usual PVC - use of the card will also help generate funds for carbon-reduction projects. In the first year of its launch, Barclaycard has promised to donate ?1m to environmental initiatives, with 50% of its profits

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

from the card going to green causes thereafter. In addition, Breathe card holders can enjoy a preferential annual percentage rate (APR) of 5.9% on purchases of environmentally-friendly goods and services.

Other ban

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

Combination pro

ks are keen to compete. Virgin Money is also developing a green card, which it claims outdoes Barclaycard because it is bio-degradable rather then merely easily recyclable. The Co-operative bank has also long offere

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

d a range of affinity credit cards. With its Greenpeace card, for instance, the bank promises to donate ?15 when you open the account, plus 25p for every ?1 you spend on the card and 25p for every ?100 you transfer

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

o the card.

It all sounds very nicely in tune with current concerns over climate change. But it seems unlikely that a bank would go green purely out of a shared concern for the planet. Factor in other evidence, suc

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

h as recent announcements that both Virgin and Barclaycard intend to charge customers ?10 and ?20 respectively just for not using their credit cards and you begin to wonder - is there a catch to the banks’ swing to

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

green?

With growing interest in green issues, banks may wish to do something environmentally ethical if only to improve their brand reputation or consumer loyalty. There is, however, undoubtedly an opportunity for

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

banks and other institutions to make an easy profit out of this burgeoning interest in the planet’s welfare. For instance, Barclaycard’s Breathe card has a typical APR of 14.9% (reduced to 5.9% on environmentally fr

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

Following aspects would a

iendly products). This rate is below market average, but still not as good as some other offers currently in the market. Barclaycard’s own Simplicity credit card, for instance, has a best-buy rate of just 6.8% and t

dd to the challenges in developing combination products:

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

here are still many opportunities in the market for 0% balance transfers, which may prove far better value th

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

an an eco-friendly card, if you don’t pay your balance off in full every month.

You may be delighted to hear that you can now get a credit card which will make donations to charities that you care about at no cost

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

o yourself. But you still need to carefully evaluate the different credit card options to ensure that you are getting the best deal. If your overriding concern is the environment, then you should consider whether th

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

e bank has a good track record generally on environmental and ethical issues. If not, you may wish to make your donations through another party. Alternatively, by choosing a cheap credit card deal with a different p

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

Professional from academic institutions, pharmaceutical industries, health care indust

rovider, you could use the savings to make donations directly to the environmental cause of your choice.

"The environment is of prime concern to many people today, so seeing financial institutions donating to green

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

causes will please many people," said Sophie Neary, product director at BeatThatQuote.com. "You still need to be diligent in taking on any credit card, though. You need to weigh up all the benefits against any pote

.

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

ntial costs, whether those are higher rates or hidden fees. An eco-friendly card may not be the right option for everybody."

There is one clear positive aspect to these latest offerings though. Banks are listening

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

Companies that provide selfless information through particip

to their customers like never before and while profit will always be the imperative, we consumers have never been in such a powerful position to drive the market in ways that suit our pockets, rather than the banks’

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 - Eco-Friendly Credit Cards - Ethical Opportunity Or Cash Cow For Banks?

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