Advice You - Finance

In the credit world, there are two different types of accounts; namely, individual and joint. Individual accounts are accounts in which one party is solely responsible, regardless of marital status. It also app

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

ears on the credit report of the responsible individual. If you live in a community property state, such as Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, or Wisconsin, both partn

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

Examples of combination products may in

rs may be responsible for the debt, and the debt may appear on both partners’ credit reports.

Individual accounts can be advantageous because your spouse’s debt need not be considered on loan applications, suc

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

as a mortgage. This is especially advantageous when one spouse makes enough money to qualify for a loan. The other spouse’s obligations normally will not count against your debt ratio. However, the converse ca

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

be disadvantageous if you’re the spouse without the money. You will need your spouse’s income to be considered for an application. Along with the income will be your spouse’s own obligations, and if he or she

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

Combination pro

as delinquent accounts, it will also be considered.

Joint accounts are accounts where more than one party is responsible for its repayment. Joint accounts don’t necessarily have to be between spouses. It can b

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

between other family members, business associates, or any two parties who co-sign a credit application. Regardless, joint accounts can be advantageous in that both spouses’ incomes will jointly be considered f

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

or a loan application.

How are these accounts affected when you go through a divorce?

When you have a joint debt, divorce does not wipe it out. The first thing to keep in mind is that joint debts stay joint d

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

bts. When you took out a joint account with your ex-spouse, both of you signed a legally binding contract with your creditors. The divorce decree does not nullify that contract, nor amends it. For a contract 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

be amended, it requires a signed agreement among all parties involved, including both spouses and the creditor. Unfortunately, creditors do not take part in divorce courts, so the original contract stays in eff

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

ct.

Normally, a divorce decree will spell out which spouse gets which debt. In a joint account situation, however, the debt will show up on both credit reports, just like you were married. Regardless of how yo

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

Following aspects would a

r obligations are divided, the payment history remains on both reports. Therefore, if your ex-spouse is delinquent on his or her account, it will show as delinquent on your account, and will hurt your credit.

dd to the challenges in developing combination products:

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

ivorce can take a tremendous financial toll on both parties. Sometimes, the financial hit is so devastating that one of the parties files for bankruptcy. When this happens, the spouse that didn’t file for bankr

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

ptcy is unaware of the filing. It can be months, even years, before they’ve caught wind of the situation, often too late for any sort of corrective action to take place. The non-filing spouse can be sued by the

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

creditor legally for repayment of the debt. The non-filing spouse will also have a bankruptcy on his or her record. Unfairly so, but legally correct.

Individual accounts, on the other hand, will not usually f

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

ctor in to a divorce, as the originating spouse is still responsible for the debt.

If you are considering divorce, you should also consider the ramifications of your credit and accounts. Pay attention to what

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

Professional from academic institutions, pharmaceutical industries, health care indust

our financial situation might be after the divorce is finalized.

You may wish to consider closing a joint account and re-opening credit in your own name. If your accounts are not joint accounts, but your spous

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

is listed as an authorized user, remove him or her from the account. The opposite also applies – if you are an authorized user on your spouse’s account, have yourself removed as such. If you have a mortgage, y

.

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

u might wish to refinance into one person’s name. Joint mortgages can be especially hurtful to your credit if you’re not the one paying it.

If you’re headed for divorce, make sure your own credit report is in

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

Companies that provide selfless information through particip

rder. Keep an eye on your scores, as it may drop after the divorce is final. By doing so, you minimize any potential damage to your future finances and can bounce back quickly once your life gets back to normal

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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