Advice You - Finance

A store card is merely another type of a credit card with some differences:

You can use a store card only in a shop or a chain of sh

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

ops that are owned by one company

You can use the store card to make purchases online, at the store’s website

Both type

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

Examples of combination products may in

of cards:

Allow you to buy now, pay later
Charge some interest on the deferred payment
Offer incentives

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

ul>

However, store card users often don’t even realize they are being taken for a ride.

The Advantages of a Store Card

If yo

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

r credit history is good, then you may stand to gain some benefits using a store card. Initially, you may be tempted to accept a store card be

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

Combination pro

ause you might be given some discount on your purchases, usually, 10%. If you pay off your outstanding every month, regularly, then you may ge

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

other benefits in the form of discounts or first previews of new merchandise. However, there is an ugly side to store cards about which most

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

onsumers are unaware.

The Disadvantages of Store Cards

The APR is often double the rate offered on regular cards

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

Regular credit cards offer interest rates between 8 – 20%. Store cards might sometimes charge a shocking 30% rate of interest.

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

re cards often come with an insurance policy which can be expensive

Regular credit cards normally offer an interest free period du

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

ing which you can pay off your debts without paying another penny as interest. Store cards may not offer such an interest free period. This me

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

Following aspects would a

ns that, the moment you make a purchase your interest rate starts. Imagine the amount of interest you would pay if you don’t clear your balanc

dd to the challenges in developing combination products:

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

s every month.

A Competition Commission study revealed that the Britons pay an extra ?100 million a year due to the high interest

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

ates charged by store cards

Most store cards also charge a high late payment fee.

Managing Store Cards for Clear Ga

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

ns

You need to take certain steps if you wish to benefit from using your store card:

Clear your balances every month, without 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

Read the fine print and see the amount of interest you will be paying on your card

Select a store card that offers th

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

Professional from academic institutions, pharmaceutical industries, health care indust

same APR as a regular credit card. If y

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

u do your research, you will find some store cards do offer more reasonable rates of interest.

Some store cards also offer an inte

.

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

est free period so they are certainly more attractive than other store cards that offer no such interest free periods

Select store

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

Companies that provide selfless information through particip

cards from shops that you actually frequent. There is no point in getting a store card from a shop located at the other end of town.

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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