Advice You - Finance

The magician waves his wand and an astonished crowd sees a rabbit come out of a hat. A woman is sawed in half on stage and then magically reappears unscathed. Whether it is deception or entertainme

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

nt is beyond the scope of this article, but either way I’m sure you’ll agree, that the magicians of old would rather not share their secrets lest their livelihood vanish. A parallel exists in the cr

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

Examples of combination products may in

edit repair industry. They promise to cure your bad credit (for a fee, of course) and unlike the sawed-off woman or the appearing rabbit, nothing really happens. Your credit score remains unchanged

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

and in many cases further disarray occurs. You might also risk a potential misreading or deliberate misrepresentation of the law by inexperienced or perhaps unscrupulous personnel who are involved

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

in this business, thus adding to your credit woes. The purpose of this article then is to inform you how to repair your credit – without any cost, and further to make apparent what is considered ill

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

Combination pro

egal or at least unethical conduct on the part of credit repair companies.

First on The Federal Trade Commission’s (FTC’s) list of “tell-tale signs of a scam” is a warning to beware of “companies th

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

at want you to pay for credit repair services before they provide any services”. Receiving ‘payment in advance’ is a violation of the Credit Repair Organizations Act. Unfortunately, it seems to be

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

common practice among many credit repair companies who regularly collect these advance payments.

Another unsavory activity among some credit repair companies is for them to instruct you to dispute

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

all derogatory information in your credit report regardless of its timeliness or accuracy. Their strategy is to bombard the credit bureau with these dispute letters in the hopes that these items wil

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

l be removed because they are not verified in the thirty-day time frame. Not only is this strategy unethical, it’s also ineffective. The Credit Reporting Agencies (CRA’s) have created an Automated

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

Consumer Dispute Verification (ACDV) system that is designed to speedily handle a tremendous volume of disputes. Once verified, all future disputes can be labeled “frivolous” under a provision of th

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

Following aspects would a

e Fair Credit Reporting Act (FCRA). This labeling effectively ends the investigation process by the CRA’s on your behalf.

The final topic to discuss is what the FTC refers to as “File Segregation”.

dd to the challenges in developing combination products:

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

This involves applying for an Employer Identification Number (EIN) from the Internal Revenue Service and then using it in place of your Social Security number to apply for credit. Misrepresenting

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

your Social Security number is a federal crime. If a credit repair company instructs you to do this, then you could face fines or even a prison sentence.

At the risk of sounding simplistic, I must

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

ssert that the best credit repair is free – meaning you can do this yourself. No one knows your personal credit file better than you and Congress enacted the FCRA to protect your rights, not the rig

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

hts of the credit repair company. All that is necessary to fix your credit is some free information and a little patience. There are some good websites that can be found on the net that have compil

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

Professional from academic institutions, pharmaceutical industries, health care indust

ed free information on the subject of credit repair. Be sure that the site you choose has been updated to reflect the 2003 FACTA amendment to the FCRA.

We all want good credit. Without it, life be

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

comes very difficult. Unfortunately, occasions arise, quite often through no fault of our own, that causes our credit standing to take a downward spin (sickness, loss of job, etc.) Many of us have

.

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

been through such an ordeal and during this period, discouragement sets in. But all of us have the opportunity to repair this negative credit and we should take advantage of such an opportunity.

We

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

Companies that provide selfless information through particip

hope this article will offer some practical advice in the restoration of your good credit as well as point out some of the pitfalls to be aware of in this attainable pursuit of a healthy credit life

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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