Advice You - Finance

Entering college is both exciting and daunting since it’s the start of your journey to adulthood. College actually opens up a lot of opportunities like finally being able to live independently away from your parents and then

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

being able to budget your own monthly allowance sent by your parents. Most parents open a credit card account in their children’s name or provide them with a second card on their personal credit card account. Parents do this

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

Examples of combination products may in

in anticipation of some future emergency that their children might meet or if ever they failed to send their children’s monthly allowance at least the card can help their children in purchasing for the meantime some of their

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

needs.

Another financial assistance available for students is the student credit card which is issued in their own names.

What is a student credit card?

It is a type of credit card that is designed for high school and coll

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

ege students. These cards function in the same way as any credit card issued by any financial institution. However, they have a few restrictions.

Some of the restrictions are as follows:

1. Some issuers require for a paren

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

Combination pro

t or guardian to co-sign meaning that the student’s parents must agree to be the guarantor in case a student fails to repay part or all of the outstanding credit card balance. This is advantageous in some point since parents

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

will have the control over the limit of available credit to be given to their children.

2. A much lower credit limit is provided to students. Issuers are aware that students have very limited sources of funds that is why the

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

y also offer a lower credit limit. Aside from that, students don’t have yet any credit history so issuers don’t have any basis in terms of their capacity to pay off debts. A low credit limit is provided to get students starte

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

d building their own credit scores and the same time limiting the risk of loss of the issuer of the credit card.

3. The interest provided for student credit cards are much higher. This is the issuer’s way of decreasing thei

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

r risk of loss. The higher interest provides a way for credit card issuers to spread the losses over the entire student credit card population.

Why student credit cards are important?

Student credit cards offer great benefi

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

s if and only if responsibility is practiced in the using the credit card. A student credit card can help teach students responsibility and money management. Learning the benefits of building a good credit rating is importan

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

Following aspects would a

t to help students understand the significant role that credit history will play in all their future endeavors.

Before signing any credit application or contract, a student needs to understand that they are fully responsible

dd to the challenges in developing combination products:

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

for paying the bills. Here are some rules of credit management that aims to guide you in avoiding future credit card problems:

1. Try to read carefully all information written on the application most especially the fine pri

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

nt because some of the important points of the application are stated there.

2. Before you sign for a credit card try to consider other options like debit cards. For debit cards, money are directly deducted from your checkin

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

g account so can’t spend beyond your deposited amount.

3. Be sure that when you apply for a credit card you will be able to repay the debt or else you will just submit yourself to an ever increasing accumulation of interest

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

charges that will haunt you even after you graduate. Remember that when it comes to credit cards, it’s just not possible to run away from your debt.

4. For your sake please avoid impulse shopping which tends to max out your

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

Professional from academic institutions, pharmaceutical industries, health care indust

credit card.

5. Make use of your credit card only for emergencies. If you are planning on using your credit card to pay off your spring break vacation then be prepared to pay the price because it’s sure going to be higher th

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

an any waves you experienced on the beach.

6. To avoid temptation, it is much better if you refrain from always carrying your credit card. Bring it only with you if there is any important monetary emergency.

7. Always try t

.

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

o pay your bills early so you get to keep other charges to a minimum. Aside from that, some banks provide discounts for early payment that provide additional savings for you.

And lastly by using your student credit card wise

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

Companies that provide selfless information through particip

ly can help you in establishing a strong credit history that can lead to good mortgage rates and lower rates on some of the future loans which you are likely to apply for like car loans, housing loans and other types of loans

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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