Advice You - Finance

In the past, filing bankruptcy was like having a Scarlet Letter on your chest. Bankruptcy made people outcasts and pariahs. It was as if a contagious disease struck, and no one wanted to be near you for f

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

ear of infection.

Today, bankruptcy doesn’t quite have the stigma it used to. Many of the world’s most successful people have filed for bankruptcy. These people hit rock bottom, and have bounced back to

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

Examples of combination products may in

become wildly successful.

To emerge from bankruptcy requires diligence and discipline. In order to get back on your financial feet, you must rebuild your credit.

If you filed a chapter 13 bankruptcy, yo

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

had to make your court-ordered payments until the bankruptcy was satisfied. Even though you made great strides financially by doing so, lenders don’t see it quite that way. Lenders don’t consider your ba

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

nkruptcy payments as a way to rebuild your credit. In fact, the “rebuilding credit” clock starts after it’s discharged, no matter how long it takes you to pay while in chapter 13.

If you filed a chapter

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

Combination pro

7 bankruptcy, rebuilding won’t take quite as long. When you file for chapter 7 bankruptcy, your debts are essentially wiped out, and you start all over. Once your chapter 7 is discharged, which usually ta

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

es a few months from when you filed, your rebuilding credit clock starts.

When you file for chapter 7 bankruptcy, you have the choice of reaffirming some of your debt. In other words, you can choose to k

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

eep some of your credit lines open instead of having them wiped out. This is an option you might want to consider, especially if you have smaller credit cards with low balances (under $500). By continuing

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

to pay your reaffirmed debt, you can help rebuild your credit with timely payments and low balances.

Regardless of which bankruptcy you file, there will come a time when the bankruptcy is fully discharg

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

d. It’s almost like being free after years in prison – you made some mistakes, you paid for them, you (hopefully) learned your lesson, and you’re looking to make a fresh start. Now, you have to rebuild yo

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

ur credit.

Paradoxically, you need to obtain credit to rebuild credit, but you can’t obtain credit if you just invalidated your creditors. One of the best and most popular ways to begin the process is to

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

Following aspects would a

obtain a secured credit card. With a secured credit card, a credit company will extend you a credit line in exchange for a cash deposit. Your credit limit is usually equal to, or a percentage of, your de

dd to the challenges in developing combination products:

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

osit. Rarely, if ever, will it be higher than your deposit.

These credit cards are not hard to find. In fact, since bankruptcy is public record, many of these companies will find your name at the county

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

courthouse and send you a solicitation to apply. You must be careful when dealing with these companies. Some are notorious for “kicking you when you’re down.” In addition to the deposit, they will charge

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

you exorbitant junk fees and interest rates. Always read the fine print in the solicitation. As required by law, they must disclose their fees and rates to you.

As well, make absolutely sure that the cre

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

it card company actually reports your payment history to the three major credit bureaus. Getting a secured credit card is worthless if your history isn’t reported. It’s worth repeating that you must find

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

Professional from academic institutions, pharmaceutical industries, health care indust

out if they report to all three bureaus, as opposed to just one or two. You will handicap your rebuilding efforts if the history does not show up on all three.

Lastly, make sure the credit card is an act

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

ual Visa or MasterCard. Some credit companies offer credit cards that are only usable on their own products. They look like real credit cards, but if they’re not Visa or MasterCard, you can’t use them any

.

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

here of consequence.

Once you have discharged your bankruptcy, obtain a copy of your credit report from the three major bureaus. In order to start your rebuilding credit campaign, you must know where you

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

Companies that provide selfless information through particip

stand. Filing bankruptcy will have a tremendous impact on your credit scores. When you know where your score stands, you can take the necessary steps to boost them in the shortest possible amount of time

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 - Rebuilding Your Credit After Bankruptcy

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