Advice You - Finance

One of the most often asked questions about credit cards is 'what's the ideal number of credit cards to have?' The question is asked as if there is a magic number that will tell lende

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

rs that you're credit-worthy without hacking away at your credit rating because you have too many credit cards. The reality is not that simple.

The ideal number of credit cards is a

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

Examples of combination products may in

very individual thing. It depends on a combination of factors, including what type of credit card each one is, your monthly income, the amount of credit available to you and your hist

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

ry of making payments on your credit cards. According to the NS&I Quarterly Savings report issued in June, the credit card UK market is doing booming business, with 4.1 credit cards f

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

or every adult in the UK. So is 4.1 the magic number?

In most cases, say financial experts, the right number of credit cards is between 2 and 6. Of those, you should have at least on

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

Combination pro

e major credit card - Mastercard, Visa or American Express - as those are accepted nearly everywhere you go and are the most genuinely helpful in the case of an emergency. Other credi

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

cards you may carry include a store credit card - which generally charge interest at whopping rates close to 30% - and a gasoline card. More important than how many cards you're car

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

rying, though, is how much you owe on them.

One of the things that factors into your credit score is your debt/credit ratio. The credit bureaus compare how much credit you have avail

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

able to you in relation to how much you're currently using. If you have one credit card with a credit limit of ?1000 and you're carrying a balance of ?500, then you're using 50% of yo

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 available credit. Is that good? That depends on the source of your information. Some lenders would consider 50% credit usage to be unacceptably high. For others, it's right in their

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

target zone. The most conservative lenders balk at a debt/credit ratio above 25-30% of your available credit.

There are other reasons to limit the number of credit cards you carry a

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

Following aspects would a

s well. When you have one credit card, it's easy to keep track of your spending and your account due dates. Add a second credit card, and you're still all right - but what happens whe

dd to the challenges in developing combination products:

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

your one credit card turns into 15 in your wallet? At that point, you're at serious risk of accidentally missing due dates out of sheer forgetfulness - and that will kick up your mon

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

thly charges, sometimes on more than just the affected card.

So what is the ideal number of credit cards? Here are some rules of thumb to help you decide if you have too few, too man

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

y or just enough:

1. Your monthly credit card payments should be no more than 25% of your monthly income.

2. If you've forgotten to make a credit card payment because you just MADE

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

payment - but it was to another company - you probably have too many cards.

3. If you can only make the minimum payments - and sometimes not even that - then you should consider con

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

Professional from academic institutions, pharmaceutical industries, health care indust

solidating some of your debts onto one credit card. UK companies offer many balance transfer cards that can help you consolidate your debts.

4. If you're not sure which cards are at

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

or close to their limits, you probably have too many.

5. If your total debt is less than half of your total available credit, you're probably in pretty good shape.

There are some re

.

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

lly good comparison sites where you'll find all the best deals on offer for any credit card UK companies offer. If you're looking for other elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

ything.com/cards">credit cards, your first credit card, or a balance transfer credit card to reduce the number of cards that you carry, moneyeverything.com is the ideal first stop

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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The absolute foundation of your small business is your image. The way potential clients and/or customers perceive your business sets the stage for the way your product or service is recognized and ultimately judged. Image is everything and it will affect your business either positively or negatively.

Professional networking is THE way to make business contacts, identify leads, and turn those leads into sales. Here is the second set of tips to help you be effective when professional networking.

I address this article to businesses, associations, non-profits and public entity managers seeking a direct connection between the money they're planning to spend on public relations, and the achievement of their organizational objectives. We can save a lot of time - you and I - if we can agree on one point: I believe that deep down - and I mean DEEP down - most chief executives understand that doing something about the behaviors of their most significant external audiences can rank in importance right up there with increased sales and earnings.

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