Advice You - Finance

First, know your foe! By that I mean you must understand who you will be talking to. There are two types of people that creditors will hire to deal with their clients. The first is for customer service, to help handle problems and answer questio

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

ns for account holders. These folks are nice, kind and patient. That’s why they are hired.

The other type is hired for the collection department. They are hired because they are heartless, don’t care about you in any way and are ruthless in get

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

Examples of combination products may in

ting the money. Once you fall into a collection account, the creditor doesn’t care if you like then any more... they just want their money back.

So when you call in to negotiate terms, you must be aware that you will be talking to the jerk that

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

wants your money, not the sweet lady that wants to help you.

Now that you are mentally prepared for battle, there are some very simple techniques to employ that will help and protect you.

When you talk to anyone, and I mean anyone, make sure

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

you get their name (full name preferably), their direct line or extension, and any other pertinent information they give you. Write this down! That way if you ever need to do follow up, you can get back to the same person and not start all over

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

Combination pro

from the beginning again. (Trust me; you will thank me for this one!)

When you talk to the collector, let them know that you are calling because you want to make arrangements to settle the account. Do not worry about telling them why, how or wh

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 about the account and what is going on in your life… They won’t care at all. You have to understand that there are so many people out there that just don’t want to pay their bills and lie about horrible things. The collector has heard all 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

“stories” and will automatically assume that what you are telling them too. (Again, that’s why they are hired for the job!) So, honestly, don’t waste your time. Keep it business like and calm.

Right off the bat they will want to collect the en

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

tire amount right now. Don’t go for that at all. Ask the collector what they will accept for a settlement. (Again, be sure to write this stuff down.) They will either come back stating they cannot offer anything lower, or that they can take some

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

thing like 10% off. You should already have a goal in mind (a reasonable goal) and should continue on your path towards that goal.. get as close as you feel you can.

If after you have spent some time with the collector and they cannot or will n

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

t offer something close to what you are willing to settle for, ask for their boss or supervisor. Do not allow them to tell you the boss is not there. Call centers ALWAYS have a supervisor there if for no other reason to make sure the people are

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

Following aspects would a

on the phone!

When you talk to the boss, get their info and then negotiate with them. Stay at it until you get a fair settlement offer (Fair for both you and the creditor… remember, you most likely do owe them the money!)

Now let’s assume you

dd to the challenges in developing combination products:

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

finally got a decent settlement offer. Before you send them any money, demand an agreement in writing. Have them fax (or mail) the agreement to you before you give them any financial or payment info. Once you have the agreement stating they will

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

settle for a certain amount, make sure that you pay them in such a way that you can prove you have made that payment (personal check, copy of cashier's check, etc.)

A word of caution here… most skilled collection agents will assure you that th

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

ey will update the credit bureaus for you... no need to wait for an agreement. They may also tell you that the only way to get the settlement offer is to pay right away without the agreement in writing. DO NOT FALL FOR THIS! If you ask for this

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

agreement in writing, they must send it to you. If they won’t them inform them that the agreement is not acceptable and that they will get not one penny from you. (This will make them stop a second and rethink their position as the collector get

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

Professional from academic institutions, pharmaceutical industries, health care indust

s paid when they collect!) Do not get angry or blow up. Even though this can be frustrating, the calmer head wins.

Once you have the agreement in writing and have made payment in a way that is traceable, you will now be able to show that you p

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

aid according to the agreement, even if the creditor never sends you a "paid in full" statement. (MOST WON’T SEND IT!) Then all you have to do is send that info to the credit bureaus for an update. You now have all the proof you need to prove 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

hat the account is paid, and that the credit bureaus must update it.

Remember to always keep a copy for your records, just in case the creditor still sends the account to collections (which can happen, even if by mistake.)

Once these collectio

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

Companies that provide selfless information through particip

ns are paid and updated on credit, it will take some time for your scores to rebound... typically 6 months. But once they are settled, you should not really have to worry about them again and your credit should get mush better over the long term

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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