Advice You - Finance

The minimum payment or the minimum due is typically the minimal amount that you pay every month in orde

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

r to avoid being late on your payments or going past due. You must pay the minimum due before the due d

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

Examples of combination products may in

ate in order to prevent delinquency or defaulting on your account.

Generally, the minimum due is 2 per

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

ent of the balance due. Experts encourage you to pay more than the minimum due to avoid paying excess 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

inance charges. However, there is a common myth amongst people who think that they can avoid financial

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

Combination pro

ension by paying only the minimum due each month. Suppose you have a $1000 balance on your account with

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

a 13%APR. Consider that you are a sort of person who makes minimum payments on time. You will owe over

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

$550 after three years and you will still be in debt for that one time charge with that card. If by a

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

y event, you are late on some other card payments and your card issuer raises the interest on this part

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

icular card due your defaulting on other credit cards, then you will be clearly in credit card debt.

I

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

is better to pay off the balance in full every month. Otherwise there is a fair chance of your incurri

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

Following aspects would a

ng interest charge and falling into a debt trap. Experts have observed that a minimum due of $50 per mo

dd to the challenges in developing combination products:

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

nth on a credit card of a balance of $3900 is something which can be never paid off only on the strengt

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

of minimum payments each month. Let’s say that there is an 18 percent APR on a balance of $4000, then

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

the minimum payment will come to $80. If you make the minimum payment, only $20 will go towards gettin

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

out of the debt. At this rate, it will take more than 11 years to pay off the card and you will pay a

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

Professional from academic institutions, pharmaceutical industries, health care indust

substantial amount as financial charges.

So it is always important to pay the balance in full every m

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

onth and do not go into the habit of revolving your balances. Use your credit card only when required a

.

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

d make an attempt to pay more than the minimum due. If you just pay the minimum due, it will definitely

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

Companies that provide selfless information through particip

cost you more in terms of finance charge and interest making the credit card company richer in revenue

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 - The Bare Minimum: Why You Should Avoid Paying Only the Minimum Payment

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