Advice You - Finance

When credit cards were first introduced, they were a pretty simple proposition: use your card for purchases, and be charged a sing

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

le rate of interest on your unpaid balance.

Then came the rise of the ATM (cash machine), and credit card issuers realised they c

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

Examples of combination products may in

uld lend money by allowing their cards to be used to withdraw cash on account, and could earn more this way by hiding away a highe

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

r interest rate for cash withdrawals in the credit agreement small print.

Next came the balance transfer offer, with either long

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

erm low rates or an introductory 0% deal, closely followed by introductory deals on purchases too. Not to forget the different int

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

Combination pro

erest rate often charged for overseas use.

All these different rates for different kinds of card use can easily become confusing,

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

and survey after survey showed that many credit card users were unaware of how much their card use was actually costing them.

In

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

many respects, this suited the card companies down to the ground as they could advertise eye-catching rates for purchases and bala

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

ce transfers while quietly imposing more lucrative charges on other kinds of card use.

Amidst all the confusion though, some card

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

issuers spotted a gap in the market - how about a simple, easily understood credit card with no offers or benefits, just a single

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

low rate charged however the card was used? These cards became known as flat rate cards and their names usually reflected their tr

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

Following aspects would a

nsparency and ease of understanding, for example Barclaycard with their 'Simplicity' card, or the Co-op Bank's Clear.

Whether you

dd to the challenges in developing combination products:

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

're using one of these cards for spending, transferring a balance, or even withdrawing cash from an ATM, you'll always be charged

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

single rate. And what's more, most cards can offer a great low APR as the issuers aren't having to fund expensive introductory de

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

als or cashback schemes.

So is a flat rate credit card for you? The benefits are obvious - it's easier to understand how much you

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

card use is costing you, and you'll also usually get a great rate.

If you have a large balance to transfer, it might be more sen

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

Professional from academic institutions, pharmaceutical industries, health care indust

sible to go for a card with traditional 0% introductory offer or one that features a low rate fixed for the life of the transfer.

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

Likewise, if you use your card for purchases a lot but usually clear your balance every month then the interest rate doesn't reall

.

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

y matter to you, and you may prefer a card with a cashback or rewards scheme.

If however, like most of us, you use your card for

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

Companies that provide selfless information through particip

urchases and cash withdrawals while carrying a balance from month to month, then a flat rate card could save you a lot of interest

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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