Advice You - Finance

A reloadable prepaid credit card is really a debit card that works like a credit card. You pay in advance and can spend only as much as is available o

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

n the card. Prepaid Visa and MasterCards are available and offer the same type of protection as credit cards, without the finance charges. There’s not

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

Examples of combination products may in

ing wrong with a prepaid credit card, but it’s not the best product for everyone.

#1: You can get a credit card, and can pay your bills on time
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

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Prepaid cards charge higher fees than credit cards - as long as you can pay your credit card on time and don’t have to pay finance charges. If
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
ou’re afraid you’ll go overboard, then a prepaid card is right for you. But if you can get a credit card and know you won’t go overboard and will alwa
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro
ys be able to pay on time, you should to consider a credit card. And even though prepaid credit cards have high fees, they are not predatory like chec
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
cashing.

A good way to calculate how much a prepaid credit card will cost you is to first think about how you’re going to use the card. For example,
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
if you think you will use it at an ATM 3 times a month, at stores 10 times a month, add money to the card twice a month and call up customer service
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
nce a month, you can add up the cost of each of these. Don’t forget to add any monthly fees or start-up costs to get to your annual costs. If your pla
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
nned usage is similar to the example, an annual cost of $200 is reasonable for a prepaid credit card - $15/month and $20 to get you started.

#2: Y
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
u can control your spending
Prepaid credit cards only let you spend as much as is on your card (and beware of those that let you go over and
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a
harge you NSF fees). If you have the discipline to stick to a budget go with a credit card. If you need someone to make sure you stick to your budget,
dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod
go with a prepaid credit card.

#3: Few Rewards
Few prepaid credit cards offer rewards. Lots of credit cards offer rewards – free tickets
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
cash back, gifts, you’ll be able to find something if you look around. But you’ll have to look real hard if you want a prepaid debit card with reward
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
s.

#4: You could earn interest on your money
Prepaid credit cards rarely, if ever, pay interest on your deposits. With credit cards, 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
ay after you’ve made your purchase and could some interest by keeping the money in a bank. It may not be much, but it may help.

#5: You want to im
ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust
prove your credit score
Some cards claim to help you improve your credit scores. While debit cards normally don’t hurt your credit score, the
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
don’t help much either. If you’re thinking of a card that promises to improve your credit ask what they report and which bureaus they report to.

If
.

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
you think a prepaid credit card is right for, do some research on the different prepaid cards available. You can read elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip
ww.prepaidcardforum.com/modules.php?name=Reviews">reviews of prepaid credit cards, other articles and discuss prepaid cards at prepaidcardforum.co

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 - Prepaid Credit Cards: Top 5 Reasons Not to Get One

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