Advice You - Finance

Many people take their credit cards for granted. It's always there for them ready for a swipe, but are they really getting the most out of it? There are a few

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

simple things you can do to make that little piece of plastic an asset rather than a hindrance.

1. Pay your credit card bills on time. I know that may seem l

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

Examples of combination products may in

ike an obvious one, but you may be surprised how many people do not do this simple task. Keeping everything up-to-date will save headaches and money. If you

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

keep your account in good standing credit card companies are much more willing to work with you on a lower interest rate, or special offers. If you think th

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

t you may be a few dollars short one month give the card company a call BEFORE your bill is due. If you are proactive the card companies are more willing to

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

Combination pro

work with you.

2. Make your payment due date work for you. Many card companies offer the option of what day you would like your due date to be. If you are t

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

he forgetful type you may want to set the date at, or around the date your other bills are due. If you do not want to take the financial hit all at once you

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

can make the due date a few weeks earlier or later than the rest of your bills. Make your due date as comfortable as possible.

3. Reduce your interest rate

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

If you have kept your account in good standing for some time you may be due for a rate decrease. The card companies probably will not automatically give 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

u the rate decrease. You have to ask. It does not hurt to ask. Just give them a call and ask if you can have your interest rate decreased. That's it. If

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

they say 'yes', great! If you are denied a rate decrease ask why, and remedy the problem. Many of the card companies will grant you a rate decrease, (if you

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

Following aspects would a

qualify), monthly, or quarterly. Keep in touch with the card company and watch that rate go down.

4. Understand your rewards. Reward cards are great. You

dd to the challenges in developing combination products:

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

et free stuff for buying other stuff that you need. All of the accumulated points in the world are useless if you do not, or cannot cash them in. When apply

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

ing for a reward card find out when and if the points ever expire. Will you be able to amass enough points for that Caribbean cruise before those points expi

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

re? Do you have to spend $10,000 to earn enough points for a DVD? Many of the reward programs out there are very good, but just be sure they fit your needs.

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

If you cannot find a reward program that fits you needs, don't fret. You can always apply for a cash back credit card. Who can't use a few extra bucks at

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

Professional from academic institutions, pharmaceutical industries, health care indust

he end of the month?

5. Read the card's 'Terms and Conditions'. It may seem like a bunch of legal jargon, but take the time to read it. It's not that long,

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

and it's available whenever you are applying online. Make sure you understand how long the intro A.P.R. will last. Be sure you know if an annual fee will ev

.

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

er apply. Being informed is the best way to keep yourself out of trouble down the road.

In summary, be smart, be informed, and shop around. Credit cards are

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

Companies that provide selfless information through particip

not some mysterious monster. Build a good relationship with the credit card company that you choose, and you can release the true financial power of the card

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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What has happened with Performance Management? Has it gone haywire? See if there are things that could change to make it work in a more positive process.

In direct mail, the offer is the incentive or reward that you dangle in front of your prospects to motivate them to respond to your mailing, either with an order or with a request for more information.

If you don't go about list building the right way, you may not make a penny. What happens in your process, after someone comes to your list building page and signs up?

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