Advice You - Finance

Are you trapped into making only minimum payments on your credit cards? I hope not.

Minimum payments decline as the balance on the credit card declines.

Let's t

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

ake a credit card with a $2000 balance at 15% interest to use as an example. You would expect to pay about a $40 (2%) monthly payment when you start making your p

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

Examples of combination products may in

ayments:

By making the minimum payment only, it will take you 13 years and 11 months to pay off your credit card and you would expect to pay $2,126 in interest.

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

owever, if you continued paying that $40 until the credit card was paid off, it would only take you 6 years and 6 months to pay off the credit card and you would p

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

ay about $1,100 in interest.

You could save over $1,000 in interest and pay it off in half the time. This is what simply starting with a set payment and sticking

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

Combination pro

to it could save. If you can afford that $40 payment when you start, odds are it won't hurt you later.

Now, let's take that a step further. What if you paid jus

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

t $10 more, $50 instead of $40?

That same credit card could be paid off in 4 years and 7 months with only $740 in interest.

Here is how it breaks down:

Minimum

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

ayments - $4126 total payments - 13 years 11 months
Paying $40 per month - $3100 total payments - 6 years 6 months
Paying $50 per month - $2740 total pay

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

ments - 4 years 7 months

The fact is that every dollar you add to your payment goes toward the balance of the credit card.

I recently completed a Debt Eliminatio

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

Summary for a couple that had $46,500 in credit card debt on 6 credit cards. Most people would be considering filing bankruptcy in that situation but this couple

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

were determined to pay it off.

Here are the results of the Summary:

They were already paying $785 per month on the credit cards. They decided they could afford

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

Following aspects would a

to pay another $200 to eliminate their debt sooner.

Minimum Payments - The credit cards would never be paid off.
Paying $785 per month - $78,761 total payme

dd to the challenges in developing combination products:

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

ts - 8 years 5 months
Paying $985 per month - $66,059 total payments - 5 years 8 months

Would you have thought that you could pay off over $46,000 in credit

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

card debt in just 5 years and 8 months? I've seen this done dozens of times. It can and it does work if you stick to it and quit using your credit cards.

If you

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

have multiple credit cards and would like to pay them off as quickly as possible the best way to do this is to write down your credit card name, balance, interest

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

rate and minimum monthly payment.

Then you must decide which credit card to pay off first. There are two schools of thought on this. Most experts believe that y

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

Professional from academic institutions, pharmaceutical industries, health care indust

u should pay off your highest interest credit card first. You would definitely pay less in the long run.

However, if you need to see results quick to give you an

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

incentive to keep going you could start with the credit card with the lowest balance.

Which ever way you choose, simply add as much money as you can spare to tha

.

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

credit card until it is paid off. Then take the amount you were paying to the first credit card and add it to the next credit card payment and so on until they a

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

Companies that provide selfless information through particip

re all paid in full.

Interest, late fees and penalties are wasted money. The only way to avoid this is to use cash to make your purchases when ever you can.

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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