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Advice You - Credit Scores are Not Universal
Credit scores are not universal. In other words, you could pull your credit score from all three credi
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
t bureaus and find that they not only don't match each other, they won't match the FICO score that you
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
r lender accesses.
"This is becoming a real problem -- a lot of people simply don't know the differen
"This is becoming a real problem -- a lot of people simply don't know the differen
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
ce between FICO scores and other scores," said Ginny Ferguson, co-owner of Heritage Valley Mortgage of
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
California. "They think it's all the same."
Many borrowers meet the lender, only to find that their
Many borrowers meet the lender, only to find that their
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ICO scores are 50 to 100 points lower than the generic score found online.
Credit scores are often re
Credit scores are often re
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
ferred to as FICO scores. This is actually a company, Fair Isaac Corp., which developed the scoring sy
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
stem used by the mortgage industry. FICO scores range from 300 to 850. The higher a borrower's score,
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
the less of a risk they pose to the lender.
There are several different types of commercial scoring m
There are several different types of commercial scoring m
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
odels available through the internet. However, most lenders will use only FICO scores to price their m
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
rtgages and loans.
Many borrowers are surprised when they go to the lender with a generic score, to f
Many borrowers are surprised when they go to the lender with a generic score, to f
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
ind the lender says their FICO is much lower.
"The consumer assumes the broker did something to make
"The consumer assumes the broker did something to make
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
their scores worse," said Ferguson. "And, of course, that is not the case."
Ferguson says that the ty
Ferguson says that the ty
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
pical FICO score is below that of the generic internet score. She says that despite what is found on t
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
he internet, the lender will go with the FICO reported by their source.
Fair Isaac has started taking
Fair Isaac has started taking
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
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
notice of the disparities. In it's own research, it found that FICO scores can be as much as 200 point
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
s lower than other scoring models.
Many credit scoring sites contain fine print that points out that
Many credit scoring sites contain fine print that points out that
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
the score is not "a FICO score." Others say that they are an example of how you could be viewed by a l
.
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
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
ender.
Advisors say that keeping track of your credit score is an important aspect of financial manag
Advisors say that keeping track of your credit score is an important aspect of financial manag
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
ement. Consumers should understand that most scores are just an estimate of where they are credit-wise
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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