Advice You - Finance

If you thought that you were being wise and saving your hard earned cash by using credit cards for your holiday abroad, think again, warns the Saga Group. Between the merchants and the credit card companies, your overs

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

eas purchases could cost you as much as 5% more if you use the wrong credit card.

The culprit? All the little - and not so little - fees and charges for transaction fees, loading charges and currency exchange fees tha

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

Examples of combination products may in

t credit card companies and banks add onto your purchases when you use their plastic abroad. Those fees will add up to nearly ?607M this year, according to uSwitch.com. It is possible to avoid contributing to that amou

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

nt, though, if you take the time to compare credit card agreements before you go abroad and choose the best credit card to take with you. It's not always easy to find the right credit card UK finance experts say, becau

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

e many of those fees and charges are 'hidden' behind not so transparent terminology. Here are some of the things to look for when choosing which credit card UK travelers should tuck into their wallet when they go abroa

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

Combination pro

d.

Loading fees are charged by the issuer of your credit card when you use it to purchase something or withdraw cash overseas. It could be labeled a 'exchange rate administration fee' or a 'exchange rate adjustment ch

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

arge', and may be as high as 2.75%. That fee is nominally a currency exchange fee, charged for exchanging the purchase from the local currency to your own. If 2.75% doesn't sound like much, look at it this way - if 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

purchase ?1000 worth of goods on your credit card, it will cost you an extra ?27.50 just for that one fee.

Transaction fees are typically charged on cash withdrawals overseas using your credit or debit card. That's l

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

kely to hit your pocket for another 1.5-2% of the amount of money that you withdraw from your account.

Currency conversion charges are often rolled into the loading fee described above even if you opt to use dynamic c

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

urrency conversion and pay for your goods in the local currency rather than your own. Many merchants abroad offer dynamic currency conversion for credit card UK customers, since they're allowed to take a commission on

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

the conversion rate. If you're then charged again by your credit card company, you're taking a double hit on the currency conversion commission.

When using a credit card UK travelers abroad may also find that they pay

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

Following aspects would a

far more for cash advances from their credit card company. If you advance yourself ?1,000 on your credit card, you may end up paying:

?27.50 loading fee

?25.00 (2.5% of total) foreign ATM fee

?15.00 (1.5% of total)

dd to the challenges in developing combination products:

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

transaction fee

?12.40 (Interest charges)

Note that many credit card UK companies charge higher interest rates on cash advances taken abroad.

How to Have More Money on Your Holiday The recommended solution is to ch

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

oose your holiday credit card wisely. In fact, some finances experts recommend having two credit cards - one that you use at home and one exclusively for travel abroad. Here are the most important things to remember wh

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

en deciding on the best credit card to take on holiday with you:

1. When choosing a credit card for foreign travel, compare credit card features and fees for each card you're considering.

2. Choose a credit card that

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

offers cash rewards for spending if you have the choice between two cards with similar fee structures.

3. Be aware of the currency exchange rate - and the fact that it varies depending on merchant. There are few regu

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

Professional from academic institutions, pharmaceutical industries, health care indust

ations on the commission that can be charged for converting currency, so it's up to you, the traveler, to shop around for the best currency conversion deals.

4. Consider buying before you go. The currency conversion r

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

ate is almost certain to be lower, and you'll get more Euros for your pounds than you would at the airport or overseas.

5. Another option that's often suggested is to use a pay-in-advance credit card. Because you load

.

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

it in advance, there are no finance charges, though you'll pay an upfront fee for loading the card and may still pay foreign exchange fees on the money.

You'll find a wide selection of prepaid credit and debit cards

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

Companies that provide selfless information through particip

at some great comparison websites along with all the information you need to compare credit card fees when choosing the best credit card for your holiday

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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