Advice You - Finance

So, you’ve filled out the application and are waiting for your brand new, shiny credit card to arrive in the mail. But when the letter finally arrives, you’re

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

not greeted with a new credit card, but a denial letter instead. What to do? Read the fact below and determine your next steps.

1. What are some of the rea

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

Examples of combination products may in

sons that I can get turned down for a credit card?

There are many reasons that people are turned down when they apply for credit cards. Every credit card

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

company has its own rules and guidelines - and in many cases, those guidelines vary from credit card to credit card issued by the same company. Some of the rea

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

sons that you might get turned down for a credit card include:

a) Insufficient income. If your income is $25,000 a year, be sure that you apply for a credit c

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

Combination pro

rd that will accept someone with a $25,000 annual income.

b) You've been recently rejected by too many other companies

c) Your credit history is poor. It wil

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

l show if you've missed payments or made them late, or if you've defaulted on a loan in the past. Some lenders will overlook bad credit and offer you a credit

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

ard with a higher interest rate, or a secured credit card.

d) You don't have a credit history. If you have no credit history, many lenders won't consider givi

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

ng you a credit card because they have no way of judging whether or not you'll pay them back.

e) Your credit report may have mistakes in it.

f) Your availabl

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

credit may already be higher than the credit card issuer is comfortable with. Remember, the more credit card debt or availability that you're carrying, the th

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

inner your income must be spread to pay them all off.

2. What can I do if I get rejected by a credit card company?

Anytime you're rejected for credit,

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

Following aspects would a

the credit card company is required by law to tell you the reasons on which they based their decision. They must also tell you which credit reporting agency t

dd to the challenges in developing combination products:

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

ey got their information from. If you've been rejected, you can write to, call or email the credit reporting agency that they contacted and request a copy of y

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

our credit card report for free. Look it over carefully to make sure there are no errors.

3. After I checked my credit history because I was turned down by

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

a credit card company, I found that there were mistakes on it. What can I do to fix them?

Immediately write to the credit reporting agency from which 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

got your report and ask them to correct the mistakes. The more proof you provide to back up your claim of error, the better your chances of having the error co

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

Professional from academic institutions, pharmaceutical industries, health care indust

pletely expunged, but the credit reporting agency is required to at least note that you have asked for the report to be corrected.

4. If one credit card co

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

mpany turned me down, can I apply to another?

You can not only apply to another credit card company, you can apply for a different credit card product wit

.

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

the same company. Every credit card has different guidelines for acceptance. Just be sure to shop around and only apply for the one or two cards that you feel

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

Companies that provide selfless information through particip

you have the best chance of being accepted for. Too many rejections in your credit history can hurt you when you're looking for a loan for something important

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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