Advice You - Finance

Understand Your Credit

Trying to understand how credit works can be frustrating. Most people do not even know where to b

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

egin when trying to identify their personal credit rating. There are three major credit bureaus that report your credit status.

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

Examples of combination products may in

These three credit bureaus are Equifax, Experian and TransUnion. All three also keep your FICA or credit score. This score can

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

give you the best idea of how your credit ranks.

FICA...What Is It?

FICA scores range from 375 to 900. In general, the

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

higher your credit score the better you will be able to obtain credit. A FICA score under 620 makes obtaining credit difficult.

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

Combination pro

You should identify what your score is and if it isn’t a good number you should then work on making it better. Creditors use yo

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

ur FICA score to determine whether to give you credit and sometimes base interest rates on this score. It is a very important nu

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

mber to know.

Your FICA Score

To determine your credit score you should request your credit report from the three major

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

credit bureaus. The new legislation passed that allows you one free credit report every twelve months does not require the credi

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

t bureau to give you your FICA score, so you will probably have to pay for these reports. The contact information for each burea

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

is as follows:

Equifax 800-685-1111 www.equifax.com

Experian 888-397-3742 www.experian.com

TransUnion 8

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

Following aspects would a

00-916-8800 www.transunion.com

You should receive a copy of your personal credit report that includes your FICA score. You

dd to the challenges in developing combination products:

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

r FICA score is listed along with a comparison to the general population. This lets you know where you fall on the scale from ex

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

cellent to poor. The credit bureau may include information as to why your score is not higher. Once you have your score you can

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

then determine what you need to do to make it higher.

Raising Your Score

Some simple things can be done to help raise y

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

our FICA score. Paying your bills on time, keeping a small amount of unused credit available, keeping your debt low, and avoid i

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

Professional from academic institutions, pharmaceutical industries, health care indust

quires to your credit report can all help improve your credit score. Some things like, length of credit history, length of time

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

on your job, and length of time at residence are things you can do nothing about, but that will also affect your FICA score. Pra

.

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

cticing good credit methods will help you to obtain a better FICA score.

If you are worried about your personal credit you shoul

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

Companies that provide selfless information through particip

d really check out your FICA score. Then work to improve it. It may take time, but everyone has the ability to have good credit

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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