Advice You - Finance

And some practical advice too!

My first credit card…

I remember my college days when it seemed there was a credit card advertisement on

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

practically every bulletin board on campus. The banks would travel to the college and set up application booths on registration day. Hundr

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

Examples of combination products may in

ds of students would apply for a credit card. As an enticement, we were offered freebies like T-shirts, water bottles, and key chains. So

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

I took whatever they were handing out. You can’t beat free. The next thing I knew, I had signed on the dotted line. It wasn’t long before

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

hat little plastic card arrived in the mail. It was time to establish my credit history. I was off to the mall. Life was good!

Stuff happ

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

Combination pro

ns…

I made my student credit card the solution to all my financial emergencies when I attended college. Needless to say there were plenty

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

of them. There were tuition bills, school supplies, car repairs, and midnight pizzas to pay for. The old saying was true. “When they’ve g

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

t you, they’ve got you”. That little piece of plastic bailed me out of more financial predicaments than I could count. I honestly don’t kn

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

ow what I would have done without it. The student credit card “thing” was a pretty cool idea.

My day of reckoning…

The monthly statement

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

arrived one after another. I had been in the habit of making the minimum payment and ignoring the bottom line. Not a good idea. All those

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

credit card purchases left me with a pretty hefty balance. The finance charges were mind-boggling. It was time to take action. I started t

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

Following aspects would a

o allocate more of my monthly income toward my credit card bill and phased out frivolous purchases. My balance actually began to dwindle (

dd to the challenges in developing combination products:

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

hank God). I developed a better understanding of what credit cards are intended to be. They’re certainly not free money! Put simply, they’

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

re a convenient loan that has to be repaid.

A word to the wise…

When applying for a credit card, students need to consider the fees invo

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

ved. Take a hard look at the finance charge, annual fee, and late payment fee. Shy away from cash advances if possible. Consider a low lim

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

t credit card. Do a comparison and search for competitive rates. Study your card agreement thoroughly. If you don’t understand something,

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

Professional from academic institutions, pharmaceutical industries, health care indust

call customer service. Ask questions.

Set up a realistic budget and follow it closely. Avoid impulse shopping on your credit card. Try to

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

use the card only in real emergencies. Try to pay your bill promptly and keep your finance charges to a minimum. This will help you to est

.

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

ablish a good credit history.

You may also want to consider using a debit card. The money is deducted right out of your checking account.

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

Companies that provide selfless information through particip

This way you can’t spend more than you have.

Remember to approach credit cards sensibly. When used properly, they can be a real lifesaver

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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