Advice You - Finance

As a young student I feared getting bad grades because I didn’t want any bad marks on my “permanent record.” Get an “F” in fifth-grade science and it goes in your reco

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

rd. Act up in Mrs. Brown’s class? Yep, it’s in your record too. Get caught using a swear word and it’s not only in your permanent record but it goes right at the top!

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

Examples of combination products may in

When you go to a parochial school like I did, you come to believe that there really is some mysterious file that follows you for the rest of your life.

Want to know a

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

secret? There really IS a permanent file that follows you through life, but it has nothing to do with grammar school grades or activities. The real “permanent record”

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

you need to be concerned about as an adult is your credit record! You should check your credit record on a regular basis, especially if you are planning on making a m

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

Combination pro

ajor purchase such as a car or home.

Your credit report or credit profile is a record of your credit activities. It lists your credit card accounts and loans, your ac

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

count balances, and whether or not you make your payments on time. Your credit report is used by potential lenders to evaluate your creditworthiness. Credit reports ha

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

ve also been used by insurance companies to determine what rates you will pay for your insurance policies.

Reviewing your credit report can help you avoid costly erro

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

rs. In one recent study, more than 50% of the credit reports checked contained errors. Other studies have shown similar results with as high as a 70% error rate. The 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

ost common error occurs when the information of another person, with a similar name or account number, is recorded in your credit profile.

A more serious problem occu

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

s when someone gains access to your personal information and commits identity theft. Identity theft has become the fastest growing crime in our nation. Identity theft

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

Following aspects would a

complaints jumped 75% from last year according to a recent Federal Trade Commission report. The monetary loss from identity theft crimes skyrocketed to a combined $53

dd to the challenges in developing combination products:

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

billion in 2002! Accounts that appear on your credit report that weren’t opened by you could be a sign of identity theft.

For a thorough review of your credit profile

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

, you need to check with all three major credit reporting agencies (CRA’s) : Equifax, Experian, and TransUnion. Information can vary between the three CRA’s and it’s i

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

mportant to make sure each has accurate and up-to-date information regarding your credit history.

Once you have your credit report, start by checking the accuracy of

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

your personal information: your name, your social security number, address(es), etc.

Next , examine the accounts listed in your credit history. This section lists you

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

Professional from academic institutions, pharmaceutical industries, health care indust

r accounts with creditors and your payment history with them. It is important to read this entire section and make sure the information is complete and has been report

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

ed correctly. Report any errors immediately to the credit reporting agency for investigation and correction.

Finally, check the number and frequency of credit inquiri

.

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

es to your file. Make sure that all the inquiries were authorized by you. Potential creditors who see a high number of inquiries in a short period of time may consider

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

Companies that provide selfless information through particip

you a high risk and deny you credit.

Make it a habit to check your credit report annually. Doing so can save you time, money and future credit problems down the line

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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If you want to protect your home or business and are thinking of installing a security system, consider the many options and variations in security systems – from intruder (burglar) alarms to CCTV cameras, there are so many different security measures to choose from.

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Advice You - Have You Checked Your Permanent Record Lately?

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