Advice You - Finance

#1 Make sure mistakes aren't hurting your credit.

Reviewing your credit report can help you avoid costly errors. In one recent stu

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

dy, more than 50% of the credit reports checked contained errors. Other studies have shown similar results with as high as a 70% err

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

Examples of combination products may in

or rate. The most common error occurs when the information of another person, with a similar name or account number, is recorded in

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

your credit profile.

#2 Track your history of payments.

Potential lenders want to see a history of timely payments before they’ll

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

consider offering you a loan or credit. Check your report to see that your payments are being reported accurately to the credit re

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

Combination pro

porting agency (CRA). A history of late payments will result in higher interest rates being charged or having your credit applicat

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

ion or a loan denied. Late payments will also lower your FICO score.

#3 Protect against potential identity theft.

Identity theft

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

has become the fastest growing crime in our nation. Identity theft complaints jumped 75% from last year according to a recent Federa

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

l Trade Commission report. The monetary loss from identity theft crimes skyrocketed to a combined $53 billion in 2002! Accounts tha

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 appear on your credit report that weren’t opened by you could be a sign of identity theft. Report any such occurrences to all thre

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

major credit bureaus immediately and have them place a fraud alert on your account. The three bureaus can be reached at:

Equifax

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

Following aspects would a

800-997-2493 www.equifax.com

TransUnion 800-888-4213 www.transunion.com

Experian 888-397-3742 www.experian.com

#4 Keep your

dd to the challenges in developing combination products:

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

inquiries to a minimum.

Make sure all of the listed inquiries were authorized. If there are unauthorized inquiries, write to the cr

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

edit bureau and to the company that made the inquiry informing them that you did not authorize the inquiry and to remove it from you

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

r credit file. Potential creditors can regard too many inquiries within a short period of time (30-60 days) as a negative and can re

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

sult in the refusal to extend further credit.

#5 Stay on top of your credit without hurting your credit score.

A credit score, als

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

Professional from academic institutions, pharmaceutical industries, health care indust

o called a FICO score, is a numerical grade given to each consumer . Your grade or score is an analysis of your credit risk based on

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

your credit history. Credit scores range from 300 to 900, and those with scores in the range of 640 to 700 are considered excellen

.

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

t credit risks. Those with FICO scores below 500 are considered to have the highest risk of defaulting on a loan and therefore most

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

Companies that provide selfless information through particip

lenders won’t even consider them. Consumers with higher credit scores receive the best rates and terms on credit and loans.

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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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