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Advice You - Should You Pay Off Your Debt?
You've made a commitment to change your spending habits. You have a budget and you are working on getting out of debt and building up some savin
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
gs. You just received a bonus at work. What do you do with it?
The old you would have gone on a vacation. The new you is looking to the future.
The old you would have gone on a vacation. The new you is looking to the future.
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
Your first impulse is to pay off a credit card or two. But then you consider putting it in your emergency fund -- there isn't near enough money
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
in there.
The debate over emergency savings versus credit card debt has been around for a long time. Let's look at the two sides.
Save for eme
The debate over emergency savings versus credit card debt has been around for a long time. Let's look at the two sides.
Save for eme
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
rgencies
Putting your extra money into savings for emergencies seems like a good idea. You will have the peace of mind that everything is taken
Putting your extra money into savings for emergencies seems like a good idea. You will have the peace of mind that everything is taken
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
care of. If an emergency comes up, you can pay cash for the emergency and not have to charge it on your credit card. You probably have too much
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
debt to get an emergency personal loan through a local bank, so having the cash saves you.
Pay off your debt
Paying off your debt makes sense
Pay off your debt
Paying off your debt makes sense
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
in the long run. You won't pay the extra interest to the lender while money sits in savings. If your money is only earning 3% in savings, it cou
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
d work better for you by eliminating a 15% loan. Having that money in savings instead of using it to pay off your debt is costing you at least 1
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
2%.
If you use it to pay off your debt, you will be out of debt faster. If you have an emergency, you'll probably have to charge it on your cre
If you use it to pay off your debt, you will be out of debt faster. If you have an emergency, you'll probably have to charge it on your cre
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
it card, which will cost you. You can see how it can be confusing.
Looking purely at numbers, paying off the debt is the best way to go in the
Looking purely at numbers, paying off the debt is the best way to go in the
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
long run. But we aren't purely numbers. Accidents and emergencies happen. Emotions run deep. Some people find it easier to pay off their credit
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
cards and close them if they know that they won't need them.
You have to look at your own finances and goals. Are you focusing on the long run?
You have to look at your own finances and goals. Are you focusing on the long run?
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Or are you focusing on right now? Look at your family's needs. Run each scenario through your calculator. It could be that you change your mind
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
about where the money should go.
We know that by putting the money towards your savings, you won't have to accrue any more debt in the event of
We know that by putting the money towards your savings, you won't have to accrue any more debt in the event 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
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
an emergency.
If you were to put it towards your debt, how could it help your savings?
You are able to pay off your debt faster, putting money
If you were to put it towards your debt, how could it help your savings?
You are able to pay off your debt faster, putting money
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
into your savings on a regularly basis faster. When you pay down your credit card debt, you have more available credit that you can use as your
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
emergency fund. The credit isn't there for everyday use, just like a savings account isn't.
What you want to do is get to the point where you
What you want to do is get to the point where you
.
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
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
ave no credit card debt and an emergency fund. If you have one but not the other, you aren't safe. You need to have both. If all else fails and
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
you can't decide what to do, put half of the money to your debt and half of your money to savings. Either way, it's better than just spending it
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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