Advice You - Finance

Unsecured debts (especially credit card debt) got you down? Yes, it's true, the winding tunnel of debt seems to get deeper and deeper due to late fees, high intere

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

st rates, and assorted penalties (the credit card companies are great at coming up with new ones all the time!) On the one hand you are bombarded by the credit car

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

Examples of combination products may in

industry's direct mail marketing machine sucking you in even deeper with new card offers and on the other hand they crush you with fees.

How do we get out of

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

his debt situation?

Well, of course there's the obvious answers like save more, stop buying Starbucks every day, cut up your credit cards, etc. Sure, that's a

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

l well and good but it may still take you 10+ years of living frugally to pay off what you owe. I don't know about you but 10 years is a long time. What are the mo

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

Combination pro

e drastic methods people use to speed up the process?

1. Refinance

Own a home? Then continue reading (if not jump down to point number 2 below.) The clean

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

st and easiest way to replace high interest rate debt with more manageable low interest rate debt (thus a lower payment) is to refinance your home and use the equi

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

y to pay off your credit card debt. This is not a big secret but it must be discussed anyway.

2. Debt Management Programs

You've seen the TV ads for the "

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

on-profit debt consolidation and credit counseling services" right?Well, these services are able to combine all your unsecured debts into 1 monthly payment with a

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

ower interest rate and fee structure. They do much more than just collect your money and redistribute it. Most good debt management companies also offer a great am

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

unt of ongoing support and financial education so you stay out of debt once they help to get you there.

Think of this service a giant helping hand that eases the

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

Following aspects would a

pain of your debt, reduces the collection calls, and provides you with assistance as you need it to pay down your debt in about half the time that you'd realistica

dd to the challenges in developing combination products:

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

ly be able to do it on your own. Also your credit is typically restored in the process.

3. Debt Settlement Programs

Now for the most drastic option: debt

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

ettlement. Of course, as with everything in life, the fastest way to reduce your monthly payment is also most radical choice. Why? Because debt settlement is a pro

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

ess in which you stop paying your bills to your creditors. Instead you make monthly payments into a trust account and once the money accumulates to a certain point

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 debt settlement company will negotiate with your creditors. So for instance, if you owe $15,000 on a credit card they may approach that company once you have

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

Professional from academic institutions, pharmaceutical industries, health care indust

$7000 in your trust account and offer it as a final payment for the entire outstanding amount of $15,000. This means you do not have to pay the remaining $8000 you

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

owe. This is great but it has its risks and drawbacks. Namely, your credit score will be damaged throughout this process and the amount you save depends on the qu

.

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

lity of your settlement company. You need a reputable and reliable debt set

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

Companies that provide selfless information through particip

lement company with good relationships with the major creditors. However, for many people, the quickest path to debt freedom is worth the price you have to pay

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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