Advice You - Finance

If you’re in debt and having difficulty keeping up with your monthly bills, apparently you’re not alone. The issuers of credit cards recently reported their 2006 profits – and those profits are staggering. Take a look

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

at the following reported earnings from credit card companies:

Profits from interest charged to credit card holders: $90.1 Billion
Profits from fees charged to credit card holders: $55.2

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

Examples of combination products may in

Billion

Wow – profits earned from issuers of credit cards far exceeded even those earned by oil companies, yet the entire country seems to be taking issue with oil executives, and haven’t blinked an eye ove

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

the outrageous costs associated with purchasing items on credit. Nor are there laws to protect consumers from credit card gouging. If you make a late payment, you’ll be penalized. So, let’s get this straight; if you c

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

an’t afford to pay your monthly bills, credit card companies are going to charge you even more. Makes no sense, but for some reason this practice is legal.

Since the delinquency rates on credit cards is at an all-time

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

Combination pro

high, there’s a good chance you may find yourself looking at options to put your credit card debt and money concerns behind you. Here are some of the choices available to consumers who are struggling to pay their bill

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

Consumer Credit Counseling – This option may be the right choice for you if your job is secure and you can commit to a long-term payment schedule. Consumer Credit Counseling agencies will wo

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

rk with your creditors to negotiate reduced interest rates on your credit card accounts. Unlike bankruptcy or debt settlement, you’ll still be liable for paying the entire balance owed over a number of years, but as st

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

ated, if you can realistically commit to a long term payment arrangement, and you don’t mind waiting a few extra years to become debt-free, consumer credit counseling may be right for you.

Bankruptcy
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
rong> – Most people resort to bankruptcy only in the severest of cases. For instance, if your debt and credit card payments are unmanageable, and you’re certain you won’t be able to maintain payments to
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
a consumer credit counseling agency, or have the option to borrow sufficient funds in order to attempt to settle your accounts for less than the full balance, you may simply have no choice, and bankruptcy wil
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a
l be the only option available to you

Debt Settlement – Debt settlement is the route best used when individuals can simply no longer afford their monthly bills, and are reluctant

dd to the challenges in developing combination products:

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

to commit to a long term repayment schedule due to potential unforeseen circumstances. Debt settlement has helped many families become debt-free by negotiating with your creditors to pay your account off

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

for less than the full balance, usually 50% or less. To qualify for debt settlement, you must have sufficient funds available when a settlement is reached with your creditor to avoid defaulting on the s

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

ettlement agreement. So, if you are unable to rely on personal savings, a loan from relatives or a friend, funds from your 401k, or perhaps a home equity line of credit, unfortunately, debt settlement is not

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

n option you can seriously consider.
Debt Consolidation – Hmmm. This is an option I’m not entirely fond of. Reason being, 85% of people who pay off credit cards through debt cons

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

Professional from academic institutions, pharmaceutical industries, health care indust

olidation end up charging the majority of their cards back up to near their credit limits. So, instead of owing the amount they originally were obligated to pay, they now owe at least double. Be very car

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

eful if you find yourself saying “I would never do that.” Most of the 85% of individuals who have consolidated their debt have uttered those exact words.

I encourage you to consider all of your opt

.

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

ons closely, and hold off on your final decision until you’re well educated and comfortable with the consequences of that decision. While I don’t necessarily agree with those who are concerned with their credit score,

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

Companies that provide selfless information through particip

I do understand that it may be difficult to trade in a good credit rating – even if it means you’ll have peace of mind through freedom from debt. Just be sure you're certain to weigh your options and have all the facts

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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