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E-Folder - Financial Scheme of Refco Scandal
In October, 2005 one of the biggest financial services companies Refco collapse
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
d. In one of the interviews it has been found out that there were big receivabl
; 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
es owed to this company by Mr. Bernett of the total amount more than $400 mill
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
ion. Bernett has made a smart financial scheme with help of which he used compa
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
ny’s money to buy uncollectible debt of Refco. His plan was simple and worked v
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ery good – he just simply didn’t write negative debts off instead he paid for t
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
he loans with company’s money. Such procedure took place every quarter. Because
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
of such actions during three years (2002-2005), Refco Group owned the same mone
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
y prior to the dealings, but the debts remained hidden from one report to anoth
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
er one.
The same scheme was recognized in actions with another group in the be
The same scheme was recognized in actions with another group in the be
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
ginning of 2006. All details of this scheme have remained not changed excepting
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
the second company. The first time when such scheme was used was back in 2000.
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
All of the contemporary legal requirements include financial statements in all
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
financial connections between companies and the top officers. But there wasn’t
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
any time in history when such actions would be taken.
In March, 2006 it became
In March, 2006 it became
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
known to everyone that Refco had hidden account with more than $500 million in
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
fake connections. This company held the securities with several banks and corp
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
orations which had the fake bonds. Even though there is a big possibility that
.
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
there will be high criminal activity, Refco’s lawyers didn’t give any comments
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
on this issue and it is publicly known that there wasn’t any legal action taken
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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