E-Folder - Finance

For about 25 percent of those who turn to credit counselors, more than advice is prescribed. In these cases, in addition to an action plan, a debt-manag

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

ement plan is recommended. A debt-management plan (sometimes called a debt-repayment plan) involves the agency as an intermediary (for a small monthly f

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

Examples of combination products may in

e it handles both communications and payments on your behalf) and it includes revised payments that:

A) Are acceptable to all your creditors.
B) Lea

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

ve you enough money to handle your living expenses.
C) Generally get you out of debt in two to five years.

Such plans include: an alternative to ba

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

kruptcy, debt consolidation, or an interest-rate-reduction plan. All these descriptions have been attributed to debt-management plans. In fact, debt man

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

Combination pro

agement plans offer all these benefits - and perhaps a lot more. Here’s how: When creditors realize that you can’t meet the original terms of your credi

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

cards or other loan agreements, they also realize that they’re better off working with you through your credit counselor. Under a debt-management plan,

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

your creditors are likely to be open to a number of solutions that will be to your advantage. These include:

A) Stretching out your payments so that t

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

e combination of principal (the amount you originally borrowed) and interest will pay off your balance in 60 months or less. B) Changing your monthly pa

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

yments to an amount you can afford to pay. C) Reducing your interest rate and/or any fees associated with your loan. D) Stopping creditors from hounding

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

you day and night.

Why would creditors be willing to do all these things for you? Because if they don’t do some or all of them, and if you really can’t

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

Following aspects would a

make the payments, you’ll file bankruptcy - and your creditors will never get their money.

The critical point here is that the creditor has to believe

dd to the challenges in developing combination products:

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

that you can’t make the payments as agreed. But how does the creditor believe that without staking out your house or apartment to verify that you aren’t

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

drinking Champagne and driving a new Corvette? The creditor generally takes the word of the non-profit credit-counseling agency you’ve gone to for help.

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

Sounds like a good deal: lower interest rates, smaller payments, and all. Well, the debt-management plan isn’t a free lunch. The minuses may include t

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

e following:

A) A possible negative impact on your credit report (although just being in a debt-management plan does not affect your FICO score) B) An

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

Professional from academic institutions, pharmaceutical industries, health care indust

increase in interest rates (unless you pay in full and through the credit-counseling agency you originally signed up with) C) Restricted access to credi

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

during the term of the plan D) Difficulty in changing credit-counseling agencies after you begin a debt-management plan

The bottom line is this: If yo

.

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

u’re in debt crisis or you’re concerned you may be getting close to it, a debt-management plan from a good credit-counseling agency may be just the solu

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

Companies that provide selfless information through particip

ion. If you’re just shopping for an interest-rate reduction or a consolidation-loan alternative, a debt management plan may not be in your best interest

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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