Main Subject - Finance

You are laden with debt and experience grave difficulties in paying up. You work from dawn till dusk and hold two jobs, but

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

your income is still inadequate to pay off your outstanding credit card balances. You feel like you are left with no choice

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

Examples of combination products may in

ut to declare bankrupt and get your debt wiped out. At least you can start on a clean slate and be more careful with your sp

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

ending next time.

Before you file for Chapter 7 or Chapter 13, it pays to evaluate the consequences of declaring bankrupt.

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

lthough it may seem like the best option you have at the moment, it pays to consider the future consequences of going bankru

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

Combination pro

pt.

For one thing, being bankrupt will leave mark on your credit history. If you had filed under Chapter 13, your bankruptc

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

record will usually remain for 7 years, while Chapter 7 will result in a bankruptcy record for between 7 and 10 years. This

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

means that you will face much restriction on your finances at least for the next 7 years.

Although you may still be eligib

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

e for credit cards, your tarnished credit history will result in credit card companies charging you sky-high interest rates.

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

You are of high credit risk to them, and they have every right to charge you a higher cost of offering you credit.

If you

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

re thinking of getting a car loan, you will also be charged high interest rates. Does this mean that you will walk to work f

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

Following aspects would a

or the next 7 years? As cars are usually a necessity, you would probably have to bear the additional interest costs until yo

dd to the challenges in developing combination products:

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

r term is up. Of course, there have been circumstances where you can engage a car loan lender to negotiate for better terms

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

with financing companies.

Another controversial consequence of a bad credit history has to do with your future employment p

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

ssibilities. There have been cases where employees have been dismissed from well-paying jobs due to their credit history. Th

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

is happened as these employees have been labeled a credit risk to the company they are working for. With their bankruptcy hi

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

Professional from academic institutions, pharmaceutical industries, health care indust

tory, they are considered to be easier to bribe as compared to other employees.

With all these consequences laid out, it tr

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

uly pays to think it through before taking the easy way out. Declaring bankrupt may not always be your only choice, as there

.

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

are better ways for you to deal with your debt. These could include borrowing from friends and family to finance your debt,

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

Companies that provide selfless information through particip

implement better budgeting strategies or refinancing your home to acquire funds at lower interest rates to pay off your debt

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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Main Subject - How Bankruptcy Can Affect Your Credit History

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