Main Subject - Finance

First, understand that filing bankruptcy should be a last resort if you have borrowed money and have absolutely no way or repaying it. Filing for bankrupt

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

cy will have a negative effect on your credit history for 10 years or longer and may also adversely impacts your quality of life.

If you do declare bankr

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

Examples of combination products may in

uptcy, here are some things to expect. First, you will need to be prepared to explain to a bankruptcy judge or trustee how you got yourself into such a f

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

inancial pickle. You will be asked some very tough questions and need to be ready with good answers. It will not be an easy or fun task.

The only credit

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

cards you will probably be allowed to keep are those that were completely paid off before you declared bankruptcy. You will most likely lose all others.

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

Combination pro

Once you file for bankruptcy, you will have trouble getting a mortgage, a loan, new credit cards, life insurance and even some jobs. This is because there

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

are employers who are skittish about hiring people who have filed for bankruptcy as they feel it demonstrates a lack of restraint or self-discipline.

So

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

me of your debts will not be discharged. This includes child support, student loans and back taxes. So if you think filing for bankruptcy will relieve you

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

of that $12,000 you owe Uncle Sam, think again.

Keep in mind that a bankruptcy will stay on your credit report for at least 10 years. This means that if

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’re 35, you’ll be 45 before you can apply for a credit card, a mortgage, a loan or a job without the potential lender or employer seeing that you were

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

once bankrupt.

The good news

Despite what you may have been told, it is possible to get a loan after filing for bankruptcy. It is called a bankruptcy lo

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

Following aspects would a

an and its purpose is to help you get back on your feet and reestablish your finances.

A bankruptcy loan is usually available only after your creditors h

dd to the challenges in developing combination products:

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

ave been paid and your bankruptcy dismissed. If you filed a Chapter 13 (reorganization) bankruptcy, your creditors must be paid in full before you apply f

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

or a large loan. And if you filed a Chapter 7 bankruptcy, you must wait at least two years after the bankruptcy to apply.

The best way is to prove to pot

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

ential creditors that you are no longer a bad risk is by paying all your bills on time, and showing that you can now handle a credit card. Once you have a

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

track record for paying your bills on time, and have successfully maintained a credit card, you can ask your creditors for reference letters to prove to

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

Professional from academic institutions, pharmaceutical industries, health care indust

potential lenders that you have become credit worthy.

You should also know that there are lenders out there who will offer you a loan while you are still

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

in bankruptcy as a way of paying off your creditors. Don’t be lured into this. It usually just paves the way for further disaster as you are simply addin

.

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

g debt to debt. As a wise man once said, you just can’t borrow your way out of debt.

Going through bankruptcy can be a painful and embarrassing experienc

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

Companies that provide selfless information through particip

e. Be sure you consider all possible alternatives before filing. You might find that bankruptcy is easy to get into but very, very difficult to get out of

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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