Digg It - Finance

When people are flooded with debts, and they see no way out of their situation, they start thinking bankruptcy coul

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 be the only possible solution towards a debt free life. Almost all debtors are not aware of two main points abou

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

Examples of combination products may in

bankruptcy:

- Bankruptcy is not a wise method for debt solution
- Bankruptcy brings noxious consequences

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

affecting financial and social status

Here is a list of the aforementioned noxious consequences:

1. A bankru

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

tcy filing remains on a Credit Report for as long as 10 years, and it also stays on Court Records for as long as 20

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

Combination pro

years. Thanks to this, your chances of getting a loan and even a job again, will be minimal.

2. You can also lose

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

aluable assets when filing for bankruptcy, or you have to pay the equivalent in money.

3. As we said before, your

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

financial and social status will be deeply affected. People tend to loose faith upon someone who has filed for b

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

nkruptcy.

4. If a business owner files for bankruptcy, he will suffer the same consequences as any other person wh

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

has filed for bankruptcy. He will not qualify again for a business loan.

5. After declaring bankruptcy, your bank

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

accounts will be closed, credit cards, and everything that has been bought on hired purchase, such as a car or a ho

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

Following aspects would a

se will be returned to the owner.

People really need to understand how the bankruptcy process works in order to u

dd to the challenges in developing combination products:

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

e it as a last resort, and not as an easy way out.

Not true about Bankruptcy

- Bankruptcy will not get rid of all

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

of your debts. There are some debts that cannot be canceled, such as tax claims, alimony, child support, among othe

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

rs.

- Although bankruptcy relieves the pressure of debt, it still leaves so many consequences that it does not fee

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

like a fresh start. Because of this, bankruptcy is considered a temporary relief.

- Bankruptcy laws are rigorous

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

Professional from academic institutions, pharmaceutical industries, health care indust

about including all your accounts. You will not be given the chance to hide any account from the bankruptcy proces

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

.

- Bankruptcy turns you into a debt free person at the cost of your assets, either by liquidating them or by putt

.

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

ng you into a new payment plan.

Remember, you can always choose and try many different solutions to become debt fr

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

Companies that provide selfless information through particip

e; but one thing is for sure, Bankruptcy should only be used when other options fail to work; use it as last resort

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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