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Regardless of the short and long term consequences related to filling bankruptcy, this particular population filling for bankruptcy is rapidly growing.

Statistics show that 5.4 people out of 1000 filled for bankruptcy on 2005 and th

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

is trend is increasing by 7%. Governments and financial organizations are concerned with the incredible easiness with which people opt for bankruptcy.

Let us define the meaning of bankruptcy; the word bankruptcy literally means “bro

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

Examples of combination products may in

en bench”. In the past, when a debtor could not pay off his debts, his workbench was broken in two pieces as a warning to future debtors. Nowadays, it is defined as a legal term to help an individual or a business in a financial har

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

dship and ease down the burden of the debts. The legal term “bankruptcy” is defined as an individual that cannot, within reason, pay off all of his debts and agrees to let the government take over his finances in order to ease off h

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

s debts.

Bankruptcy laws were created to protect both debtor and creditor. Laws maintain the balance and permit equal conditions in order to satisfy all people involved in the process. The main function of bankruptcy can be shown

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

Combination pro

in two ways:

- Giving a debtor a new start by relieving him of the majority of his debt

- Creditors do not lose their money completely

Several studies show that the main cause for filing for bankruptcy is the increased levels of c

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

nsumer debt which is normally tied up with an unexpected event, like losing your job, a medical emergency or the loss of a relative. According to economists, the average person that files for bankruptcy is a middle class worker, wit

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

h no superior studies, just high school graduate and usually the head of a family that has a heavy usage of credit.

There are different types of bankruptcy around the world, which are defined by specific laws for certain purposes.

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

ach bankruptcy is different from the every other, especially within countries. For instance, in the United Kingdom, bankruptcy can only legally be filled by individuals and partnerships, whereas in the United States and Canada, bankr

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

uptcy can be filed by businesses, as well.

In the US, there are two ways for filing for personal bankruptcy. One is known as Chapter 7 and the other as Chapter 13. Chapter 7 plan demands debtor to liquidate all assets, with no excep

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

ion, and to distribute them equally among all creditors. In Chapter 13, the debtor does not need to liquidate: The debtor agrees to a payment arrangement, which pays for a portion of his unsecured debt and the rest of the balance is

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

Following aspects would a

forgiven. The majority of people opt to file for Chapter 7.

When you apply for bankruptcy, you are required the services of a lawyer, especially a lawyer that deals with bankruptcies and that has experience with these kind of issues

dd to the challenges in developing combination products:

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

After filling for the bankruptcy, court will designate someone to arrange the payments for you to make to your creditors and to define how much of your income will be used to repay your debts. Court will let the person make payment

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

s, or withhold some money of this individual’s paycheck toward this goal. One of the secondary effects of this process is that your credit options will be very limited, as a result of the legal action and the unwillingness of credit

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

rs to issue credit lines to those who have filed for bankruptcy. Once the money designated by court and has been paid off, bankruptcy will be cleared from your credit history and you will be able to start rebuilding your credit “sta

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

tus” once again; this could take years to regain creditors trust again, but it is worth it.

Due to the remaining effects off filing bankruptcy, it is advisable to take bankruptcy as a last resort. Loop up for another alternatives o

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

Professional from academic institutions, pharmaceutical industries, health care indust

consult a lawyer to see if there are any other alternatives to consider before declaring yourself or your business in bankruptcy.

- Sell some material goods to pay-off your bills, especially when your financial situation starts to

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

decline. - Minimize expenses and cut down on all unnecessary expenses. - Let a specialist review your case or consult an accountant. They could help you make a plan to progressively pay off your debts without filing for bankruptcy.

.

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

Also, saving could pull you out of a financial breakdown in no time. - Refinancing some assets and using the surplus to pay off your debts

If nothing else works, consider bankruptcy as your last option. This way you will stop the s

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

Companies that provide selfless information through particip

ituation from becoming worse. Remember, bankruptcy should be applied to as last resort.

Check these links to learn more about the topic:

http://www.personal-bankruptcy-avoidance.com/Bankruptcy/FL-Florida/Bankruptcy-FL-Florida.shtm

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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