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Digg It - 6 Steps to Take Before Bankruptcy
If you currently have unbearable debts and thinking of wipe it off from your statement by declaring bankruptcy; Just on-hold your decision for a while, there may be other opti
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
ons available. Try to improve your situation before you investigate the bankruptcy option. No matter which way you go, evaluate the 5 steps below to see if you could avoid tak
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
ing that drastic step.
1. Detail out all your debts
First, look at all your secured debts such as mortgage and car loan. How much are the repayment for eac
1. Detail out all your debts
First, look at all your secured debts such as mortgage and car loan. How much are the repayment for eac
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
h month? What are the interest rates?
Then, list down all the fixed expenses such as power, phone, insurance, food, etc. What are the total costs for these expenses?
Follow
Then, list down all the fixed expenses such as power, phone, insurance, food, etc. What are the total costs for these expenses?
Follow
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
by examining your credit card debts. Take out all your credit card statement and write down the amount you owe for each card and their interest rate.
Finally, write down all
Finally, write down all
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
your other expandable; these are your optional expenses such as entertainment, gym, membership, dinners at restaurant and other impulsive purchase.
2. Eliminate the u
2. Eliminate the u
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
nnecessary expenses
Now you should have a better idea on where your money goes; Make a diet plan on your cash; In your Cash Diet Plan, list down all the your savings
Now you should have a better idea on where your money goes; Make a diet plan on your cash; In your Cash Diet Plan, list down all the your savings
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
from the elimination of the optional expenses. You will be surprise that how much money you can save by carefully control your expenses. The money you saved can be used to pay
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
down your debts.
3. Get your family involve and work as a team
Don't do it alone because under such as stress condition, you may out of control and may no
3. Get your family involve and work as a team
Don't do it alone because under such as stress condition, you may out of control and may no
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
t think and plan in clear mind; get your family together and let them know your financial problem and have them to work together to control the household spending and eliminat
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
e the unnecessary expenses.
4. Cash out with your assets
If you have equity, you are in a better situation because you could refinance or get a secured loa
4. Cash out with your assets
If you have equity, you are in a better situation because you could refinance or get a secured loa
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
n for pay off your debts. If you are looking for bankruptcy as your debt relief options, your may not have any equity in hand already. But equity is not the only asset; many p
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
eople tend to forget that things that have cash value, but not sentimental value. Think antiques, old clothes or collectibles.
List down all the assets you own which your can
List down all the assets you own which your can
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
sell and cash out. Check the closets, garage and storage locker, she says, "and find out what you can live without". Then, cash them out through garage sales, eBay or consign
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
ent shops. Use the money to pay down your debts as much as possible.
5. Go for consumer counseling service
Arrange an appointment with a credit counseling
5. Go for consumer counseling service
Arrange an appointment with a credit counseling
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
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
agency and let the counselor to understand your finance situation and draft a budget for you. Review the debt management plan proposed to you before your sign to enroll into t
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
he plan. You may get a few plans from other credit counseling agencies for comparison. Choose the one which best suit your current financial needs. Although a debt-management
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
plan can have a negative impact on your credit, it's better than bankruptcy.
6. Get A second or part time job
Utilize your out-of-work time on second or pa
6. Get A second or part time job
Utilize your out-of-work time on second or pa
.
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
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
rt time job. Although you may not earn much in your part time job, a little money coming in can keep a bad financial situation from getting worse.
Summary
Summary
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
Bankruptcy may be your easy way out from debts but the consequences may follow you for 7 to 10 years. Always look for other alternative before choose for this dramatic options
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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