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Bankruptcy is the last resort that neither the borrower nor the creditor wishes to meet. The impact of this to both sides is negative and long-lasting. Once you are 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

it will remain on your credit report for many years, making it difficult to get any loan, insurance, or a job.

Bankruptcy is not a curse! It will give you adequate time and f

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

Examples of combination products may in

resh ideas about how to cope with your finances. It gives you a chance to begin again. When you find yourself in this type of position, you may choose to see this as an oppo

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

rtunity to reflect on the decisions that you have made which have contributed to your current situation. This is definitely not the time to be critical of yourself, it is ra

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

ther a time to evaluate your finances very carefully, and create a plan for future action which will enable you to move forward in life, and perhaps learn from the mistakes th

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

Combination pro

at you made to create this situation for yourself and/or your family.

In many situations bankruptcy is not simply the result of making bad financial decisions, it may be the

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

result of negligence, an accident, a lawsuit, divorce, or a myriad of unforeseen circumstances in which an individual is held responsible for a situation that may or may not h

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

ve been beyond their control.

There are many laws that empower and safeguard the right of a bankrupt individual to have a fresh start while overcoming their debts. Many laws

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

provide for the development of a plan to assist the debtor in resolving his or her debts through the division assets among the creditors. Most of the bankruptcy laws allow the

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

debtor to stay in business so that the revenue generated may be used to resolve his or her debts. Some laws allow the debtor to be discharged from his or her debts after his

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

or her assets are divided among the creditors even though his or her debts are not paid completely.

Bankruptcy can be divided into two types: straight bankruptcy and reorgani

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

Following aspects would a

zation.

Straight bankruptcy involves liquidating all the debtor’s assets among the creditors. Exempt property such as work-related tools and basic household materials are exc

dd to the challenges in developing combination products:

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

luded from liquidation.

Reorganization allows the debtor to keep his or her property instead of surrendering it and pay the debt during a specific period of time.

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

It should be remembered that personal bankruptcy usually does not dissolve obligations that may include alimony, child support payments, student loan, and taxes.

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

To avoid stress over potential bankruptcy, plan properly when buying a home, and give yourself adequate financial leeway so that your house payment will not be too large.

Wh

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

en purchasing a home, or even just planning your budget, closely evaluate all of the associated fixed monthly costs, and also be sure to put aside savings, or purchase insuran

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

Professional from academic institutions, pharmaceutical industries, health care indust

ce for emergencies.

These fixed monthly costs could be simple things such as monthly electricity, gas, water, and other utility bills. Depending upon your geographic locati

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

on, these costs can vary drastically on a monthly basis which could stretch your earnings to the absolute monthly limit.

Purchasing insurance for emergencies could include su

.

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

ch things as disability, terminal illnesses, natural disasters, death of a spouse, or even an accident for which you or one of your family members could possibly be liable.

T

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

Companies that provide selfless information through particip

here is no way to totally protect yourself against every possible negative or unforeseeable occurrence, which is why bankruptcy is an option, and in some cases the only option

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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Digg It - Bankruptcy Can Be Used As An Opportunity To Start Over And Reset Your Financial Goals

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