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Digg It - Bankruptcy - is This Your only Way Out?
What is bankruptcy, and how does it affect you?
The term bankruptcy literally means "broken bench". In days gone by, when a debtor couldn't pay his/her bills, they would break his/her workbench in two as a warning to other tradespeople and to punish the debtor.
Today, ba
The term bankruptcy literally means "broken bench". In days gone by, when a debtor couldn't pay his/her bills, they would break his/her workbench in two as a warning to other tradespeople and to punish the debtor.
Today, ba
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
nkruptcy is a tool that can legally help your business to survive or allow you to discharge the debts of your business.
Are your business debts overwhelming you? Are you worried about how you’re going to pay your staff and bills next week? Are you seriously starting to think abou
Are your business debts overwhelming you? Are you worried about how you’re going to pay your staff and bills next week? Are you seriously starting to think 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
Examples of combination products may in
t bankruptcy as a possible solution to your woes? Well, before you take what is basically an irreversible step, be totally clear on what bankruptcy is and how it affects you for now as well as long term.
Bankruptcy is a way of dealing with the debts you cannot pay. It should only
Bankruptcy is a way of dealing with the debts you cannot pay. It should only
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
be looked at by you as the business owner in a situation where you have made every effort to keep your business floating and pay your creditors, but without success.
Only contemplate it when you believe that you cannot meet your ongoing financial liabilities and you are sure your
Only contemplate it when you believe that you cannot meet your ongoing financial liabilities and you are sure your
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
financial position is unable to be salvaged. Becoming bankrupt is a very serious decision and you must only approach it as a last resort.
If your business is in danger of heading into problems that could lead to its demise, or your financial worries are such that it may lead to
If your business is in danger of heading into problems that could lead to its demise, or your financial worries are such that it may lead to
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
our business or personal bankruptcy, then seek urgent advice from an experienced lawyer and accountant as soon as possible.
Why?
Because there may be other options available to you that would avoid bankruptcy and help resolve your financial dilemma.
Bankruptcy may offer you rel
Why?
Because there may be other options available to you that would avoid bankruptcy and help resolve your financial dilemma.
Bankruptcy may offer you rel
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
ief from most of your debts but remember, you will be subject to many restrictions and limitations. As well you lose ownership of your property to a court official known as the Official Assignee.
Filing for bankruptcy is not the only way out of your precarious situation. If you c
Filing for bankruptcy is not the only way out of your precarious situation. If you c
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
an work out an arrangement with your creditors without having to go to court, then do so as you would be much better off. In court, your "dirty laundry" may become revealed for everyone to see and that can be embarrassing.
So what is the best way to AVOID bankruptcy?
So what is the best way to AVOID bankruptcy?
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
irstly, be clear on your financial situation? Are you insolvent? Insolvency means that what you owe (your liabilities) are more than what you own (your assets). That is, your money isn't coming in fast enough to meet your bills when they fall due.
Secondly, investigate all other
Secondly, investigate all other
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
options.
Here are 9 alternatives to filing for Bankruptcy:
Here are 9 alternatives to filing for Bankruptcy:
- Sell off assets
If you are getting financially strapped and starting to run into serious money problems then consider selling off assets you may have to clear your bills. - Reduce
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
your costs
If things are starting to look precarious, then be realistic. See what you can do to reduce all expenditure and get all non-essential costs out of the way. For example, if you have goods on hire purchase that you cannot afford, then let the goods be repossessed
If things are starting to look precarious, then be realistic. See what you can do to reduce all expenditure and get all non-essential costs out of the way. For example, if you have goods on hire purchase that you cannot afford, then let the goods be repossessed
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
and stop the continuing payments
Budgeting.
Budgeting means sitting down with an adviser, such as an accountant, and working out a plan to enable you to live and progressively pay off all debts. A good budget strictly adhered to, would soon pull you
Budgeting means sitting down with an adviser, such as an accountant, and working out a plan to enable you to live and progressively pay off all debts. A good budget strictly adhered to, would soon pull you
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
"out of the cart" if you are prepared.
Refinancing.
You may like to look at refinancing some assets and using the surplus cash to pay off creditors who can cause problems by lodging a creditor's petition for bankruptcy if they are not happy.
You may like to look at refinancing some assets and using the surplus cash to pay off creditors who can cause problems by lodging a creditor's petition for bankruptcy if they are not happy.
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
You can always try and arrange with your creditors to clear up their debts by instalment payments. Here you will need to see all your creditors and create a creditors pool, run by an accountant or solicitor. You will pay a certain amount of money
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
into the pool and that money can be distributed to the creditors until their debts are paid.
Compromise.
You can reach an agreement with your creditors on a proposition where their debts can be fully settled. There are a number of ways to agree on a
You can reach an agreement with your creditors on a proposition where their debts can be fully settled. There are a number of ways to agree on 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
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
compromise with creditors.
Instalment Order.
This is an order made by a Court allowing you to pay back debts in easy stages without the threat of further legal action, while that order is in force. This is probably a good option, because it forces yo
This is an order made by a Court allowing you to pay back debts in easy stages without the threat of further legal action, while that order is in force. This is probably a good option, because it forces yo
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
ur creditors to accept the arrangement as long as someone the court appoints properly monitors it.
Continue trading.
If your business is temporarily insolvent then you should look at ways where it can still continue trading and hopefully generate good
If your business is temporarily insolvent then you should look at ways where it can still continue trading and hopefully generate good
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
cash flow to meet your commitments. If you can, it is good to trade your way out of your financial difficulties. Most businesses can do this unless they are so far gone that recovery is impossible. For you to continue trading it is recommended that you talk to a professional advi
.
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
er who can act as a guidance counsellor or coach, so you don't get into deeper problems.
Bankruptcy.
If you have tried all other actions and they have not been successful or agreed to by your creditors, then you should consider filing for voluntar
If you have tried all other actions and they have not been successful or agreed to by your creditors, then you should consider filing for voluntar
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
y bankruptcy in order to stop the deterioration of the situation.
If you can avoid bankruptcy in any way at all - do so. If all else fails and it looks like you or your business is at the end of the road – talk to an accountant and lawyer immediately.
Best of luck
If you can avoid bankruptcy in any way at all - do so. If all else fails and it looks like you or your business is at the end of the road – talk to an accountant and lawyer immediately.
Best of luck
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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