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Digg It - High Cost of A Low Credit Score!
A lot of people don’t realize how a low credit score (credit scores run from 300-850) can really cost you a lot of money. Any time you apply for credit, the company you are applying at will normally pull a credit report and score fro
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
m one or all three of the major Credit Bureaus.
This credit score will help the company judge the risk of loaning you the money. It doesn’t matter if it’s a car, washing machine, or home mortgage. Now each company may have it’s own
This credit score will help the company judge the risk of loaning you the money. It doesn’t matter if it’s a car, washing machine, or home mortgage. Now each company may have it’s own
; 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
ystem but a big part of the risk analysis is based on your credit score.
Most credit bureau scores used in the U.S. are produced from software developed by Fair Isaac and Company. FICO scores are provided to lenders by the major cre
Most credit bureau scores used in the U.S. are produced from software developed by Fair Isaac and Company. FICO scores are provided to lenders by the major cre
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
it reporting agencies This system has gained more popularity in recent years and now each of the three main credit bureaus licenses Fair Isaac's system for generating credit scores.
FICO scores are the credit scores most lenders use
FICO scores are the credit scores most lenders use
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
to determine your credit risk. You have three FICO scores, one for each of the three credit bureaus: Experian, TransUnion, and Equifax. Each score is based on information the credit bureau keeps on file about you. As this information
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
changes, your credit scores tend to change as well. Your 3 FICO scores affect both how much and what loan terms (interest rate, etc.) lenders may offer you.
FICO scores are based on 22 pieces of data collected by the three major cre
FICO scores are based on 22 pieces of data collected by the three major cre
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
dit bureaus, Equifax, Experian and TransUnion). The lowest possible score is 300, while the highest is 850.
Just to show you the impact, let’s use a home mortgage for an example. One of the major goals of most people is to own their
Just to show you the impact, let’s use a home mortgage for an example. One of the major goals of most people is to own their
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
own home so it’s one of the most common credit requests. It also dramatically shows the high cost of a low credit score.
Once you submit your credit application, the mortgage company will request a credit report and score from the t
Once you submit your credit application, the mortgage company will request a credit report and score from the t
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
ree major Credit Bureaus. They are Equifax, Experian, and TransUnion. Each one has it's own format and style but basically provide the same type of information.
And each Credit Bureau may contain different records on your credit and
And each Credit Bureau may contain different records on your credit and
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
they don’t share information. So you may get up to a 100 point difference on your three scores. And to make things even more adventurous, not all creditors use all three Credit Bureaus. Large companies, like most mortgage and car com
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
anies use all three but smaller ones may only check one.
We’ll use the sample scores below as an example of what you might receive as a credit score from each of the Credit Bureaus.
Equifax Score – 680
Experian Score - 630
We’ll use the sample scores below as an example of what you might receive as a credit score from each of the Credit Bureaus.
Equifax Score – 680
Experian Score - 630
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
>
TransUnion Score - 670
Now that we have your scores, here is an example of what a mortgage company might approve on a credit request based on your scores:
(this is just an example based on the interest rates that were available
Now that we have your scores, here is an example of what a mortgage company might approve on a credit request based on your scores:
(this is just an example based on the interest rates that were available
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
t writing – current rates may be different)
If your FICO® score is Your interest rate is ...and your monthly payment is
FICO® score is 760 - 850 - Your interest rate is 6.29% - and your monthly payment is $1,336
FICO® score
If your FICO® score is Your interest rate is ...and your monthly payment is
FICO® score is 760 - 850 - Your interest rate is 6.29% - and your monthly payment is $1,336
FICO® score
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
s 760 - 850 - Your interest rate is 6.51% - and your monthly payment is $1,367
FICO® score is 760 - 850 - Your interest rate is 6.69% - and your monthly payment is $1,392
FICO® score is 760 - 850 - Your interest rate is 6.90% - and
FICO® score is 760 - 850 - Your interest rate is 6.69% - and your monthly payment is $1,392
FICO® score is 760 - 850 - Your interest rate is 6.90% - and
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
your monthly payment is $1,423
FICO® score is 760 - 850 - Your interest rate is 7.33% - and your monthly payment is $1,486
FICO® score is 760 - 850 - Your interest rate is 7.88% - and your monthly payment is $1,567
As you can see,
FICO® score is 760 - 850 - Your interest rate is 7.33% - and your monthly payment is $1,486
FICO® score is 760 - 850 - Your interest rate is 7.88% - and your monthly payment is $1,567
As you can see,
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
if they use the lowest score, 630, or the highest score, 680, the difference in monthly payments can be a $175 per month (that’s $2100 per year). So 50 points can make a big difference.
Many of the negative items on your credit repo
Many of the negative items on your credit repo
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
rt can represent up to 20-25 points. So if you get 2-3 items removed, that can mean up to a 75 point increase in your credit score. That can make a huge impact on your credit cost.
So before you apply for credit, check your credit r
So before you apply for credit, check your credit r
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ports and see if you can remove any false or incorrect negative entries. if you have some negative entries on your credit report that you can have removed, you can see that the savings make it well worth the time and effort.
Don’t p
Don’t p
.
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
y for something that you can get for FREE. Go to the Federal Trade Commission’s site here to get the full details of getting your free credit reports:
http://www.ftc.gov/bcp/conline/pubs/credit/freereports.htm
Everyone should check
http://www.ftc.gov/bcp/conline/pubs/credit/freereports.htm
Everyone should check
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
his or her credit report each year. It’s now Free and won’t take much time as long as you stay on top of it. You can request one credit bureau at a time every 4 months and have a good idea of what’s been entered in the past 12 months
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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