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Do you think your credit is good enough? Lisa thought hers was. Her credit score was good, a 690, and she’d never had a problem getting a credit card. Getting a car loan

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

for the car she bought last year was pretty simple, too. Even obtaining the mortgage financing for the home she recently purchased was not difficult. What Lisa didn’t re

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

Examples of combination products may in

alize, though, was that good credit doesn’t get you the best interest rates. For the most competitive rates on things like mortgages, car loans, credit cards, and even ins

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

urance, you need outstanding credit. Here’s why. The difference in the interest rate on a mortgage for someone with good credit like Lisa’s, a 690 FICO score, and someone

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

with outstanding credit, a 720 FICO score, is usually .25% or more. On a $200,000 mortgage, that is at least $500 extra each year for the borrower with good credit. Furt

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

Combination pro

hermore, the difference in the interest rate between good credit and outstanding credit on a car loan is anywhere from 1 - 2%. That means for a typical car loan of 5 years

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

, a person with good credit may pay as much as $1,000 more than someone with outstanding credit.

Let’s look more closely at Lisa’s situation and how things could have been

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

different if she would have improved her credit score by just 30 points before obtaining her mortgage. One option Lisa would then have is to use the money she was paying

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

in extra interest each month toward paying down her credit card debt instead. This means that she could have paid off an additional $500 of debt each year without having t

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

o take any further actions whatsoever. Better yet, Lisa could instead opt to make $500 in extra principal payments toward her mortgage each year. This would result in her

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

mortgage being paid off 33 months earlier, thereby saving her more than $42,800 over the life of the loan! (Based on a $200K mortgage with a 30 year fixed interest rate o

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

Following aspects would a

f 6.75%.) Keep in mind, these two examples are just from the savings on the mortgage interest rate. Imagine the other financial goals she would be able to reach sooner as

dd to the challenges in developing combination products:

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

a result of any savings from lower rates on her car loan and credit cards. By paying more on interest rates due to having only good credit, Lisa was losing out on opportu

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

nities for debt reduction and increased savings potential.

For most people, these lost opportunities mean less freedom and delayed plans when it comes to long term goals.

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

Think about it. How many times have you put off travel, investments, or even the launch of a business idea because of too much debt or lack of savings? That’s the proble

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

m with good credit. It will enable you to qualify for loans and credit cards but it won’t position you for the maximum success and choices that come with outstanding credi

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

Professional from academic institutions, pharmaceutical industries, health care indust

t.

Does this mean it’s too late for Lisa to benefit from credit optimization? The answer is no. It’s never too late to get started on boosting your credit power. In Lis

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

a’s case, an improved credit score will likely mean immediate savings on her credit cards. In addition, if she follows what’s typical of many homeowners, she will probably

.

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

refinance her mortgage within the next two or three years and an improved credit score will save her money on the new mortgage. Finally, Lisa is planning to launch a new

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

Companies that provide selfless information through particip

business next year. By boosting her credit beforehand, she will be able to qualify for a business loan with more ease and she will receive the best interest rate available

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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