Digg It - Finance

We all know that our financial transactions are reported to credit agencies that track how well and how quickly we pay our debts and that when we apply for a loan for one reason or another, those agencies repor

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

t our credit history to prospective lenders. However, most of us don’t know a great deal about how that actually happens and how our credit is rated.

The fact is that credit reporting has evolved to an indust

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

Examples of combination products may in

ry all of its own. Just a few short years ago, when someone applied for a loan, he or she put down credit references – retail stores, banks, or other people or places with whom they had done business in the pa

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

st. As a matter of course, the lender checked the references and decided whether or not to grant a loan based on an amalgamation of the responses from them. That really isn’t the case any more.

Instead, ther

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

are three major agencies that track everyone’s credit and provide a credit rating when contacted by a potential lender. The three agencies are Equifax, located in Georgia; Experian, located in Texas; and Tran

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

Combination pro

s Union, located in Pennsylvania. When someone applies for a loan, the lender generally contacts one of these three agencies and obtains a credit score and the score helps the lender decide whether or not to m

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

ake a loan.

Credit Scores

How is a credit score calculated? Until recently, that was one of life’s great mysteries, but over the past few years new rules and regulations have made the information more readil

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

y available. Your credit score is a number that ranges from 300 to 900, although the exact formula for determining that number is proprietary and is not released. This is how it works in general.

· 35% of th

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

score is based on the history of how you have (or have not) paid your bills. The agencies track how many of your bills have been paid on time and how many haven’t, as well as whether or not any of them have b

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

een referred for collection. The more recently you have had a collection or failed to pay something on time, the worse your score will be.

· 30% of the score is based on the debts you have at the time of the

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

rating. It is includes car and home loans, credit card debt, retail store debt and the like. If you have several credit cards and they are all limited out, your credit score is lower.

· 15% of the total scor

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

Following aspects would a

e is based on how long you have had credit. If you have never had credit or have only had credit for a short time, the lower your score will be.

· 10% of the score is based on the number of inquiries that hav

dd to the challenges in developing combination products:

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

been received about your report, particularly if there are several in the past year.

· 10% of the score is based on your current credit and the types of credit you have. The number of credit cards and loans

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

you have, as well as the available credit you have on your credit cards and considered.

Because your credit score is based on these factors and they are constantly changing, your credit score changes along wit

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

h them. Therefore, there are things you can do to change your credit rating and bring it up.

Changing your Credit Rating

The first thing to do is get a copy of your credit report and make sure there aren’t 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

ny mistakes on it. If there are, take steps to get them corrected. Errors in reporting do occur, although the credit bureaus would like for you to think they are foolproof. Here are a few more tips to improv

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

Professional from academic institutions, pharmaceutical industries, health care indust

ng your credit rating.

· Don’t pay off the entire balance on your credit card. Keep about 75% of it paid and keep a 25% balance. This applies to multiple credit cards as well.

· Don’t get rid of your older

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

accounts. Keep them open. The credit reporters look at the age of your accounts and the longer you have had a particular account in good standing, the better.

· Pay your bills on time. Experts say that this

.

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

is probably the most important factor of all.

· Prevent inquiries to your credit report whenever possible. Your score drops with the number of inquiries.

The real key, however, is to only get credit when yo

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

Companies that provide selfless information through particip

u need it and when you do get it, use it wisely. You can damage your credit rating with just a few late pays or collections and it may take up to a year of paying everything on time to build up a better rating

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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