Answers - Finance

Being in debt is no fun, especially if you are struggling to make ends meet. Because debt is a complex issue but there may be more than one solution. This article will outlines 12 common met

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

hods use by most of debtors to get rid of their debts. Among these 12 debt solutions, there may be one or more options which you can use to solve your financial problem.

Please note this ar

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

Examples of combination products may in

ticle will be divided into 5 parts, this part will examine 2 of the 12 methods: Self Repayment Plan & Debt Settlement.

Self Repayment Plan

The ideal way to start your debt

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

solution program is with the self repayment plan. Self-discipline is the key factor to ensure the success of this method. Before you come out with your debt repayment plan, you need t

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

o understand you current debt condition; detail out all your debts: mortgage & car loan, credit card and other personal loans. Then list down all the fixed expenses such as power, phone, ins

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

Combination pro

urance, food and other expandable such as entertainment, gym, membership, dinner at restaurant & etc. Then record down your monthly incomes from salary, part-time job and other source of inc

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

mes.

Tailor your budget plan in line with your debt repayment plan. Budgeting is very important aspect in self repayment plan; you need to make a budget plan which will cut down or eliminat

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

e unnecessary expenses, has a saving of portion of your money for emergencies and unexpected expenses while focus most of your money on your debt repayment.

If possible, you might also cons

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

ider a part-time job or look for other opportunities to increase your monthly income and these extra incomes can be utilized to fund your repayment plan. If you feel that you might not have

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

good self-discipline to follow your repayment plan, you might want to consider in set up a direct payroll deposit and automatic payments with your bank.

While running your repayment plan,

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

you should not take in new debt and follow strictly what you have stated in your repayment plan. With these calculated steps and self-discipline to manage your money and debts, you can overc

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

Following aspects would a

ome your debt problems within a considerable time period.

Debt Settlement

Debt Settlement is an aggressive approach to debt reduction, which is appropriate for debt

dd to the challenges in developing combination products:

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

rs with a serious amount of debt. This method is commonly use by debtors who have unbearable debts and considering bankruptcy. Creditors will usually settle for less than owed when the debto

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

r is under serious financial strain because if the debtor chooses to file bankruptcy, then the creditor gets nothing. Creditors want to get as much money back as they can.

You may do it you

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

rself and get help from third party, debt settlement agency to negotiate with your creditors to outcome an agreed settlement amount, sometimes by reducing your debt balance as much as 50%-70

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

. If you plan to hire a debt settlement agency to negotiate with your creditors, you need to carefully choose a reputable debt settlement agency, understand their fee structure and you are a

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

Professional from academic institutions, pharmaceutical industries, health care indust

dvised to check out if there are any hidden fees involved in the settlement process.

Debt Settlement is a way to get out of debt in the shortest amount of time, and with the least amount of

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

money without filing for bankruptcy. Although this method of debt relief will hurt your credit rating, it is definitely a better option than bankruptcy.

In Summary

Self r

.

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

payment plan is good if you have manageable debts, a strong intention to get out of debt and a good self-discipline to follow the plan and make a success. Whereas, debt settlement is a fast

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

Companies that provide selfless information through particip

way to get out of debts with some drawbacks to your credit rating, but it is a better option for debtors who are considering the bankruptcy option.

See you on part 2 for more debt solutions

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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Answers - Debt Solutions – Your 12 Ways Out from Debts (Part 1)

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