Answers - Finance

What about your debts and when you die? Who is responsible for any outstanding bills to be paid when the person owi

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

ng them has died? Does one get off scott free? Do their relatives have to pay for the debts their loved one had acc

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

Examples of combination products may in

mulated? Does the Government take control of the situation? These are all good questions and knowing the answers ev

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

n better to understand your or your loved ones potential obligations upon death.

Any debts outstanding upon ones d

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

ath are ultimately the deceased estate’s responsibility. Also funeral costs and any legal fees in determining the w

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

Combination pro

ll are also the deceased estate’s responsibility. Once these particular demands are met, then generally the remaini

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

ng monetary items go to family members, as determined in that persons will. For example, perhaps your dad owned a h

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

use worth $500,000 but still had some payments left on it for $100,000. Upon death, you realized that the house was

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

willed to you. You would be responsible to pay the $100,000 still (but could probably do it as a mortgage still, no

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

responsible for it all up front). However you could just as easily sell the house and pay off the $100,000 and kee

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

the remaining money.

Now if the situation was as such, that your dad purchased a house for $300,000 and due to ot

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

Following aspects would a

her circumstance, the house is now worth only $200,000 and he had only paid $50,000 of it, and his estate has no as

dd to the challenges in developing combination products:

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

ets of any kind to make up the cost, then you could only sell the house for $200,000 yet still owe the bank $250,00

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

? Would you have to go into Debt Settlement with this issue? No, in this case the bank looses out, you would not be

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

responsible to pay for any debt above the value of what was willed to you. However if you or another family member

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

re a co-signer of any loans outstanding to the deceased, they will still be the remaining persons responsibility.

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

Professional from academic institutions, pharmaceutical industries, health care indust

Another thing to point out is that yes, the debts are paid for with the decease’s assets. But reasons not to run up

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

any great debt, especially in your later years is that items like family heirlooms and precious items that have bee

.

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

in the family for some time may have to be auctioned off to pay the creditors. If debts are owed and the estate ow

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

Companies that provide selfless information through particip

s a three hundred year old family table, it most likely will sold, thus causing hardship for the family emotionally

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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