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A reverse mortgage (or, as it’s called in the United Kingdom, lifetime mortgage) is a

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

special type of secured loan created for senior citizens (only 62 and older in the United States) th

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

Examples of combination products may in

t lets borrowers turn equity kept in their home into cash and doesn't have to be repaid until death

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

or permanent moving out. Reverse mortgages first appeared on the mortgage scene in the United States

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

long time ago, in the early 60s, but only in the past couple years have undergone significant expans

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

Combination pro

on as a financial solution for the US seniors.

One of the main reasons for the growing popularity o

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

f this loan product is a fact that there’s no income or credit requirement which are unavoidable in

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

lassic mortgages, remortgages or home equity lines of credit. Thus, only factors determining total l

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

oan amount are borrower’s age and appraised value of the property (or equity left after subtracting

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

urrent debt), so the property set as collateral must be owner occupied and the borrower must be 62 y

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

ars old or older, these are the requirements that cannot be bypassed and are set for every person on

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

Following aspects would a

the deed. Another mitigating factor in getting a reverse mortgage deal is inclusion of closing cost

dd to the challenges in developing combination products:

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

and fees in loan balance. Only fee that usually isn’t included into balance is appraisal fee.

There

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

are several available payment options among which borrower can choose the one that suits him best.

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

ost of the borrowers choose to get paid in a form of the line of credit which enables them to draw c

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

sh advances whenever needed, but it is also possible to get a lump sump at loan closing or fixed mon

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

Professional from academic institutions, pharmaceutical industries, health care indust

thly payments throughout the life of the loan, or even a combination of different payment options.

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

ven though reverse mortgage is often a good financial solution for the senior citizens, I couldn’t e

.

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

mphasize enough the importance of undergoing service of independent expert counseling, as it is a bi

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

Companies that provide selfless information through particip

decision and should be examined wisely together with all the other options to reverse mortgage deal

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 - Reverse Mortgage - Financial Solution For The Senior Citizens

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