Answers - Finance

Offshore banking, by its very definition, is a bank that is located outside the depositor’s country of residence

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

. More times than not, this involves a country whose tax jurisdiction is more favorable than one home banks. The

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

Examples of combination products may in

e are also legal benefits and more importantly privacy not available at home. While the entire industry suffer

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

from a cloak and dagger type status, there are legitimate reasons for using offshore banking, offshore trusts,

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

and offshore corporations to an individual’s or company’s advantage.

Most think of low profile millionaires who

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

Combination pro

e road to wealth is somewhat questionable but consider the alternative. There are areas of the world where offsh

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

re banking is safer than the political climate of one’s homeland. Would you want to be a depositor in any Russia

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

n bank in the roaring 90’s? Maybe you are a wealthy sugarcane farmer in a third world country in the Mediterrane

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

n; would you trust your local currency to your state run bank?

Also consider the ability of lower cost banks in

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

other regions being able to offer better rates than available at your local bank, is it worth the risk? This is

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

oing to depend on you doing your homework. One downside is the typical offshore bank is remote, so access to i

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

Following aspects would a

nformation can be difficult. However, in an ever increasing telecommunications world this is becoming less of a

dd to the challenges in developing combination products:

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

roblem. Another disadvantage is that offshore banking is usually reserved for higher incomes but this is also

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

hanging as these institutions begin to compete for depository currencies to boost their own local economies.

In

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

order to increase their relevancy, most offshore banks offer the same roster of services one might find at thei

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

local branch:

Deposits
Credit
Wire Transfers
Letters of Credit
Fund Management
Trust

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

Professional from academic institutions, pharmaceutical industries, health care indust

Services
Private Banking
Wealth Management
Corporate Admin

Since Most banks tend to lean to

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

wards private or retail banking, some or all of these services may not be available at your chosen bank. You wil

.

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

want to seek out a bank that can provide most of these services as they will no doubt intermingle. You can lega

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

Companies that provide selfless information through particip

ly find the best tax advantages for you, your family, and your company if you set it up right from the beginning

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 - Offshore Banking Tips & Traps

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