Others - Finance

In this series of articles, you will be able to follow along at your own pace as you work to bury the debt monster and regain complete financial control. Whether you

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

were like a child in a candy store or you simply spent a little more than you made every month over a long period of time, your debt can be crippling- and effect all

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

Examples of combination products may in

other aspects of your life. Use this series of articles to turn it all around!

Lesson One: Opening Your Eyes

Many people don’t know how much debt they have,

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

and whether or not they have a good balance of “good” and “bad” debts. Most people who have the most debt try to ignore the extent of debt they are in- in other word

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

, they avoid reality because what you don’t know doesn’t hurt you, right? In this case, unfortunately, debt always hurts you over the long term!

The first lesson on

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

Combination pro

the road to self-debt reduction or elimination is to understand how much debt you actually have, and what type of debt it is.

Make a List

Let’s start with th

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

“bad debts”, since these are the ones we will want to pay off as soon as possible. Bad debts include store credit cards, car loans, and charge cards- any purchase t

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

at loses value instead of offering you potential earnings.

On a piece of paper or on a computer spreadsheet, set up your list like this:

Name of Card/Loan

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

Amount Owed Interest Rate Estimated annual interest

Ex: Citibank $2,123 18.36% 21

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

3 x .1836 = $389.78

Next, do the same thing for good debts. Good debts are things like school loans, mortgages, second mortgages, and other investments that may e

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

rn money. We will use your good debt list in a future lesson, but for now, let’s take inventory of everything you owe on two separate lists: “bad” and “good”.

An

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

Following aspects would a

lyze Debt to Income Ratio

Once you have both your lists completed, you’ll want to analyze the amount of bad debt you have. Get a total amount of the “amount owe

dd to the challenges in developing combination products:

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

” column of your bad debt list and compare it to your annual after-tax income. The bad debt total should not be a large chunk of your income. You can find your debt

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

to income ratio (and we’re just dealing with bad debt at this time) with a simple formula:

Total Bad Debt / After-tax income = bad-debt-to-income ratio

If you’re

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

total bad debt is $5,770 and your after-tax income is 36,000, you would have a bad-debt-to-income ratio of 16%. The goal is 15% or less in order to keep your payment

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

manageable.

How Much You Actually Flush Down the Drain

Now, for a real eye opener, add up the amount of estimated interest you pay annually on your bad debt

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

Professional from academic institutions, pharmaceutical industries, health care indust

accounts. WOW! While student loans or mortgages are considered debt worth paying interest for, look at how much money you are flushing down the drain each year on y

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

ur credit card and car loan payments. Think about what you could do with that extra money on an annual basis!

Lesson one has probably been an eye opening experience

.

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

overall for the majority of you. The first step for alcoholics and drug addicts is to admit they have a problem- the first step for people looking to get out of debt

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

Companies that provide selfless information through particip

is to face the debt monster and see exactly how much money they owe. The next lesson will lay the foundation for eliminating the worst of our debts: credit card debt

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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