Actual - Finance

Debt is easy to get into. We all buy things on credit, take loans out to get instant money or pay for goods on credit cards. Credit can take minutes to build up, but years to pay off. When debt builds up we end up paying

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

regular monthly payments that simply increase every time we get more credit.

The first thing we all have to do to clear debt is stop getting into any more debt. If you never took out another loan and cut up your credit cards 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

n after a while you will pay off all your debt (provided you are making regular monthly payments).

However, there are lots of clever ways to pay off debt quicker and help you to become debt free. Simply make a list of all the de

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

bt you have. This is everything that you pay to a creditor and includes any loans, credit cards, financed items such as the finance on your car or furniture and also the big one, your mortgage.

You should know:

1. How much the

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

debt is for or the total amount

2. How much is left to pay off the debt

3. What you pay every month

4. How many months you have left to pay

5. AND the interest rate you are being charged

If you add the amount of debt (number

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

Combination pro

2 above) you have left on each one of your debts then this is how much you owe to creditors. If you then add up all the monthly payments (number 4 above) then this is what you have to pay every month. Once you have worked this 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

ut then you are in a good position to start working out the fastest and cheapest way to clear this debt.

Paying off the debt as quickly as possible:

There are several ways you can pay off debt quickly. Some will be bette

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

r than others and it also depends on the type of debt you have.

The interest pay off – Targeting number 5 on the list above

If you have a credit card or mortgage then you should be charged interest monthly on the amount of credi

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

t you have left to pay. If you pay off larger amounts off this then amount you have to pay every month goes down. The more you pay off the less you have to pay in interest every month. If you take the credit card or loan that c

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

harges you the highest rate of interest, then paying this off earlier saves you the most amount of money every month. Once it is paid off, you move to the next credit with the biggest interest rate. Because mortgages usually hav

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

the lowest interest rate out of all your loans or credit cards and is secured debt you should leave this until last on your list.

For some loans, creditors can sometimes charge the entire interest on the full amount across the t

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

Following aspects would a

ime you have to pay the loan so that if you decide to pay a loan off early, you may still end up paying the same amount as if you continue to pay the loan every month. In this case you are probably better off not paying that spec

dd to the challenges in developing combination products:

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

ific loan early and focusing your efforts on a different loan.

The minimum loan pay off – Targeting number 2 on the list above

If you take a look at all your loans and start paying extra on the smallest loan then this will be pa

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

id off the fastest. Once you pay this off, take the amount you were paying on that loan and use it towards paying off the next smallest loan. Eventually you will again end up with only your mortgage left which if you use all the

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

money you used for your other loans this will also be paid off much faster.

The biggest payment pay off – Targeting number 3 (or 4) on the list above

This works best for small loans with fixed payments and is great for people w

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

ho find themselves with lots of loans with money to pay off on all of them. Because you want to reduce the amount of time and money you have to use to pay off the loan you simply target the largest payment you have to make every

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

Professional from academic institutions, pharmaceutical industries, health care indust

month. This may be the loan with the highest interest or the one the one with the highest balance. Once you put everything you can into paying this off your monthly payments will suddenly drop.

You can also do this by targeting

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

the loan that has the least number of months left to pay off the debt. This will reduce the monthly payments quicker.

This will leave you with a lot more money every month and helps to control your finances better especially fo

.

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

r people that struggle to pay off their loans. Clearing the loan that takes the highest payment every month has the biggest effect on your bank balance every month. Clearing the loan that has the least number of monthly payments

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

Companies that provide selfless information through particip

left has the fastest effect on your monthly bank balance.

The clever part is to then use the money you save once you have paid off the loan to pay the other loans off faster and not to get comfortable with the debt you have left

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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