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Actual - How to Negotiate Debts - Part 2
In my last article I started discussing how to negotiate debts. In this article I'll cover the remainder of what you can and cannot do when addressing old de
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
bt.
Old debt doesn't go away unless you pay it off. It's that simple. The original creditor might have charged it off. It might be very close to the Statute
Old debt doesn't go away unless you pay it off. It's that simple. The original creditor might have charged it off. It might be very close to the Statute
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
of Limitations. When you have this knowledge, and some money to pay your old debt, you are in a position to negotiate terms. Remember in the last article whe
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
I stated to not talk to collectors on the telephone? That person most probably does NOT have any authority regarding your account. You have every right unde
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
the law to seek PROOF OF THE DEBT.
You might want to offer a "settlement offer". That means that in consideration for the creditior/collector accepting agr
You might want to offer a "settlement offer". That means that in consideration for the creditior/collector accepting agr
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ed upon funds, they have to agree to accept your offer as "paid in full". There have been a great number of letters written regarding paying off "charged off
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
accounts". Present FICO scoring methodology works in this fashion. If an account is reported as "paid charged off account", this action LOWERS your credit s
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
ore. Today many creditors/collectors are being more and more aware of this failure in the system and have agreed to report the account as "Paid As Agreed" or
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
have "DELETED" the paying history entirely.
There are many pros and cons regarding this type of reporting. However, we cannot agree with the FICO manner in
There are many pros and cons regarding this type of reporting. However, we cannot agree with the FICO manner 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
hich credit scores are lowered when one tries to pay off old accounts. I have read both sides of the argument and one fact stands out. When you have the mone
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
, you have the power. Feel free to excercise your leverage in negotiating your payment terms.
Look at this from the perspective of the creditor/collection a
Look at this from the perspective of the creditor/collection a
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
gency. Imagine you"re a businessman and you have 100 accounts owing you $1000 each and haven't heard anything for 4 years and suddenly all these past due acc
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
unts offered you $500 as payment in full for your updating the credit files. Would you take the money? That's a no-brainer. The most important part of this s
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
rategy is that no one has to resort to litigation, which is costly. The original creditor is happy and you might even get a new calendar at Christmas.
If yo
If yo
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
negotiate under this scenario and you do not have enough money to pay the debt all at once, then by all means negotiate monthly payments. DO NOT agree to ma
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
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
e a payment by a certain date. Simply agree to pay so much per month. That way if you are a day or two late, you are not in violation of any agreement.
Now
Now
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
lets say you agreed to pay the account off over a period of 12 months. Well at the end of a six-month period you can show your lender that you are indeed ser
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ous about addressing your back debt. You have virtually turned bad credit into good credit. You have gotten the original creditor to discount your bill by 50
.
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
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
and he has agreed to finance you. You didn't borrow a dime to pay him back. Is that smart? You bet it is!
That pretty much sums up how to negotiate your de
That pretty much sums up how to negotiate your de
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
t when you have money as leverage. Later I'll go over doing the same if you have no money. In my next article I'll cover how the Statute of Limitations works
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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