Actual - Finance

The average American has over $8000 in credit card debt. Making minimum payments and not accumulating any more debt, it would take you 30 years to pay off the card and thousands mo

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

re in interest. That’s why an important part of any family budget is to reduce and pay off that debt as soon as possible. Here are some ideas to get you on a road of no more credit

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

Examples of combination products may in

card debt.

Fewer Cards

Your first goal in reducing your credit card debt is to avoid accumulating more debt while you work on paying the current debt off. After all, what

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

good does it do you to pay $200 toward your credit card and then use it to make another $200 purchase. A good way to avoid using your cards is to get rid off most of them. If you h

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

ave a current balance owed on the card and it isn’t feasible to transfer the debt to an account with a lower interest rate, simply cut up the cards to avoid using them again. Close

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

Combination pro

the credit card account as soon as you have paid it off.

Your ultimate goal will be to only have one or two credit cards for online purchases and emergencies. You will only be usi

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

g it for non-emergency purchases that you know you can pay off within 30 days.

Freeze Your Assets

Most of us like to keep at least one or two credit cards around for emer

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

gencies. The problem is we end up using the cards to buy a new pair of shoes, take our spouse out to dinner or buy that new TV we really want. If you are prone to these types of im

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

ulse buys on the credit card, try freezing them.

Yes, I am serious. Take a gallon sized Ziploc bag, drop your credit card in it and fill the bag with water. Stick the bag in the f

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

eezer. Within a few hours your credit card will be encased in a block of ice, making it less convenient to just grab it and buy something. At the same time you know you can thaw it

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

out in a few hours if you really need it.

No More Impulse Buys

How many times to you go to the store with a particular item in mind and end up buying a few extra things y

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

Following aspects would a

ou didn’t even know you couldn’t live without? I’m taking about impulse buys.

We go to the grocery store and are presented with all sorts of special deals and easy grab-and-go off

dd to the challenges in developing combination products:

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

rs at the end of isles and at the cash register. We go to the mall to buy a white sweater and end up with a pair of earrings or new boots as well.

Storeowners have figured out exa

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

tly how to push our buying buttons and get us to purchase items on impulse that they know they couldn’t sell us if we took a moment to think about it.

Before you make a purchase,

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

take a moment and consider if you really need this now. For larger purchases sleep over it. You’ll be surprised how many deals don’t look quite as good anymore the next morning.

<

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

>$20 Is All It Takes

We’ve talked at length about how to cut down on spending and using your credit card, now it’s time to start paying off the debt you currently have. All i

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

Professional from academic institutions, pharmaceutical industries, health care indust

takes is $20 to get you started. Of course if you can come up with an extra $100 or even more, go for it. At the very least I want you to come up with an extra $20 a month and a

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

dd it to what you are currently paying toward paying off your credit card. Start with the card that has the highest interest rate. If you are currently paying about $100 a month to

.

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

ard that card, increase it to $120 until the card is paid off. Then use those $120 a month and add them to what you are currently paying toward your next card. Can you see how quic

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

Companies that provide selfless information through particip

ly this can add up and get you out of debt – especially once you have the first card paid off? By consistently doing this you can be out of credit card debt for good in a few years

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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