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A credit bureau is an organization that tracks the credit histories and related information of individuals and businesses. The three major nationwide credit bureaus are Experian, T

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

rans Union and Equifax. The job of a national credit bureau is to collect and sell credit information. A credit bureau is a clearinghouse for credit history information. Make no mis

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

Examples of combination products may in

take about, they make a tidy sum by collecting and selling this information when a business or individual applies for credit.

When you, as an individual or a business apply for cre

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

dit of virtually any kind, that information gets sent to at least one or more of the credit bureaus. Even if you are declined, that information becomes part of your credit report.

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

Your accounts are reported to the credit bureaus regularly as far as your outstanding balance, the amount of your monthly payments, and a history of any late payments on each accou

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

Combination pro

nt.

The really scary part of this is the many reports and studies which state that anywhere from 35% to one report that claimed 70% or more of the information maintained by the cre

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

dit bureaus is INACCURATE to some degree. To a certain degree, some could argue that this could be expected since the credit bureaus are maintaining data on hundreds of millions of

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

individuals and businesses, which amounts to a staggering amount of data to keep track of. Yet the reported inaccuracies are disturbing.

Who is responsible for ensuring that the

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

data maintained by the credit bureaus on you is accurate? You, and only you, and that “quality control” does not happen automatically.

Why should you care? Having inaccurate info

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

rmation in your credit report can affect many aspects of your life. It will have a major impact on your ability to get a mortgage at a decent interest rate, your ability to get a c

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

ar loan, even your ability to open a new account with a department store or get a Visa or Mastercard. These days, many employers are running credit checks on employee candidates, a

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

Following aspects would a

nd part of the hiring decision process hinges in part on the applicant’s credit report.

Another reason to periodically check your credit report is because of the new “high tech cri

dd to the challenges in developing combination products:

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

me” of identity theft. Someone can steal your identity easier than you may think, open a ton of credit card accounts in your name, charge them to the hilt, then disappear from the

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

face of the earth. And then YOU are stuck with months and even YEARS of battles to document that this person was not you, while all during the process your credit report is so bad

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

that merchants may not even take CASH from you for a purchase.

You are entitled to a free copy of your credit report from the credit bureaus any time you have been denied credit.

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

You are also entitled to a free copy of your report once a year, which is strongly recommended. Review it in detail, and call the credit bureau if you do not understand it. They a

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

Professional from academic institutions, pharmaceutical industries, health care indust

re obligated by law to help you understand the information there.

If you find errors or inaccuracies, by all means write a dispute letter. Keep records of all your correspondence

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

with the credit bureaus. They are obligated by law to follow up on disputed information and to correct it if it is wrong. They do this by contacting the merchant or vendor who rep

.

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

orted the information, and if that merchant cannot verify the information as being accurate, then it must be removed.

In summary, get a copy of your credit report from all three of

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

Companies that provide selfless information through particip

the major credit bureaus, and do it today. Chances are better than good that you will find errors on it, and the sooner you get those errors corrected, the better off you will be.

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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