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Bankruptcy is not a place you want to be, but sometimes people are so far into debts for one reason or another that it is unavoidable. At least they THINK it is una

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

voidable. The truth is that there are several options to filing for bankruptcy, and since bankruptcy is such a huge and drastic step, it should only be considered a

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

Examples of combination products may in

s your last option, AFTER you have thoroughly investigated and exhausted all other options as not being applicable or feasible.

But if bankruptcy is indeed your onl

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

y or best option, it is not something you should do alone or by yourself, whether personal bankruptcy or business bankruptcy. The laws differ from state to state, a

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

nd you really need the advice and counsel of a good bankruptcy lawyer. This bankruptcy attorney should be local to you, should be familiar with bankruptcy in your s

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

Combination pro

tate, and can advise you as to what your real options are, as well as helping and advising with the mountain of paperwork and forms that will be required.

There are

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

some common misconceptions about bankruptcy. It is totally different than declaring bankruptcy in the game of Monopoly, but some of the things that people assume a

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

bout bankruptcy are totally false, and we will take a look at some of those things here.

Untruth #1: I will lose everything

There are different types of bankruptcy

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

, and again, a qualified attorney can talk with you about this. But there is no guarantee or mandate that you will lose everything, or in fact, ANYTHING. You may b

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

e in a position to actually retain the things you have, and to be conscious to get caught up on overdue payments as well as making timely payments to your creditors

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

in the future.

Untruth #2: Everybody will know about it

Basically, this is up to you and who you tell. Yes, bankruptcy is a matter of public record, but who will

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

Following aspects would a

go into public records to search for it? Do you regularly go to the public records database to see if any of your friends or neighbors have declared bankruptcy? On

dd to the challenges in developing combination products:

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

ly your creditors will know, and they are prohibited from making it public knowledge.

Untruth #3: I’ll never get credit again

Some people think that after declarin

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

g bankruptcy that they will never be able to buy anything again, even with cash. Nothing could be further from the truth. While it is a fact that filing bankruptcy

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

will put a notable red mark on your credit report for the next 7 to 10 years, you will get credit again. In fact, you may even be inundated with offers for a secur

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

ed credit card, which is not a bad idea to get your credit score built back up. Make sure you have learned something from your bankruptcy experience though, since t

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

Professional from academic institutions, pharmaceutical industries, health care indust

hese credit offers will probably come to you at exorbitant interest rates.

Untruth #4: It is difficult or impossible to file for bankruptcy

Bankruptcy laws have ch

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

anged in recent years, and it is certainly not as easy as it once was. In fact, it is still a tedious and difficult process, and one that you would be well advised

.

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

to work on with a bankruptcy lawyer to make sure you get all the forms right. But it is far from impossible.

Like anything else, you know to know the facts about s

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

Companies that provide selfless information through particip

omething, and with bankruptcy, you need to know the law and your rights. Knowledge is power, and the more knowledge you have, the more options you have to exercise.

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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After watching sales decrease year after year, this year I'll try something new. If this sounds like your company then read on.

In workplace teams, individual IQs might average 140, yet the collective IQ might be closer to 85. So said neuroscientist and clinical psychologist Richard Ross when commenting about unproductive conflict at work. It doesn't have to be that way! Here are five key strategies for any organization that wants to capitalize on the upside of conflict.

We like to succeed as human beings and sometimes succeeding is harder than others. We face many obstacles especially financially.

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