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What is a consumer proposal?

A consumer proposal is a legal process that allows you to negotiate a settlement with your creditors. It is an option that is provid

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

ed under the Bankruptcy and Insolvency Act, but is not bankruptcy. In fact, it is a very good way to avoid bankruptcy and the significant impact on credit on cred

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

Examples of combination products may in

t that is associated with filing for bankruptcy.

Proposals are often a good method to deal with debts by people who:

• do not want to file for bankruptcy
•

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

have filed a bankruptcy in the past
• have sufficient income to make a partial payment to their creditors but can’t afford to make payments in full, or

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

want to escape the revolving door of high interest but are unable to qualify for a consolidation loan.

What are the advantages to filing a consumer proposal?

A

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

Combination pro

roposal has a number of advantages that can help to eliminate much of the stress associated with debt. Some of the primary advantages that are associated with the

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

filing of a proposal are as follows:

• Creditor Protection – from the moment a proposal is filed there is an automatic Stay of Proceedings that comes into place.

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

This will immediately remove the ability of your unsecured creditors to garnishee wages, seize assets, sue you or in any other way pursue you for outstanding debt,

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

including harassing phone calls.
• No interest – when you offer up a proposal, your creditors are prevented from charging you any additional interest or penal

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

ties associated with the monies specified in the proposal.
• One regular monthly payment – each month you will be responsible to make a payment to your Truste

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

. This will be the only payment you are required to make and your trustee will semi-annually distribute these funds to your creditors. As well, our fees will come

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

Following aspects would a

out of this payment, so that at no time will you be surprised by an unexpected administrative charge.
• Reduced level of payment – in most instances you will

dd to the challenges in developing combination products:

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

find that a proposal results in a drastic reduction of the level of each of your monthly payments, which should make it easier for you to cover necessary living ex

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

enses.
• Regulated fees – the fees that a trustee may charge are set by a tariff contained in the Bankruptcy and Insolvency Act and are identical across the c

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

untry. This is done to ensure that all debtors are treated in a fair and equal manner. At our first meeting we will explain the costs in detail and ensure that eac

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

h monthly payment will include these fees so that you will know exactly what is expected of you.

The biggest advantage is that by filing a consumer proposal you w

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

Professional from academic institutions, pharmaceutical industries, health care indust

ll effectively take back control of your finances. No longer will your creditors be able to dictate what you can or cannot do. Filing a consumer proposal is an e

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

cellent option for many residents of Alberta who have more debt than they can handle but don't want to go bankrupt. If you would like more information on filing a

.

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

consumer proposal in Edmonton or any of the other elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

p://www.bankruptcy-edmonton.com/bankruptcy-alternatives-in-edmonton.htm">alternatives to bankruptcy you can visit us online or call us directly at 780-435-5110

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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What constitutes employee recognition? Are service awards and employee recognition synonymous? Learn what the current trends are for recognizing a company's most valuable asset - employees.

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