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Just Other Articles - The Disadvantages of Filing Personal Bankruptcy in Ontario - What Your Trustee May Not Tell You
As a licensed trustee in bankruptcy and the co-founder of Hoyes, Michalos & Associates Inc., one of Ontario's largest perso
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
nal bankruptcy firms, I have handled many personal bankruptcies over the years. As with every other trustee in Ontario, I e
; 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
rn my living by administering a personal bankruptcy, so it is in my self interest to administer as many bankruptcies as pos
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
ible.
Of course as a professional advisor I do not want to convince someone to go bankrupt on Ontario if
Of course as a professional advisor I do not want to convince someone to go bankrupt on Ontario if
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
hat is not the correct solution for them, so I always explain all options to everyone I meet, and let them decide. If I was
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
a less reputable trustee, what type of information would I not want people to know? What are the disadvantages of personal
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
ankruptcy that a trustee may not want you to know?
For many people the biggest disadvantage to filing personal bankruptcy
For many people the biggest disadvantage to filing personal bankruptcy
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
n Ontario is the fact that the bankruptcy will appear on your credit report for six years after you are discharged from ban
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
ruptcy. This means that if at any time in the next six years you want to finance a car, buy a house, or even rent an apartm
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
nt, the company checking your credit will know that you were bankrupt. A bankruptcy does not automatically disqualify you f
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
om getting credit, but you may pay a higher interest rate, or need a security deposit or a co-signer.
The next big disadva
The next big disadva
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
tage is that, in Ontario, you may be forced to surrender certain assets if you go bankrupt, such as a valuable car, house,
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
r RRSP.
Finally, while you are bankrupt, which will be for at least nine months, you are required to report your income to
Finally, while you are bankrupt, which will be for at least nine months, you are required to report your income to
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
your trustee each month, and if your income goes above certain amounts, such as when you work overtime, you are required to
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
make additional payments to the trustee for the benefit of your creditors. In other words, the more you earn, the more you
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
ay, which can significantly increase the cost of a bankruptcy.
Of course if you have more debts than you can handle, and i
Of course if you have more debts than you can handle, and i
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
your wages are about to be garnisheed, these disadvantages may be insignificant compared to the problems you will have if
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ou don't file for bankruptcy. However, you should research your options, using web resources like .
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
ptcy-ontario.org" target="_blank">www.bankruptcy-ontario.org, and then contact a bankruptcy trustee in Ontario
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
for a consultation, and of course ask them to specifically explain to you the disadvantages of filing bankruptcy in Ontario
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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<a href="http://www.justotherarticles.org.ua/article/90876/justotherarticles-The-Disadvantages-of-Filing-Personal-Bankruptcy-in-Ontario--What-Your-Trustee-May-Not-Tell-You.html">The Disadvantages of Filing Personal Bankruptcy in Ontario - What Your Trustee May Not Tell You</a>
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