Just Other Articles

All over the world, countries are relaxing their laws on bankruptcy. So in turn, many people are relaxing their efforts to avoid bankruptcy. In fact, in some developed countries it's now highly fashionable to have at least one bankruptcy under your

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

belt.

Recent statistics show that in the UK, a third of personal insolvencies involve people under the age of thirty. And in the US, many people consider that you're not a real entrepreneur until you've been through the bankruptcy court

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

Examples of combination products may in

.

Far from being the stigma of previous generations, bankruptcy is now just another "life experience" or "lifestyle choice" that people want to make.

Okay, the period of bankruptcy (before most of the restrictions are lifted)

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

s much shorter. In many countries it's as short as one year.

And this shortened discharge period is designed "to encourage entrepreneurial spirit and remove the stigma of bankruptcy"

That sounds great, but is bankruptcy really

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

such an easy option?

Right, time for a dose of reality.

Bankruptcy is not cool. It's not something to be proud of. It's restrictive, humbling and for a year or two at least, you'll be left with all the financial and legal capa

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

Combination pro

ity of a child.

If you have any secured debt, such as a mortgage on your house, it will be repossessed. Any other non-essential possessions that you "own" will also be taken from you.

But that's just the start of your problems

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

Bankruptcy can affect your immediate and long-term future

1) Employment Prospects

In certain professions you'll lose your job (eg accountant, legal, financial, law enforcement etc). And people with severe financial pro

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

lems are barred from working in positions of responsibility because the general fear is that they will become much easier to bribe. In addition to which, bankrupts are not able to hold certain offices (eg comany director, political offices).
<

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

r> 2) Property

As I said, it's likely that you'll lose any property that you "owned" and you won't be able to borrow any money during your period of bankruptcy.

Bankruptcy will delay you getting onto the property ladde

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

. And with property prices rising as fast as they are at present, these extra couple of years might mean they you miss the bottom rung altogether.

And even once you bankruptcy is discharged, you'll find it difficult to find a lender who

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

s prepared to grant you a mortgage. And even if you do, the interest rate will be much higher than normal in order to reward them for the added risk that you pose to their money.

The chances are that you'll also find it difficult to rent

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

Following aspects would a

a flat/house with your credit record. Either that or the rent will suddenly have increased.

3) Financial

Opening anything more than a simple "childs" bank account will become extremely difficult until your credit recor

dd to the challenges in developing combination products:

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

is rebuilt. Getting a credit card or any other type of personal loan will be almost impossible. Either that or you'll be charged a much higher rate of interest, that's assuming you can find someone who is prepared to lend you money.

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

) Other

Other areas of your life will also become much more complicated. This includes renting a mobile phone, obtaining goods on interest free credit and even taking out an internet subscription.

So when you add all that

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

p, bankruptcy is not always the easy option, despite what the new bankruptcy laws around the world appear to indicate.

Dealing with your finances in a reckless manner and then using bankruptcy as an escape hatch is also extremely selfish

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

Nearly everyone who becomes bankrupt costs their creditors money.

And how do lenders recoup these losses? Easy! Other people who owe them money are charged more in terms of interest, fees, penalties and other charges.

In othe

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

Professional from academic institutions, pharmaceutical industries, health care indust

words, everyone who becomes bankrupt makes it harder for you to get out of debt. They also make it harder and more expensive for everyone to borrow money.

So before you give up on your debts and expect bankruptcy to make it all go away,

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

think long and hard about whether you want to go down that route. It might not be as quick or as easy as it has been made out to be.

And above all, getting out of debt without resorting to bankruptcy will make you a stronger person. Avoi

.

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

ing bankruptcy will prove to youself that you can cope with financial problems. And it will also increase your chances of moving on to create some financial security in your life.

Using bankruptcy to escape your debts won't teach you any

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

Companies that provide selfless information through particip

hing about money or how to avoid/get out of debt. You're more likely to get into debt problems again. And if you suffer a second bankruptcy many countries will impose a tougher set of laws. You might not escape after just one or two 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

HTTP = HTML link (for blogs, profiles,phorums):
<a href="http://www.justotherarticles.org.ua/article/91066/justotherarticles-Its-Not-Cool-To-Be-Bankrupt.html">It's Not Cool To Be Bankrupt</a>

BB link (for phorums):
[url=http://www.justotherarticles.org.ua/article/91066/justotherarticles-Its-Not-Cool-To-Be-Bankrupt.html]It's Not Cool To Be Bankrupt[/url]

As the head of training, I was a team member of a cross functional team organized by a pharmaceutical company to address ways to increase field force effectiveness. At the time the team was organized the company was surpassing sales goals, however, recognizing that within three years the company would begin to face loss of patent protection, increased ...

The Offshore companies in modern business the Offshore companies and offshore business - the important component of modern economic. The offshore company opens to its owner practically unlimited opportunities of access on the international financial and investment markets. You have an opportunity opening through the company of bank accounts in any banks of the world and reception of corporate credit and debit bank cards.

Starting your own business can be a gratifying but trying ordeal. A lot of dedication, long hours, hard work and capital go into the business. The success of a business is directly related to its product value. Effective market research and planning is necessary to achieve success.

Tags

Links

Just Other Articles - It's Not Cool To Be Bankrupt

Related Articles: