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If you want to qualify for a personal loan after bankruptcy there are four key areas that will determine how successful you are:

1) Your credit score
2) Collateral
3) Existing debt
4) Time

Let’s look

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

at each factor in more detail and how they can help you increase your chances of qualifying for a personal loan after bankruptcy:

1) Credit score: In order to qualify for a personal loan after bankruptcy you will need to me

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

Examples of combination products may in

et the lender’s minimum credit score criteria, provided the lender extends loans to individuals with a recent bankruptcy. You’ll want to find out before applying for a loan: Simply ask the lender if they consider applicants

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

with a bankruptcy on their credit report.

Let’s suppose the lender does. How can you increase your credit score enough to qualify for a personal loan after bankruptcy?

The first step is to order copies of your credit repor

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

ts from the three major credit reporting agencies (Experian, Equifax, and Trans Union). Next, make sure any inaccurate or obsolete negative information on your credit reports is removed or updated. I go into detail on this i

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

Combination pro

n After Bankruptcy Credit Solutions. I also explain how to legally add positive lines of credit to your credit reports, which is a very powerful way to increase your credit score – but I’ll save that for another article.

2)

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

Collateral: Another major factor in obtaining a personal loan after bankruptcy is how much collateral you have. Why? Because if a lender has collateral that they can go after (i.e., equity in your home) should you default o

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 the loan, that reduces their risk dramatically. So if you can provide collateral to the lender, it can increase your chances of qualifying for a personal loan after bankruptcy.

3) Existing debt: You don’t want to have too

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

much debt when you apply for a personal loan after bankruptcy. If you do, the lender may feel you don’t have the capacity (enough income) to cover the loan payment, because you have too many other monthly expenses to pay (i

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., credit cards, auto payment, etc.) – as a result you could get turned for a personal loan after bankruptcy.

On that note, find out if the lender has a minimum income requirement, or debt-to-income ratio you need to meet

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

If they do, make sure you meet their minimum requirement before you apply for the loan.

4) Time: It’s been said that “time heals all wounds” – well, when it comes to obtaining a personal loan after bankruptcy this can cert

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

Following aspects would a

ainly be true if you’ve developed a positive payment history since your bankruptcy.

When a lender is deciding whether or not to extend you a personal loan after bankruptcy, your credit report will play a major role. General

dd to the challenges in developing combination products:

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

ly speaking, if your credit report reflects a positive payment history for at least two years since your bankruptcy, it will certainly help.

We have looked at the four major factors that will determine whether or not you qu

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

alify for a personal loan after bankruptcy: Your credit score, collateral, existing debt, and time. To the extent you can strengthen each one of these you increase your chances of being approved for a personal loan after ban

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

kruptcy.

Even if you can’t qualify for a personal loan after bankruptcy immediately, don’t be discouraged! Remember, time can heal all wounds when it comes to qualifying for a personal loan after bankruptcy. Just make sure

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

to focus on increasing your credit score, pay your existing bills on time, don’t take on too much debt, and build up your net worth.

=============================================================

Copyright © 2006 Innovative

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

Professional from academic institutions, pharmaceutical industries, health care indust

Solutions Publishing, Inc. All rights reserved.

The company and product/service names referenced in this article are the trademarks, registered trademarks or service marks of their respective owners. None of the owners hav

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

e sponsored or endorsed this article.

DISCLAIMER:

This information is designed to provide only a general overview of the subject matter herein.

This information is provided with the understanding that neither the publishe

.

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

r nor author is engaged in rendering legal, accounting or other professional advice. If legal or other expert assistance is required, the services of a professional should be sought.

Neither the publisher nor author shall b

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

Companies that provide selfless information through particip

e liable for any loss or damages, including but not limited to special, consequential, incidental or other damages, caused by the information contained herein.

===============================================================

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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