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Credit Reports and Credit Reporting Agencies:

When you are interested in making a large purchase or applying for credit, you will encounter the ‘credit application’. You fill out that app

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

lication and the company from which you want credit (let’s say a United Airlines Visa card) will pay a credit reporting agency to report your credit history and credit score so the company

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

Examples of combination products may in

can asses the risk of granting you credit. Prior to the 1980’s it took an intelligent human being on the other end of that credit application to asses if you were credit worthy.

Today t

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

he process is automated and the credit reporting agency(s) give you a score based on a number of factors. The use of credit scoring is ubiquitous…it’s everywhere and you are subject to it

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

hether you are aware of it or not. If you apply for credit you get scored. This score is euphemistically called the FICO score. Whether you are approved for the credit you desire and what

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

Combination pro

interest rate you ultimately get from the credit grantor (Visa for example) is determined by how high your credit score is. The FICO score replaces to a large extent the intelligent human

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

being on the other end of the credit process. Credit card companies, Mortgage lenders, Auto dealers, Department stores and Landlords can now quickly and effortlessly approve or decline you

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

credit application. No one, but the folks who created the scoring programs, knows exactly how they work and what EXACTLY determines your score and the weighting factors involved. That bei

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

ng said, there is a lot we know about what is most important to your credit score and how to have the most impact on improving your score.

Something about the FICO score should be said up

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

front…to make it clear and keep in perspective what it is intended to accomplish: The FICO score is intended as a predictor of the likelihood that a borrower will get a 90 day late on any

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

trade line in the next 24 months. That’s it… The higher your score (for a mortgage the top score is 850) the less likely you are going to be 90 days late on ANY of your credit accounts. A

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

Following aspects would a

Little more History...Credit bureaus were looking for a way to classify borrowers into risk groups. Fair Isaac Corporation was approached to help devise an automated way to accomplish this

dd to the challenges in developing combination products:

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

. Ultimately, 10 base groups were devised from the existing data on borrowers. Eight of the base groups were used to classify ‘good’ borrowers. Two of the base groups were used to classify

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

‘bad’ borrowers. One is used for people with 90 day lates. One is used for people with bankruptcies. Who are the credit reporting agencies? There are three credit reporting companies. Exp

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

rian, Transunion, and Equifax dominate the market place. These are the three FICO, credit, scores that are reported to you when your credit report is run. And there can be a fair amount of

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

variance between the ‘FICO’ score that Experian, Transunion and Equifax report. Why is this? Each of these companies uses different scoring programs and can have different data: Experian

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

Professional from academic institutions, pharmaceutical industries, health care indust

uses Fair Isaac, Equifax uses Beacon, and Transunion uses FICO classic. And clearly from the reports I see, each of the programs weights factors slightly differently from each of the other

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

programs. Usually, the scores are within a 25 to 50 point range from one another and a lender, tending to be a bit conservative on this, will use the lower middle score of a married couple

.

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

. This means that generally they end up using the second lowest score of the six reported to them for this married couple. Next time we will begin discussing the elements that determine yo

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

Companies that provide selfless information through particip

ur score, the weighting of the elements in your score and the factors within each of those elements.

Don Brown www.kathdonloans.com

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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Just Other Articles - Credit and Credit Reports: Their History, How They Work And How To Manage Them Part 1

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