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Consumer credit refers to credit in some form given to the consumers. It is a way of financing a client on condition of a deferred paym

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

ent, at a later date or within a particular period of time.

The businesses that provide consumer credit facilities need to comply with

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

Examples of combination products may in

some regulations as lay down by the laws of the state. It is equally applicable to specialist credit businesses like credit card provid

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

rs and money lenders to mail-order businesses or shops that permit the customers to buy on credit or lease out or hires goods. That is,

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

the enterprises that give consumer credit facilities have to have a valid consumer credit license from the Office of Fair Trading (OFT)

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

Combination pro

It is a mark of assurance to the customer that the business firm certified by OFT is fit for serve the customers.

Let us see which al

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

businesses require a consumer credit license as a mandatory requirement by the law. The businesses that sells on credit, leases out or

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

hires goods for over a period of 3 months, lends dollars, involved in credit card selling, arranges credit for others, provides hire/pu

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

chase commodities, collects debts, and give advise on others credit standing come under the purview of a consumer credit license.

But

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

hose lends amounts or hire goods for a cost more than a fixed amount, those deal only with limited companies and those allow the client

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

to pay back the amount in four or lesser installments are exempted from the consumer credit license.

Ideally one should check the gui

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

Following aspects would a

delines from the OFT website to find out clearly which all businesses need a consumer credit license. Remember, to trade without a cons

dd to the challenges in developing combination products:

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

mer credit license when you are required to earn one is a crime that invites fine or prison term or both.

Consumer credit license is v

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

lid for a fixed time period (5 years or so) and is required by the business to renew it after its expiry. However, the OFT can revoke,

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

uspend or change the license at any point of time. The decision to do so is at the exclusive discretion of the authority. All the consu

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

er credit license holders will be listed in the Consumer Credit Register, which is given free of cost for the public.

If the business

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

Professional from academic institutions, pharmaceutical industries, health care indust

onsists of many companies, each trading in any of the categories, then each of the firms requires a separate license. Also, the OFT has

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

laid down rules regarding advertising credit and credit agreements. All these details are furnished in the OFT website.

The government

.

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

and the regulatory body assume that it is the duty of the business to keep themselves informed about the rules and regulations that gov

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

Companies that provide selfless information through particip

rn their enterprises. Any breach of conduct can result in hefty fines and prison terms. It is all about being law-obedient and straight

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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India has a lot to offer as a country; there are also a number of great people. However, business environment in India is still under development. That is an indisputable fact, and there are number of problems. The followings are some of problems of running a business in India.

Writing articles can be your training ground for learning to create online content and ebooks. What do you need to know to get started? Read this immediately.

Examines major techniques of the writing of informative and convincing content. Provides information on the influence of marketing on copywriting process.

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