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Many countries use a system of ‘credit’ in order to do business with the public. It is in fact, a very good method in order for merchants to minimize losses. The issue is when a person or business does not have an established credit, it

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

is extremely hard to receive loans, and apply for other unsecured benefits. I have provided many tips and strategies which should help in establishing good credit. Please be advised that good credit takes time.

Getting your first line o

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

Examples of combination products may in

f credit:

1. One of the best methods of obtaining good credit is by having revolving accounts. Revolving accounts are type of loans that allow the borrower to keep spending as long as they have sufficient balance and continue to make re

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

gular payments on the already used balance. Credit card and line of credits are revolving accounts. Without good credit it is hard to obtain a revolving account. I think the best way to do this is by applying for secured credit cards. Th

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

is means, a financial institution will take a specified amount of money from the borrower and place this in an interest bearing savings account in their name. In return, they will be granted a credit card with the same spending limit as

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

Combination pro

the deposit. The credit card operates just the same as a regular credit card. The only difference is the financial institution has the deposit in case the borrower decides not to make any more payments. Please be ensured that as long as

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

you have been given a secured credit card from a reputable institution your deposit should not be at risk. In order to build your credit it is important that you make all your payments on time. Only payments that are at least thirty days

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

late are usually reported to the major credit bureaus, but be aware of late charges, that will usually be incurred by the financial institution.

2. If you are a college student you may be eligible to receive a ‘student’ credit card. Ma

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

ny financial institutions offer unsecured credit cards to college students, but these cards will usually have higher interest rates as well as lower spending limits. Do not be discouraged by this, as a well managed credit card will only

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

be of good to you in the future. The way to reduce the interest you pay is to make higher payments each month.

What’s next?

1. Ok, so you have your first revolving account, what comes next? Try to follow the same procedure above to rec

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

eive two or three accounts. Make sure that you pay on time every month. After about six months try applying for other unsecured credit cards. Your credit would still be considered a ‘high risk’ but you would have established some degree

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

Following aspects would a

of credibility. With a little luck you will receive offers. Never make too many applications as this does not help your credit and will create a red flag to potential lenders. Please remember, establishing credit is a gradual process, it

dd to the challenges in developing combination products:

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

takes time and plenty of it. Repeat this process every three months or so. Another strategy is to keep paying the credit cards you currently have, for a much longer period of time, and apply for other cards when you are ready. The longe

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

r you have an account the better it is for your credit. Also, maybe one of the worst things you could ever do is apply for store credit cards at every store you visit. Store credit cards are good at building your credit but it is very te

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

mpting to apply for them all, considering that they are usually offered along with a discount on your merchandise. Be wary of the fact that too many revolving accounts will do more harm than good.

These tips should prove very helpful in

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

your search for good credit:

1. Do not make too many applications for credit.

2. Keep making payments on time, all the time-Missing payments hurts.

3. Do not keep a ‘no balance’ credit card (a credit card with none of the spending l

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

Professional from academic institutions, pharmaceutical industries, health care indust

imit used) – You need your good paying habits to be constantly reported to the credit bureaus.

4. Do not have too may revolving accounts.

5. Try not to use too much of the available balance on your accounts.

6. Do not keep closing ou

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

t accounts and reopening new ones.

7. Avoid unnecessary debt.

8. Avoid Financial Institutions that charge a fee to report your paying habits to the Credit Bureaus.

If these tips are followed then you are almost guaranteed that your cr

.

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

edit ratings will be improved. The next thing you should do is properly discard of any documents with private information such as your name, address, date of birth and social security number. A wise investment is a shredder for your home

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

Companies that provide selfless information through particip

, as identity theft is very rampant in our society. There are many credit watch programs out there which allows you to check on your credit at all times so you will be aware when any unknown inquiries or accounts are opened in your name.

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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