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Well, you woke up today and after drinking your coffee you realized you're in a heap of debt. How did you get there you wonder? Millions of Americ

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

ans are finding themselves more and more in debt. The average balance per family household is now just over $9000. Some are considerably higher.

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

Examples of combination products may in

Having a significantly high amount of credit card debt doesn't necessarily result from going on lots of shopping sprees. It usually occurs from a l

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

ife changing situation such as a medical problem, loss of a spouse, or loss of job. The latter happened to me.

So how do you get out of this?

The

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

first thing to do is to take control of your money. Develop a spending plan. What's a spending plan? It's essentially a budget. I don't like to

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

Combination pro

call it a budget because the term budget seems to be very stringent and doesn't lend itself to flexibility. I heard a pastor once say that him and

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

his wife decided to write down for one month exactly what they were spending their money on. Each one carried a small 59 cent notepad and wrote dow

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 every time they spent money on something. Their result? They came to the conclusion asking themselves, "We spent money on what?!"

Make life cha

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

nges.

This usually results from the first step - developing a spending plan. You begin to see areas that you may have been spending frivolously or

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

areas that you know you can cut back in or just plain eliminate. If you are in a large amount of debt, you may need to consider the eliminate thin

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

s route. The only thing that I can eliminate is my spending money for lunch at work. I did eliminate this and started to pack my lunch. I heard o

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

Following aspects would a

ne debt counselor say, "If people start to tease you about the way you're doing things like, 'packing again?', then you're doing the right thing."

dd to the challenges in developing combination products:

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

It does make a difference. I actually see money in my pocket now. So what's another debt management solution?

Pay more than the minimum on your c

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

redit card balances and pay the smallest one first.

This is probably the most important debt management solution next to developing a spending plan

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

. First, people always say pay more than the minimum. This is important. By paying more than the minimum, you can drastically reduce in some case

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

the amount of interest that you are paying to a credit card and the amount of actual time you'll be paying on it. Also, another significant thing

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

Professional from academic institutions, pharmaceutical industries, health care indust

to do and which is probably the most significant is to pay your smallest credit card first and then apply the that payment to your next highest cred

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

it card and then so on and so on. This is called the snowball effect. Many people argue that it's better to pay off the highest interest rate card

.

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

first. While this may make sense when you think about it initially, it actually works out that by paying the smaller one first will give you an ex

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

Companies that provide selfless information through particip

tra punch while moving up to the bigger balance credit cards.

There you have it! Three sure-fire ways to get you on your road to financial freedom

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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