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A relatively new industry, some consumers are mystified by the dynamics of debt negotiation. The purpose of this article is to break down the different factors that determine the effectiveness of a debt settlement program.

1.

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

The importance of program length. In any debtor-credit scenario, a creditor is reserved the right to sue a debtor in court if they are not paying according to the terms stipulated. In the vast majority of cases, legal action is a la

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

Examples of combination products may in

t resort, and creditors prefer to settle the matter out of court because most statistics show that this is the most profitable way to deal with a past due account anyway. On the flip side, however, once a creditor feels that they’ve e

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

xhausted every collection method possible, they’re left with no other choice but to pursue the debt in court. Therefore, the longer you take to settle a debt, the greater the likelihood that you’ll be the target of legal action by you

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

creditors. Since this is the case, all debt settlement candidates should always try to eliminate the debt as quickly as possible. As a rule of thumb, being in a program for longer than 3 years is not advisable, although exceptions c

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

Combination pro

n be made depending on your state, type of income, etc.

2. The importance of your creditors. As one should expect, each bank deals with debt settlement in a different manner than the next. While almost every creditor does in

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

fact settle, some creditors are more antagonistic than the rest. Three in particular stick out as difficult creditors: Citibank, Discover, and MBNA. For one, these creditors’ historical settlements tend to be much higher than the r

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

st. Secondly, these creditors are more likely to pursue legal action to collect your debt. All in all, it’s probable that bankruptcy may be a better alternative if these are your only creditors.

3. The importance of your ha

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

rdship. Believe it or not, creditors are human. If your enrollment in a debt settlement program is the direct result of circumstances that you could not control (divorce, medical issues, job loss) and you can document it, then you’re

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

far more likely to get a favorable settlement versus a person who the creditor feels could have paid the debt back in full. If you’re buried and only able to afford the minimums, but it was more the result of poor budgeting than finan

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

ial hardship, it’s still likely that you’ll be able to obtain a settlement. Had you just been diagnosed with brain cancer the settlement would probably be a lot more favorable and the negotiations process a whole lot easier. Sympathy

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

Following aspects would a

still goes far these days.

4. The importance of your recent account activity. This plays into your hardship in a sense because it’s all about whether the creditor feels you’ve been fraudulent in your business with them. For

dd to the challenges in developing combination products:

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

example, if you just bought a plasma TV on your credit card a month ago, I’d think twice about doing debt settlement. If the creditor doubts that you ever had any intention of paying them back, then the negotiations over your debt are

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

most likely going to fail. In the end that means you’ll be stuck in court paying back a debt that’s even larger than original balance because of the late fees and interest charges that were tacked on during the course of your debt se

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

tlement program.

5. The importance of your credit history. More specifically, if you’ve filed Chapter 7 Bankruptcy in the past 7 years, you may be out of luck. The main draw of debt negotiation for creditors is that they c

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

n recover a substantial portion of a bad debt that otherwise could and/or would be completely wiped out by bankruptcy. Unfortunately, if you’ve filed bankruptcy in the past 2 years, then you can’t file again for another 5 years, so a

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

Professional from academic institutions, pharmaceutical industries, health care indust

creditor loses some of the incentive to negotiate a balance. That is, in their mind, they’re saying, “This person can’t file bankruptcy anyway. What do I gain by lowering their balance?” That being said, even if you have filed bankr

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

ptcy in the past 7 years, a settlement can still be reached in most cases. Why? There are two reasons: a) a lot of times a creditor won’t be able to collect the debt from you anyway because you don’t have any assets or sufficient in

.

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

come, and b) having 50 percent of the balance in one lump sum is attractive when it means the creditor does not have to waste time and money chasing you down. Finally, the longer it’s been since you’ve filed, the stronger your negotia

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

Companies that provide selfless information through particip

ing position is. In other words, if it’s been 6 years since you’ve last filed, then the time line when you’re eligible for bankruptcy again is too short for most creditors to risk potentially losing everything by refusing a settlement

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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