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Debt settlement is a perfectly legal and viable alternative to bankruptcy; however, many people overlook this option because they are unsure of what it is and how it works. Here are six co

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

mmon myths and the actual facts regarding debt settlement..

Myth #1: Debt negotiation and debt consolidation are the same type of programs.

Fact: This could not be further from the truth

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

Examples of combination products may in

. Debt consolidation combines your debts into one payment. You may get a lower interest rate; however, your debt is usually secured by some type of collateral, such as your house. You coul

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

end up paying for the debts over a much longer span of time; this means you could eventually end up paying more for your debt. On the other hand, debt settlement helps to reduce the total

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

amount owed by up to 50%, allowing you to pay of your debts within a significantly reduced period of time.

Myth #2: My creditors won’t work with a debt settlement company.

Fact: Most cr

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

Combination pro

editors will work with debt settlement companies because if you declare bankruptcy they may never see a dime. Creditors are often more than willing to settle, especially if you are behind

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

n payments. Plus, most debt settlement firms use their knowledge of laws and negotiation tactics to achieve the desired settlement. Often, the creditors or collection agencies will say tha

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

t they won’t work with the debt settlement company because they want to force you to pay the entire amount on the balance; however, they are often not being truthful and will usually take

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

a settlement offer.

Myth #3: My credit will be ruined if I settle my debts.

Fact: Although your credit may be negatively affected in the short term, you will eventually be able to repair

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

it. In fact, your credit is more adversely affected by the inability to pay on the amount

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

of debt you have now and the limited amount of credit you have available. Once you finish the program you will soon be able to rebuild your credit.

Myth #4: The debt settlement company ca

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

Following aspects would a

n’t guarantee that I will get a settlement; they will just take my money and leave me with the full amount to pay.

Fact: Most debt settlement companies offer guarantees that protect you i

dd to the challenges in developing combination products:

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

they are unable to settle on your account. For example, some debt settlement companies will offer a refund or the difference refunded if they are unable to settle for less than 65% across

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

the board on your accounts. Just make sure when you choose a debt settlement company, you check to make sure they offer some type of guarantee in their contract.

Myth #5: I will have to

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

pay taxes on all of the forgiven money.

Fact: If more than $600 of your debt is forgiven, the IRS considers the amount as taxable income. However, if your debt is greater than the amount

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

of assets you own (which is highly likely if you are deeply in debt), you may not have to report the forgiven debt. So, you probably will not have to pay taxes in some cases. Of course, y

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

Professional from academic institutions, pharmaceutical industries, health care indust

ou should contact a tax professional to fully understand your particular circumstances.

Myth #6: Bankruptcy is much easier because I won’t have to pay anything.

Fact: The new bankruptcy

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

laws make it more difficult to declare Chapter 7 Bankruptcy, which is the bankruptcy that forgives your debts. The court fees may have also been recently increased; plus, a lawyer can be e

.

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

tremely expensive, and you will have to pay them at a time when you obviously have little cash. With Chapter 13 Bankruptcy you may have to pay what the court determines and a strict budget

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

Companies that provide selfless information through particip

is often created so you are able to pay your bills. And this is only what you pay monetarily! Many people also develop a loss of self-esteem or depression because of the bankruptcy stigma

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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