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Top Articles - Debt Collection - Facts Vs. Force
The title ‘debt collector' is self-explanatory and clearly states what such a person does. If you owe money to a lender and there has been a delay in payments over the past few
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
months the lender may choose to either use their in-house service or employ a specialized debt collection service provider.
If it is a third party i.e. a specialized collection
If it is a third party i.e. a specialized collection
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
agency, they usually purchase your debts for less than you owe from your lender and then the debt becomes theirs. Therefore, they then have vested interests in settling the same
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
Having a debt collector knocking on your door or receiving his call a number of times a day can be distressing. There is however a way out to the problem. Put in one word it i
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
s ‘awareness'. An awareness of your rights and safeguards. This will control the debt collectors and not the other way around.
Debt collectors while doing their job may tilt to
Debt collectors while doing their job may tilt to
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ards being forceful and intimidating. As a defaulting borrower, you are already on a back foot. However, you can still stand firm and not give in to their demands. Here's how:
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
he job of a debt collector is to advise you that you owe some monies. He cannot threaten abuse or intimidate you by threats of harm or police action. A debt collector may estab
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
lish contact with the borrower in person, via sealed mail, telephone, fax or a telegram. He can not use a postcard as it can be read by anyone. He cannot also call before 8 a.m.
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
and after 9 p.m., unless you agree on a time.
The first call from the debt collection agency has to be followed up by a written statement clearly stating your creditor's name,
The first call from the debt collection agency has to be followed up by a written statement clearly stating your creditor's name,
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
he actual amount owed and what action he can take if you do not acknowledge the money owed. This written letter must be accurate and have no false information.
Also note, the d
Also note, the d
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
bt collector cannot contact your relatives, friends, neighbors etc unless to obtain your contact information. In such circumstances he cannot inform them that you are in debt. Y
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
ou are entitled to your privacy even if you are in default.
Remember you cannot and should not force the debt collectors to coerce you into making payments as per their demands
Remember you cannot and should not force the debt collectors to coerce you into making payments as per their demands
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
A number of collection agencies work on the premise that the best way to get the payment is to make sure that it becomes number one on your priority list. While you know you ow
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
the monies, you have to ensure that you clearly prioritize your finances. If there is a greater and pressing need for your money, like for medicines or food then you must alloc
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
ate the funds accordingly.
You can choose to directly negotiate with the debt collector or appoint an attorney instead. If you deal directly, do not feel compelled to offer pri
You can choose to directly negotiate with the debt collector or appoint an attorney instead. If you deal directly, do not feel compelled to offer pri
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
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
ate information that can be misused to force payments from you. E.g. where you work, your personal account information and the like.
Always seek written communication from the
Always seek written communication from the
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
ebt collector instead of phone conversations. This will put pressure on the collector to be polite and accurate in his dealings with you. All agreed terms and conditions would a
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
lso be clearly outlined. The original amount owed along with any interests and fees, should also be clearly mentioned. It is also a good idea to tape your phone conversations af
.
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
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
er having explicitly informed the collector when he calls that the same is being recorded.
If your debt collector continues with his forceful methods you have a right to redres
If your debt collector continues with his forceful methods you have a right to redres
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
. You can complain to the concerned authorities within your jurisdiction and obtain relief.
The best way to counter force is through knowing the facts and standing firm on them
The best way to counter force is through knowing the facts and standing firm on them
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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