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With so many types of home loans available today it’s wise to have a list of questions ready to ask your mortgage provider so you know who you’re de

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

aling with, what loan you’re getting and exactly what you’ll be paying.

Questions to Ask About Your Mortgage Provider

• Are they a Member of the M

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

Examples of combination products may in

FAA? As a member of the MFAA the person or company you are dealing with subscribes to the industry Code of Practice which ensures professionalism, 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.

thical behaviour and transparency in all stages of the loan process.
• What experience and expertise do they have? Don’t be afraid to ask how

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

ong your mortgage provider has been working in the industry or what their qualifications are. This person is going to help you make one of the bigge

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

Combination pro

st purchases of your life so make sure they are someone you trust and have confidence in.
• What are their fees and commissions? A MFAA member

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

is required under the industry code of conduct to disclose this information, and all Brokers in NSW are legally obliged to do so in a contract. Mos

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 mortgage providers offer their service to the borrower free of charge as they receive their commission/fee from the lender.

Questions to Ask Abou

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

the Most Suitable Loan for You

• What percentage of the value of the property can be borrowed?
• Will I have to take out lenders mortgage ins

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

urance?
• What are the types of loans are available?
• Which loan would best suit my needs?
• Which loan offers the best variable/fix

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

ed interest rate?
• What other products can be linked to my loan? i.e. credit card facilities, ATMs etc.

• Tip: Do some of your own research o

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

Following aspects would a

n the types of loan products available before your initial meeting. It’ll be of great help when exploring the loan product options.

Visit www.mfaa.

dd to the challenges in developing combination products:

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

om.au to get the MFAA Consumer Guide to the Types of Home Loans

Questions to Ask About the Loan Product

• What is the interest rate on the loan? I

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

s it fixed or variable? Can it be split into fixed and variable?
• What are my weekly/fortnightly/monthly repayments on the loan?
• How mu

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

ch is the loan establishment fee? And what does it cover i.e. valuation and lenders legal fees.
• Are there any ongoing monthly/annual fees?

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

> • Will the lender give pre-approval with no upfront fees?
• What is the level of service offered by the lender? Do they offer internet banki

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

Professional from academic institutions, pharmaceutical industries, health care indust

g, branches, EFTPOS and ATM, credit cards etc. Are there any additional fees for these services, and if so, what are they?
• Are there any cost

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

s if you discharge the loan, decide to change the loan products, want to increase your repayments or make a lump sum repayment?
• If dealing wi

.

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

th a Mortgage Broker, can they give you some comparison rates for the same product (factoring in the upfront and ongoing costs).
• Can they pro

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

Companies that provide selfless information through particip

vide a full written quotation for the loan stating all the upfront and ongoing costs, interest rates etc. so there are no surprises after 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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