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If you are one of the millions of senior citizens approaching retirement with less financial security than you had ever imagined possi

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

ble, you may be overlooking one of your biggest financial assets--your home. If you have paid off your mortgage completely, or almos

; 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 completely, you can consider taking out a reverse mortgage loan.

A reverse mortgage loan will allow you to get cash, a monthly paym

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

nt, or a line of credit based on your home’s appraised value; you will continue to live in your home; and the loan will not have to be

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

repaid until you leave your home permanently or sell it. A reverse mortgage loan is not the same as a home equity loan, and the old

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

Combination pro

r you are, the more of your home’s appraised value will be available to you as a reverse mortgage loan.

Precautions

While a r

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

everse mortgage loan sounds too good to be true, however, there are precautions you must take when applying for one. Many applicants

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

or reverse mortgage loans fall victim to unscrupulous loan brokers or lenders who attach undisclosed fees to their services. Those un

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

fortunate applicants end up with far more less money than they expected.

You owe it to yourself to become educated in the entire proc

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

ss which accompanies reverse mortgage loans, so that when you do apply for one you will recognize any warning signs before it is too l

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

ate.

In order to qualify for a reverse mortgage loan, you need to be at least sixty-two years of age. As mentioned above, you should

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

Following aspects would a

have completely, or very nearly, paid off any outstanding loans on your house.

Those who do owe money on an existing mortgage or hom

dd to the challenges in developing combination products:

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

lien will have to use their reverse mortgage loans<

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

/a> to pay those off before they can spend it one anything else. And reverse mortgage loans are binding, so if you find after committi

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

g yourself that you were unhappy with the terms, you will have no recourse.

Finding A Good Lender

The best way to ensure that

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

you will be happy with your reverse mortgage loan is to work with a trustworthy lender. You can easily find the names of several len

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

Professional from academic institutions, pharmaceutical industries, health care indust

ers in your area on the National Reverse Mortgage Lenders Association--NMRLA--website; just enter the name of the state where your hom

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

e is located, and sort through the large list of names which comes up to find lenders near you. All the reverse mortgage lenders on t

.

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

is site have agreed to operate under the Code of Conduct established by the NMRLA for the protection of senior citizens.

As an extra

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

Companies that provide selfless information through particip

precaution, you would be wise to have an attorney familiar with reverse mortgage loans review any contract before you actually sign it

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

Imagine starting your own business. What happens when you find out that you are in the red or close to it at the end of the fiscal year? You do what most business owners do—check your books and find ways to cut corners. Now, the tricky part to cutting corners is to make sure you do not downsize or eliminate something that will turn profits for your company in the future.

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