Encyclopaedia - Finance

The term aging an an account can be understood by remembering this: Your credit history can be reported for seve

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

n (7) years from the first time you missed a payment and never got caught up. In a previous article, we touched

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

Examples of combination products may in

on the term "initial delinquency". Both go hand in hand when we discuss the term "AGING AN ACCOUNT".

Remember,

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

the Federal Law is emphatic. Someone can report a delinquent account for seven years from the intial delinquency

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

. Many times, an original creditior will turn over or assign an account to a third party collection agency. Beca

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

Combination pro

use the collection agency received the account much later then when it was first opened, they will very often re

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

port a new date of opening. In this manner, they think that they can report the information for seven years from

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

the date of which the account was first placed for collection. This is very confusing for the average person an

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

d has caused many unsuspecting consumers to fail when qualifying for a mortgage.

It gets really confusing when

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

the average consumer notices three or four different collection companies with different account numbers, differ

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

ent opening dates and no one reporting the intial delinquency date. Remember, the delinquency date of the origin

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

Following aspects would a

al account. No one can change that date. Later on we'll discuss the "Statute of Limitations" and how it pertains

dd to the challenges in developing combination products:

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

to consumer debt.

Remember, when a creditor "charges off" an account he is merely writing it off for tax purpo

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

ses. THIS DOES NOT MEAN YOU DO NOT OWE THE DEBT. You still owe on this bill. Keep that in mind. How often have w

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

e heard the statement "write it off for taxes"? What this means is that the IRS allows a company to recover a po

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

rtion of bad debt by lowering the tax liability on corporate profit.

Occasionally, a credit report will show a

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

Professional from academic institutions, pharmaceutical industries, health care indust

charge off and still report the account as having a past due balance on the date the report was generated. This

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

has been construed as "deceptive collection activity". The rationale from the debtor (you) is "how can I be past

.

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

due on a charged off account"? Quite often, a violation of Section 623(a)(5) of FCRA occurs when the original c

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

Companies that provide selfless information through particip

reditor fails to report the intial date of delinquency.

Next article we'll discuss just how to negotiate debts.

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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