Encyclopaedia - Finance

If you are new to the world of loans, then all the jargon and terminology can seem very confusing. There are so many different ter

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

ms to understand, and unless you know some of them you will not find the best loan deal to suit your needs. If you want to know mo

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

Examples of combination products may in

e, then here is a guide to some of the basic loan terms you might need to know.

Advance

When you borrow money in the form of a l

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

an, the money you receive is called an advance. The more money you want to borrow, then the bigger your loan advance. It is called

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

an advance because you are getting the money in advance of paying for it.

APR

The APR, or Annual Percentage Rate, is the amount

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

Combination pro

of interest you are charged on your loan amount. This amount is written as a percentage, and refers to the total you are charged e

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

ch year. APR is one of the primary features for comparison between loans, as it is a standard measurement for all loans. The lower

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 APR, then the cheaper the loan interest will be.

Credit scoring

Credit scoring is a method that lenders use to determine yo

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

r eligibility for a loan. They ask a series of questions about your earnings and financial situation. Each answer you give is scor

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

d, and the better your score then the more likely you are to be accepted for a loan. If you score badly then you might be declined

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

for the loan you want.

Secured loan

A secured loan is a loan that is backed by some form of collateral. Collateral is basically

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

Following aspects would a

a high-value item that you use to secure the loan, so that if you cannot make repayments the lender can use this item to get their

dd to the challenges in developing combination products:

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

money. For secured loans, the collateral tends to be your home or other property. Secured loans have lower interest rates than uns

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

cured loans, but you risk losing your home if you do not keep up with the repayments.

Unsecured loan

An unsecured loan is the op

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

posite of a secured loan, and requires no collateral. Instead of collateral, your credit rating and earnings are more fully taken

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

nto account. The risk to the lender is greater, so the interest rates tend to be higher. That being said, they are less of a risk

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

Professional from academic institutions, pharmaceutical industries, health care indust

o the borrower and they are usually quicker to get hold of than a secured loan.

Loan term

The loan term is the agreed time over

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

which you will repay the loan. You will repay the loan monthly over this period until the loan and interest is fully paid back. Lo

.

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

n terms on personal loans usually range from about 1 to 10 years, with mortgage loan terms being longer at around 15 to 25 years.

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

Companies that provide selfless information through particip

he longer the loan term, the less your monthly payments will be, but the more you will have to pay back in interest over the years

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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Encyclopaedia - A Guide To Basic Loan Terms

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