Encyclopaedia - Finance

The want to help out our friends is something that we are all guilty of. It is a good thing, up to a point. At some point in your life there is a good chance that

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

you will be asked by a good friend to co-sign a loan for them. Maybe they have had credit difficulties in the past, which will make getting a loan hard for them. S

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

Examples of combination products may in

aying no to such a request can e awfully hard sometimes, after all the only thing they want from you is your signature on a little piece of paper right?

Wrong! Th

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

is is a decision that you should think long and hard about. It could affect your life in a big way. You need to ask yourself why it is that your friend needs your

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

help in the first place. If it is because they have poor credit, do you really want to take the chance that they will be responsible now? If you co-sign it is you

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

Combination pro

who will be responsible for the loan if they bail. Your credit can be at risk here, affecting your ability to get a home loan, car loan, credit card and so forth f

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

or years to come.

Before you sign anything make sure that you understand the following:

Your responsibility

When you sign the contract you are promising that yo

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

ur friend will make all of their scheduled payments on time every month of every year. Are you sure that is something you want to risk your financial life on? Do y

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

ou have the ability to pay the loan if they fail to do so?

What are the risks?

If your buddy needs someone to co-sign that means that they are considered high ri

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

sk. If the lender, who is a professional thinks it is a risky move, what makes you think that you know better?

What about your credit report?

Doubtless your frie

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

nd is asking you to co-sign because you have good credit, which is something you have always tried to keep up. If your friend does not meet their payment schedules

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

Following aspects would a

and amounts it is your credit that will suffer.

The manner in which delinquent payments will be collected

The policies for the collection of such debts differ f

dd to the challenges in developing combination products:

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

rom state to state, so it is wise to check with your local legislation to see just how you will be affected. In some states the lender will not even attempt to get

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

the money from your friend, they will go straight to you for it. This is because they feel you are the one that they can actually get it out of.

These are not th

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

e only things to be considered when deciding if you should co-sign for a loan. The amount of credit that you can get can even be affected because the money you sig

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

ned for can count as debt owed by you.

If after thinking it over you decide that you do want to help your friend and co-sign for their loan be sure to at least ta

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

Professional from academic institutions, pharmaceutical industries, health care indust

ke the following steps to protect yourself as much as possible.

When applying for the loan ask the lender to keep you informed of any late or missed payments on t

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

he part of your friend. This will help you to get control of any problems before they get too out of hand. And make sure to get copies for yourself of all loan doc

.

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

uments. Keep these in a safe place at home where they are easy to find.

While it is always nice to help out a friend, you should not feel guilty if you decide aga

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

Companies that provide selfless information through particip

inst it in this type of case. The risk to you is enormous and if you plan on buying a house or a car in the future, you might want to think twice before saying yes

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 - Before You Co-Sign for a Loan

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