Encyclopaedia - Finance

You probably know all about the ATM fees your bank charges. But you may be in for a surprise if your bank adds an additional 3% “foreign exchange” fee on top of that for ATM withdrawals made overseas. That’s pretty common so it pays to check the list first and go with the bank that has competitive rates. Th

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

e same applies to your credit card. Some credit card companies charge as much as a 3% adder for overseas purchases while there is at least one company that charges a 0% adder and gives the best available exchange rate on the day of purchase.

ATM Withdrawals

In many countries using your ATM card is c

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

Examples of combination products may in

nvenient, safe and you receive a better exchange rate than cash or travelers checks. Take the fun and exotic destination of Thailand, for example. ATMs are plentiful throughout the country, even in small cities, and there is no local ATM fee charged. Changing cash or travelers checks is convenient only in he

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

art of the major tourist destinations and only during opening hours of the exchange windows. Elsewhere you’ll need to visit a bank branch during normal banking hours. So use your ATM. But check this list first:

ATM Withdrawal “Foreign Exchange” Fees

Citibank - 3%
WaMu - 1%

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

li>Fidelity Investments - 0%

Bank of America - 1%

CapitalOne - 0%

Chase - 3.5%

E*Trade - 1%

HSBC - 1%

PayPal - 1%

Wells Fargo - 3%

The fees charged by the first three banks in this list are from my own recent personal ex

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

Combination pro

erience. I got burned by the Citibank 3% fee when they changed their fee structure in late 2006. When you make a sizable withdrawal that 3% fee ends up being far more than any normal ATM fees. WaMu (that’s the online banking division of Washington Mutual) has a competitive 1% foreign exchange fee. I call thi

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

s the “standard” fee because it is the fee that Visa international charges on foreign money transactions and the banks charge this fee to recoup that cost. Interestingly, although the Fidelity representative I spoke with said that this 1% fee is included for ATM withdrawals from a Fidelity core account I hav

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

made many withdrawals and there is no fee! Is this a mistake? Probably not. Perhaps it is related to the type of account, such as a Premium Services account. The other notable point is that many ATM withdrawals from Fidelity and WaMu within a few minutes of one another always show a 0.3% better exchange rat

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

from Fidelity.

Note that many banks list the “foreign exchange fee” as a separate item on your statement so it’s easy to see how much they are charging. If your bank doesn’t then it’s probably buried in a reduced exchange rate so check the rate they are giving you carefully. Since exchange rates fluctuate

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

it is sometimes it is difficult to confirm the exact amount of the fee.

Credit Cards

Now for credit cards the story is similar. Different issuers charge different fees on overseas purchases made with your credit card. But the fees on credit card purchases are lumped in with the purchase price so it’

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

more difficult to determine exactly what they are. Here’s what my research has uncovered:

Credit Card Fees on Overseas Purchases

Chase Visa - 3%
Citibank Visa - 3%
CapitalOne Visa - 0%
American Express - 2%
Bank of America Visa/MC/Amex - 3%

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

Following aspects would a

>E*Trade Visa - 1%

HSBC Visa - 3%

WaMu Providian - 1%

Wells Fargo Visa - 3%

Again, the fees for the first three credit card issuers in that list are from my personal experience. I was asleep at the wheel for the longest time using my Chase Visa instead of my CapitalOn

dd to the challenges in developing combination products:

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

e Visa, paying an extra 3% on purchases when I did not need to. What seems sort of amazing is that CapitalOne somehow absorbs the 1% Visa money exchange fee. So purchases I have made on the same day with my Chase Visa and my CapitalOne Visa show a 3% difference in the exchange rate.

There is another little

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

rick that you need to watch out for when you make credit card purchases. Some merchants will offer to charge your purchase in your home country currency rather than the local currency. From what I have experienced and read this is always a rip off. They’ll give you a much lower exchange rate than Visa will w

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

en the transaction books. You’ll usually get this offer from large merchants who have many foreign tourists. It’s easy to avoid. Just be aware of it, decline the offer, and be sure the purchase is charged in the local currency.

Offshore versus Onshore Exchange Rates

Here’s one more important tip abo

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

ut exchanging money. This definitely applies to Thailand and may apply to some other countries. There are really two exchange rates. The so-called “offshore rate” is what you will get if you purchase Thai money outside of Thailand. This rate is about 10% lower than the “onshore rate”. That’s huge, a 10% diff

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

Professional from academic institutions, pharmaceutical industries, health care indust

rence. So wait until you arrive in Thailand to exchange money. You are getting ripped if you do it at your departure airport. There are exchange booths and ATMs all over the airport in Bangkok so you’ll have no trouble changing money when you arrive no matter what time it is.

This issue can be particularly

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

mportant if you are transferring a large sum of money by bank wire from a U.S. bank to a bank in Thailand. A lot of expats who are purchasing retirement homes in Thailand are finding this out the hard way. Typically the U.S. bank is going to give you the offshore rate and you are going to get ripped off big

.

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

time. But the picture is a little fuzzy now because there have been reports of people doing bank wires from U.S. banks to Thai banks and receiving the onshore rate. In particular, a recent bank wire from Washington Mutual to Bangkok Bank was completed at the full onshore rate, and on top of that there were n

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

Companies that provide selfless information through particip

fees at either end. That’s worth investigating if you are in that situation.

Conclusion

So use your ATM and credit cards when you are traveling overseas. It is safe and convenient and you get a good exchange rate. Just be sure to avoid those banks that charge excessive fees for foreign transactions

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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