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Bankruptcy can be useful for certain consumer, yet many don't file because of the myths associated with this option. For some, it really is the best

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

choice for their situation. There are many myths associated with bankruptcy. It can often be hard to tell fact from fiction.

Myth 1: Everyon

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

Examples of combination products may in

will know

Most people believe that the entire world will know that they have filed for bankruptcy. This isn't exactly true. Yes, it is par

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

of your public record. However, it is unlikely that anyone other than your creditors will be aware that you have filed for bankruptcy. Only those th

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

t you tell will know about your financial situation.

Myth 2: I'll lose everything

You won't necessarily lose everything you own if

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

Combination pro

you file bankruptcy. In fact, it can help you to keep your home, your car and your qualified retirement plans. You simply have to keep making the pay

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

ents on your house and car and make up the missed payments. Both Chapter 7 and Chapter 13 alow consumers to keep certain assets. The goal is to work

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

hings out between both you and your creditors.

Myth 3: I'll never be able to buy anything again

Yes, bankruptcy is hard on your cr

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

dit. but you will probably get plenty of offers for credit right away. Most offers will be secured cards or from subprime lenders. You will pay extre

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

ely high interest rates for your credit, but you can find it. While you shouldn't put on new credit right away, re-establishing your credit history i

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

something that you will need to work on. Having a loan and paying it in full can help you increase your credit score.

Myth 4: It is hard to

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

Following aspects would a

file for bankruptcy

Anyone can file for bankruptcy. Yes, there is now a means test for Chapter 7, but if you don't qualify you can file for

dd to the challenges in developing combination products:

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

a Chapter 13. Although the process is complicated, it is that way to protect you. The easiest way to file is to have a good bankruptcy attorney to gu

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

de you through the process.

Myth 5: You can only file once

You can file for bankruptcy more than one time. However, there are wait

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

ng periods between filings. You can only file for Chapter 7 bankruptcy once every eight years. You can file a Chapter 13 once every two years. If you

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

file a Chapter 7 and want to file a Chapter 13, you must wait four years. Multiple bankruptcies aren't recommended. If you find yourself in another b

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

Professional from academic institutions, pharmaceutical industries, health care indust

nkruptcy situation, you need to seek professional help in managing your debt and your money. What you are doing now isn't working.

Myth 6: T

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

e only reason to file is to get out from under the responsibility

Many people assume that only deadbeats file for bankruptcy. Let me tell y

.

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

u, this is simply not true. There are many reasons for bankruptcy. The main cause is medical bills, followed by job loss and divorce. Many people str

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

Companies that provide selfless information through particip

ggle for a long time, but just aren't able to get things back under control. Bankruptcy isn't a bad thing. It is a way to start over and get it right

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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Success is not a one-person effort. While the spotlight may shine on one individual it takes the efforts of many to make it happen. Still, many believe that wealth, success and fame will be the by-product of their efforts and theirs alone. Nothing is further from the truth.

The thirst quenching business story of Kennebec Ice, the ice that launched an industry and then melted away. Full of thrills, chills, and a blast of cold air from the past.

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