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So, you’re in over your head and you’re considering a route known as debt settlement (debt negotiation), whereby your creditors will agree to accept less than the full balance owed on your

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

accounts. You’ve probably heard or read about many different opinions relating to debt settlement and you’re not sure if this is the way you really want to go. You’re probably also quest

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

Examples of combination products may in

oning all that you’ve heard and are likely confused and unsure of what’s fact and what’s actually fiction. So, let’s attempt to clarify the process of debt settlement by starting with the

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

“bad.”

Obviously, your creditors will not accept less than what you owe them without a little pain on your part. Unless your accounts are already delinquent, don’t even attempt to work ou

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

a settlement agreement with even one of your creditors because it simply won’t happen. Period. Unfortunately, your accounts must be at a certain stage of delinquency prior to negotiating

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

Combination pro

a settlement. If you’d like to attempt to work something out while your accounts are current, or even 30-60 days delinquent, I urge you to do so because at the very least you’ll find out t

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

e truth and realize the end result won’t be pretty. So, yes this is one of the ugly components of debt settlement. Your accounts must go delinquent, and subsequently, your credit score wil

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

l be reduced for a few months.

Perhaps you’ve also heard that you may have a tax liability as a result of debt settlement. True? Maybe. You see, creditors are required by the IRS to repor

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

all canceled debt over the amount of $600 on Form 1099. Now, you may or may not be liable for income taxes as a result of debt settlement due to the fact that an “insolvency” rule exists

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

for individuals who are classified as insolvent at the time of their various settlements. In order to be considered insolvent your liabilities must exceed your assets. If you’re not sure w

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

ere you stand, I recommend that you speak with your tax professional to find out if this is the case for you.

Well, we’ve covered the negative aspects of debt settlement; now let’s take a

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

Following aspects would a

look at the good that can result from negotiating with your creditors.

Let’s face it – if you’re considering debt settlement, you’re struggling to meet your monthly financial obligations

dd to the challenges in developing combination products:

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

or your accounts are already seriously delinquent and you’re even contemplating bankruptcy. Debt settlement is an excellent alternative to bankruptcy because it allows you to become free

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

from debt without allowing your personal information to become a matter of public record, as would be the case with a bankruptcy filing.

Additionally, while the reported delinquencies on

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

our various accounts will have a temporary negative impact on your credit score, the effect won’t be nearly as severe as that of a bankruptcy filing. If you’ve managed to keep your account

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

s current, and your credit score is reduced during the process of debt settlement, your score will continually increase as your accounts reflect zero balances, which will occur with each f

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

Professional from academic institutions, pharmaceutical industries, health care indust

nal settlement payment. In most cases, individuals find that their credit score is back up between 600 and 700 within 6-9 months of completing the process of debt settlement.

Probably the

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

most relevant benefit regarding debt settlement is that you’ll be free from debt. No more sleepless nights and constant worry, trying to figure out how you’ll get through the next month w

.

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

th a positive balance in your checking account.

Hopefully this piece has assisted you in figuring out if debt settlement is right for you. If you’re still not sure, and I have not success

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

Companies that provide selfless information through particip

fully clarified “The bad, the good and the truth,” you can learn more about debt settlement by clicking here

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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