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What's the best/fastest way to erase debt? That's one of the most common questions asked by people who owe money. So if you've asked yourself that question recently, here's a list of the steps that you can take to destroy your debt in the shortest per

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

iod of time.

1) Know How Much You Owe

If you want to erase debt, you must know the overall size of your debt. So get together all your bills, statements and final demands. Open a spreadsheet or a pad of paper and add the f

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

Examples of combination products may in

llowing details;

The amount owed to each of your lenders. This includes, credit cards, store cards, overdrafts, mortgages, personal loans and other bills. Leave nothing out. Write down the amount you owe, the monthly minimum payment, the in

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

erest rate (user the APR rate), any arrears and any penalties that are due.

At this stage, it's a good idea to list your debts with the highest rate of interest at the top and the lowest rate at the foot. Use the rate of APR on each loan to

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

sort them out instead of the actual monthly amount owed. For example, 18.9%, 16%, 12.3%, 7.9%, 6.2% etc

As a general rule, store cards, credit cards and overdrafts will be at the top, personal loans in the middle and mortgages at the foot o

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

Combination pro

f your list.

2) Work Out Your Monthly Income

Add all sources of income, including income, fees, bonuses, overtime etc. If your income varies from month to month, work out the average monthly amount over the last year. You

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

an do this by adding up all your income over the last 12 months and dividing by twelve.

3) Set A Monthly Budget

Start by writing down all your essential monthly expenses. This means basic food, basic clothing and a roof ov

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

r your head. In short, the things you need to keep body and soul together. Anything else is a luxury.

Once you know the amount you have to spend each month, it's a simple sum. Monthly income less monthly essential costs. And anything that's

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

left must be used to erase debt. Once you know the monthly amount you have to eliminate your debts, you'll find it easier to decide how much to pay towards each of your debts. This is your "war chest" to erase debt.

If you've reached the st

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

age where you don't have any money left after your essential living expenses and you can't cut any more costs, your only chance to get out of debt is to persuade your creditors to dramatically reduce your debts or consider declaring bankruptcy.
<

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

r> 4) Prioritise Debt Repayments

If you've got more than one debt, it's important to erase debt according to the rate of interest charged. Get rid of the debts with the highest rate of interest first. That will help to reduce the am

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

Following aspects would a

unt of interest that you pay, and reduce that time taken to repay your debt. That's the reason why I suggested listing your debts according to the rate of interest.

Take your "war chest" and deduct the minimum monthly payment for each of yo

dd to the challenges in developing combination products:

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

r debts. Once they've been paid, there won't be any risk of falling further into arrears for the next month at least. The rest of your war chest can then be paid towards your debt at the top of your list. Keep going in this manner until you erase debt

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

number one. Every debt you repay will give you added confidence and help motivate you towards your final goal. Debt freedom!

Then, move onto the next debt on your list. Again remembering to pay the minimum on the rest of your debts and usi

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

g the rest of your war chest to erase debt number two. Just keep going until each of your debts is ticked off one by one. As time passes and your debts start to disappear, the remaining debts should be paid off in a shorter space of time.

<

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

>5) Negotiate A Lower Interest Rate

One of the best ways to speed up step 4 above, is to contact your lenders and ask them to reduce the interest rate on the money that you owe them. Due to the fierce competition between lenders for you

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

Professional from academic institutions, pharmaceutical industries, health care indust

business, many companies may reduce the interest rate on your debt just to keep your business.

If they refuse, just move some or all of your debts elsewhere. Many companies have special offers and introductory rates from time to time. But

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

however you manage to reduce your interest rate, it will help you to erase debt faster. Just remember to reorganise your list of debts so that the debts with the highest rate of interest are still at the top.

6) Be Realistic

.

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

> If your debts are substantial it will take time to repay them in full. It might be months or even years. But whatever happens don't expect them to disappear overnight. If you do, there's a much greater chance that you'll lose heart and give up on y

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

Companies that provide selfless information through particip

ur quest to become debt free. Don't allow that to happen. Set a realistic timescale to achieve financial freedom and focus on that. Make a plan and stick to it, because your life will improve beyond compare from the moment you make that last repayment

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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