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Step 6 - Paying Off Your Debt

Hopefully by now you are committed to paying off your debt and you have freed up at least a little extra income to help you do it. Now, it’s time to start paying it

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

off. The first step is determining which debt to pay off first. Most people are tempted to try to pay off their largest debt first, but this usually isn’t the right thing to do.

Get out your li

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

Examples of combination products may in

t of debts again and see which one has the highest interest rate. If you still have credit cards remaining after the refinance step, it will most likely be them. It is possible that your mortgage

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

or student loans are the highest debt. However, these debts are tax-deductible, so if this is the case and you itemize your tax dedications be sure to keep this in mind. The way to do this is sub

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

tract the interest rate times your tax bracket from the interest rate. For example, if you have a loan at 8% interest and you’re in the 28% tax bracket, your effective interest rate would be 8 –

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

Combination pro

8 X .28) or 8 – 2.24 = 5.76% .

If you have more than one debt at the same rate, pay off the smaller one first. Although it makes no actual difference on how soon you will get out of debt or how

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

uch you will pay, it will help you see results sooner and encourage you to keep at it.

The next step obviously is to start making the extra payments on this debt. Be sure not to neglect paying a

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

t least the minimum on the other debts while you do this, though. Missing a payment can cause you to rack up late payment fees or your interest rate to skyrocket, making repaying your debt even m

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

re difficult. As you make extra payments on credit cards and other revolving lines of credit they will typically reduce your minimum monthly payment. Do not lower the amount you are paying! This

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

hould be an encouraging sign to you. As your minimum monthly payment goes down, so is the amount of interest you are being charged. By keeping the same monthly payment you are getting the princip

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

l paid off much quicker.

It may take a few months or possibly a few years, but if you keep at it you’ll eventually get this first debt paid off. This isn’t the time to take it easy though, here’

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

Following aspects would a

s what you’ll need to do next. First, close the account you just paid off if it’s a revolving line of credit, so you won’t be tempted to charge it back up. Next, determine which debt has the next

dd to the challenges in developing combination products:

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

highest interest; this will be the next account you pay off. Now, continue to make the same monthly payment you were before, but add to it the money you were paying on the account you just paid o

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

f, including the extra payments you were making towards that one. For example say your first debt was for $100 per month and you were paying an extra $50 for $150 total each month, and your secon

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

d debt costs you $75 per month. You will now be paying $100 + $50 + 75 on this second debt, or $225. That’s three times what your monthly payment was before, which will help you to get it paid of

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

much sooner.

Once you get your second debt paid off, repeat this pattern again. Apply the amount you were paying to your first debt, your second debt and your third debt all to your third debt

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

Professional from academic institutions, pharmaceutical industries, health care indust

o get it paid off even sooner. As you continue to do this, the debt repayment will rapidly pick up pace. I highly recommend continuing to do this until you are completely debt free, including car

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

s and mortgages, not just credit cards.

If you tried to refinance some of the debt in an earlier step but were unable to get approved for a loan, you may want to look into it again after paying

.

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

ff a few debts. Your debt-to-income ratio is now lower and you have built up a good history of paying off your debt, both of which will help your credit score and make it possible to get approved

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

Companies that provide selfless information through particip

for loans you weren’t able to before. However, be sure to also re-evaluate if it’s still in your best interest to refinance, now that your debt has been reduced and you are making higher payments

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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