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Personal loans, credit cards, mortgages and over drafts offered by various personal loan lenders, private lenders and companies may sound very cheap. You may be enticed by companies

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

offering very low rates of interest. Do not just look at the rates of interest to decide on personal loan types or credit card offering. They may have a lower introductory rate of int

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

Examples of combination products may in

erest and may revert back to a higher rate of interest after some period of time. What are the other things you need to know to find best personal loans?

Additional information can a

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

lways simplify your decision making process. These are the thing you need to know. Make your calculation simple with the following facts.

• What is the principal?
• What is the

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

rate of interest (calculated annually)?
• Are there any other additional payments that you need to make? (arrangement fees, closing fees etc…)

After obtaining information abou

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

Combination pro

t all the payments including lawyers fees and the total number of years for repayment you can calculate the actual rate of interest. Add all the possible fees and expenses. Subtract 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

he actual money you are getting from the total amount. Divide the result by the amount you got and the total number of years and you will get the annual percentage rate. There are man

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

y online annual percentage rate calculators. These can help you in case you find math calculations difficult. Another important table that you could ask the lender is that amortizatio

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

n schedule. This will give the details of pay back with monthly break up of payments. It should clearly indicate the amount deducted from interest as well as that deducted from princi

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

pal. A further description of APR/AER can enlighten you more.

Annual Percentage Rate/ Annual Equivalent Rate
Any loan or credit agreement can have varying terms

• Interest Rat

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

e structure
• Transaction Fees
• Late Penalties
• Other factors

By law, ‘the Federal Truth-in-Lending Act (15 U.S.C.A. § 1601 et seq. [1968])’, credit card companies

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

Following aspects would a

and lenders should show customers the APR to facilitate a clear understanding of the actual rates applicable in agreements. You may be taken for a ride by the companies who give their

dd to the challenges in developing combination products:

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

interest under different terminology. Various ways to express an effective annual interest rate of 10% are

• 0.7974% effective monthly interest rate
• 9.569% annual interest

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

rate compounded monthly
• 9.091% annual rate in advance

By getting the APR you would know the total cost to be incurred by you in a year and hence you would be able to easily u

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

nderstand the additional costs you would have to pay over the year.

The other advantage of APR is that it allows you to compare the credit and loan offers by various companies and de

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

cide which is cheaper. It is an ad-hoc method used in comparison and may not work properly if all the information is not included in the APR. Many companies add extra fees with newer

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

Professional from academic institutions, pharmaceutical industries, health care indust

terminology such that these fees escape the purview of the law. You could calculate your own APR with out using those online. A= P(1+rn) . A is the total amount to be paid for the l

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

oan including its principal, P is the amount you have received, r is the rate of interest you need to obtain. The number of years for pay back is ‘n’.

A draw back in APR is that it d

.

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

oes not indicate penalties and other options of ARM.

Tips for you loan comparison.

• Look for terms: prepayment penalties, rate reduction option, conversion of ARM to fixed-rate mor

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

Companies that provide selfless information through particip

tgage, lock-in periods etc…
• When comparing look at current interest rates ( as applicable on the day you are comparing).
• Add up lenders fees and points and then compare

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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