Advice Pool - Reference and Education

Graduates typically earn more over their lifetime than those who did not pursue higher education. But how to pay for that university degree or specialized ed

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

ucation?

By the time some students complete their university studies these days, they graduate with a student debt that is counted in six figures. Ouch!

So

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

Examples of combination products may in

naturally, students will look for free money if they can find it. If you are a student, what are your options?

PAYING FOR HIGHER EDUCATION: OPTIONS

Schola

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

rships: A minority of students can successfully compete for financial scholarships. If that's not you, read on...

Grants and gifts: Depending on the career

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

you are preparing for, non-repayable grants may be available from your industry. Also, governments often have some funds earmarked for student grants. In the

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

Combination pro

USA, the Pell Grant is an example.

Part-time employment during your education years: While it may not cover all your costs, having a job during school will

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

certainly help. And while you are working, you will have less time to be tempted to spend money. Social expenses can eat a big hole in the student budget.

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

tudent loans: Low interest student loans are another popular alternative. The resulting student debt must be serviced in the early years after you graduate.

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

In the USA, Stafford Loans (Guaranteed Student Loans) are available with low interest rates. In the case of subsidized loans to needy students, the governmen

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

t pays the interest while you're in college.

Direct Student Loans: These are low-interest loans made by the education institution itself, using funding sour

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

ces available to the school.

Government cost-of-living funding: Depending on the educational assistance policies of the country you live in and your own eco

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

Following aspects would a

nomic circumstances, you may qualify for government money. In Australia, the Austudy program helps tens of thousands of students complete their tertiary stud

dd to the challenges in developing combination products:

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

ies. Repayment starts after graduation but only when the graduate's income passes an inflation-adjusted threshold. In the UK, the repayment of student loans

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

starts when the graduate's income exceeds ?10,000 per year.

STUDENT DEBT: REPAYMENT REALITIES

You must start to service your student debt shortly after you

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

enter the workforce which is typically the lowest paid years of your careers. It is also the time when you will also be handling other expenses such as estab

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

lishing a family.

If you cannot service your student loan after completing your education, it is important not to default on your payments as that triggers

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

Professional from academic institutions, pharmaceutical industries, health care indust

a set of punitive responses from the relevant government departments. In the USA, your tax refund is sent to the Education Department and your wages are garn

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

ished.

Also, your credit rating is damaged and that penalty travels with you for some years.

Plus, they add substantial collection fees to your already-hig

.

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

h student debt.

In a word, don't. Don't default, that is. Instead, talk to an Ombudsman at the Department of Education or to an appropriate authority in you

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

Companies that provide selfless information through particip

r country.

A good time to think carefully about the practicalities of actually repaying your student loan is when you are applying for it in the first place

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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