The purpose of the proceeding is to gather and distribute the decedent's assets. Understanding the terminology used in probate aids in reviewing probate file documents and determining the disposition of the taxpayer's assets. Common terms used in probate include: Testate-person who died testate had a will.he purpose of the proceeding is to gather and distribute the decedent's assets. Understanding the terminology used in probate aids in reviewing probate file documents and determining the disposition of the taxpayer's assets. Common terms used in probate include: Testate-person who died testate had a will.
The Orphan Drug Act 1983 (P.L. 97-414) as it amended the Federal Food, Drug and Cosmetic Act (FFDCA), and subsequent amendments, have shaped the US Orphan Drug Program. Under the FFDCA, the developer of an orphan drug product is guaranteed seven years of market exclusivity after FDA approval of the product.Drugs, biologics, medical devices and medical foods (mainly parenteral nutrition and nutraceuticals) can be given âorphanâ status.nder the FFDCA, the developer of an orphan drug product is guaranteed seven years of market exclusivity after FDA approval of the product. Drugs, biologics, medical devices and medical foods (mainly parenteral nutrition and nutraceuticals) can be given âorphanâ status.
One type of incentive is the orphan drug status, which provides tax reductions and the exclusive right to develop the cure for a specific condition for a period of seven years to companies attempting to cure rare diseases.eveloping drugs to treat the vast number of diseases in the world is a line of business that can lead to massive fortunes, but unfortunately not all developed drugs become the golden ticket.