Answers - Finance

Complicated, finances are complicated. No they are NOT! Everybody in the financial industry wants you to believe it is impossible to figure it out on your own but they are just k

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

eeping their job security in tack, while your financial security falls apart. The most basic premise of financial independence and security is: spend less than you make. That see

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

Examples of combination products may in

ms fairly simple to understand. It becomes harder to keep in practice once the advertising world gets a hold of you but we will save that for another article.

Most of the millio

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

naires I know never finished school and they all talk about how they are not educated but they do seem to make and keep money. Whenever I got the opportunity I always questioned

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

hem, if they keep talking like they are stupid and “not educated” why don’t they go back to school and learn. They have the money to pay for the best schools. Of course they repl

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

Combination pro

y, what the universities are teaching isn’t worth learning. Judging by the percentage of poor university graduates, they may have a point. These millionaires are of course highly

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

educated from the University of hard knocks. You do not make a lot of money without collecting some scar tissue along the way.

The trick is to learn from it, figure a way to us

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

e it to your advantage and move forward. Too many of us rush into an investment without doing proper research on EVERY aspect of the business. A buddy tells us it’s going to go u

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

and we rush in and buy a whack of whatever and it promptly drops like a rock. Wealthy people have already been there and done that. They look long and hard before they leap into

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

something. But the key is once they have done their looking and calculated their risk, they do leap in and from there they do what it takes to make some money or to learn a valu

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

able lesson.

My favorite rich person has amassed over 100 million. Starting from nothing and like many of the super rich has lost it all a couple of times. He told me making or

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

Following aspects would a

losing money is not as important as what you learn along the way. I would add having the ability to use what you have learned is also essential.

What is the point of all this? T

dd to the challenges in developing combination products:

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

e basic of investing, saving, debt reduction etc. is easy stuff, so easy it is boring, very boring and that is where people get into trouble. How many times have I heard; “I just

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

needed a bit of excitement so I bought some XYZ company on a tip from my barber”. What normally happens, you lose it. Until you have enough money to have a ‘wild and crazy inves

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

tment account’ forget buying the latest sure fire winner. Yes it is true some people have made it big that way, but do you know any of them, personally? There are very few of tho

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

se kind of people.

Pick an area of your financial life that needs work and go to the library, internet, used book store and get some information on it. We have a simple e-book t

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

Professional from academic institutions, pharmaceutical industries, health care indust

at if you followed would teach you how to eliminate your debt and free up some money to start investing for your financial freedom. It is simple to read, easy to implement and do

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

esn’t take an MBA to understand but it works.

Take the time to learn some things about the art and science of making, keeping, investing and having a great time with money. Pick

.

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

one area at a time and keep at it until you know what’s going on in your personal situation, then move to another area. In a couple of years, spending a few hours a week you wil

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

Companies that provide selfless information through particip

l be able to navigate threw the financial world with ease and grace and best of all some money in your pocket.

I have been poor and I am rich, rich is better. You can do it also

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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