Answers - Finance

Accumulating an emergency fund

Building it up

You should have at least one month's income in your cash reserve, preferably more.

The alternative, only applicable if you are paying off debt

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

or building up your reserve, is a borrowing facility that is a source of emergency finance from somewhere else.

This could be a bank overdraft facility or unused credit card balance.

The trouble with th

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

Examples of combination products may in

se facilities is that if you use them they are expensive, so you need to build up your emergency fund as soon as possible.

Another potential facility is your immediate family; would your parents, for exam

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

ple, be able and willing to make a temporary loan?

Depositing it safely

Use a bank or building society deposit account. Instant access is best, even though higher rates of interest may be availabl

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

on notice accounts, because the money might e needed in a hurry.

Higher rates are usually available on higher amounts, so it is worth using the same account for any short term savings such as for your ho

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

Combination pro

iday. Postal and Internet accounts often offer higher rates.

Rates change and it is important to check regularly. Comparable rates can be found in newspapers, money magazines and on the Internet. Compare

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

rates of interest by using the AER (annual equivalent rate) to take account of the timing of interest payments.

Providing for special events

These are usually saved for out of income but there is

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

o reason why a lump sum cannot be used.

Special events are normally short term occurrences, so the money saved for them is usually put in a deposit account; if added to your emergency fund in the same acc

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

ount, a higher rate of interest may be obtained.

If the event is more than three months away, a period notice account might earn more interest. If it is as much as over a year away, then a fixed interest

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

erm deposit could be appropriate.

A period in excess of three years opens up the possibility of National Savings or gilts but a minimum period of five years is recommended for an equity based investment.

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

Financing your children's education

This is another area where savings are normally made out of income but again a lump sum can be used.

The object is to create income of a specified amount (plus

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

Following aspects would a

inflation) for a specified future period. Take account of each child separately and, in the case of private schooling, do not commit your investment to a particular school.

In this case, if you start earl

dd to the challenges in developing combination products:

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

enough, an equity based investment is worth considering, although as the due date gets nearer a gradual switch to fixed interest would be sensible.

Place your investments in an ISA wrapper if you are not

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

already using your joint annual ISA allowance. In the case of fixed interest, tax free National Savings are worth considering if you are not already utilising your full allocations.

Zeros (zero dividend

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

hares from a split fund) are often recommended, as they have a known repayment amount. They also have a known termination date, so a zero can be selected to fit in with your requirements.

It is worth gett

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

ng independent financial advice and AEL, there are specialists in this area.

Dealing with your mortgage

Using a lump sum to pay off your mortgage is low on the list of financial health priorities

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

Professional from academic institutions, pharmaceutical industries, health care indust

because interest rates on mortgages are lower than for other loans. However, the return you get in the form of interest saved is greater than you can get on any investment unless it is very risky, so it is

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

in effect a sensible investment.

There is some advantage in retaining a minimal mortgage because, should it be necessary to take one out in the future, it would make it easier to get and there would be fe

.

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

wer formalities. Also the lender will retain the deeds of the property, usually without charge, which can be convenient.

If you have an endowment mortgage, do not surrender (cash in) the endowment policy,

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

Companies that provide selfless information through particip

as you will get a poor return. It is better to keep paying the premiums until maturity, the less satisfactory alternatives being to make the policy paid up or to sell it on the second hand endowment market

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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