Answers - Finance

Today, we all know that prices are sky high and our demands are hitting the roof. Spending has catapulted rapidly. There was a time when

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

parents didn’t have to bother about personal finances but today the scenario has altogether changed. A parent today is far more concern

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

Examples of combination products may in

d about expenses and how they are going to be met. Is it the banks and investment planners that have created a change in the mindset of

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

arents that they cannot do without financial planning or is it truly a need? This question stands debatable.

Pros and Cons

For a p

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

arent, financing his Childs education is of prime importance. Future is uncertain and this very point is striking the brains of parents

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

Combination pro

oday. The Childs insurance needs are also being looked into, well in advance. Various strategies are being arrived at, to fund children’

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

’ education and future. Financial planners and fund managers are hitting upon new techniques and strategies targeted at children. Parent

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

s are also seeking answers to this problem as it is giving those sleepless nights. While some parents live for the moment others are try

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

ng to scratch their foresight.

Giving your child insurance and educational benefits:

1. Bank savings interest rate has dropped mar

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

inally. New options to multiply your money are the need of the hour. Invest in mutual funds. Mutual funds come with a promise and a pers

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

n can earn a huge sum of money as an interest payment. These are also attractive for their low risk. The returns generated here can be u

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

Following aspects would a

sed for your Childs future.

2. Invest in child policy schemes. Various child policy schemes have been introduced by commercial banks. T

dd to the challenges in developing combination products:

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

ese have a certain lock-in period. Generally it varies between 1-10 years. A lump sum is earned after the lock-in period and can prove t

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

be very helpful at the stages when you need money in the future.

3. The benefits of investing in these schemes have long term as well

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

as short term implications. On the short term one can enjoy an exquisite living. The needs of your child have been catered to in advance

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

In the long term there are no financial hassles due to the investment you do now. The Childs educational needs will be easily met. Besi

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

Professional from academic institutions, pharmaceutical industries, health care indust

es that, there is a huge potential for returns. Many companies offer more than 30 % returns and this money too can be used wisely later.

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

4. The parents in a nuclear family have the option to include their child in the life insurance policy as their beneficiary. The plans

.

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

should be decided based on your objective. It may be to fund a Childs education or give him long term benefits in terms of money. Thus p

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

Companies that provide selfless information through particip

tting the child as the beneficiary in an insurance policy can meet the Childs financial requirements for various purposes like education

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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Answers - Financing Your Childs Future

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