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With all of the issues related to money that young adults face today, it's more important than ever to raise money smart kids. However, if you are like many parents, you

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

may be a little baffled about where to start and what to do. Here are 7 simple strategies to get you started:

1. Talk to your kids about money. It may not always

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

Examples of combination products may in

be comfortable to talk to your kids about money but it is important. Take advantage of opportunities as they arise in everyday life to discuss how you make money decision

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

and then set aside a specific time each week or at least monthly for more in depth family discussions.

2. Start money lessons early. Kids can generally understan

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

d basic money concepts like spending, saving and earning as soon as they learn to count, around age 4 or 5. Once they are in school, they are ready for more complex conce

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

Combination pro

ts like borrowing (debt) and investing.

3. Encourage your kids to set money goals. Teach them the elements of goal setting using the 5-step ‘SMART’ system: (1) be

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

specific or pin point exactly what you are going after; (2) make goals measurable so you can track your progress; (3) make them achievable so success is possible; (4) re

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

ord or write them down along with the steps to be successful and read them every day to keep moving forward; and, (5) set a time frame to complete them so they don’t beco

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

me ‘someday’ goals that may or may not happen.

4. Teach your kids how to spend. This may sound a little strange but kids need to understand how to make buying dec

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

sions. Use everyday occurrences like going to the grocery store so they can begin to understand what things cost and why you choose one brand over another. Read sales pap

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

ers and plan purchases based on the ads. Talk to them about quality, price, sales and bargains, and show them the steps you go through to make buying decisions for large

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

Following aspects would a

purchases like appliances and cars.

5. Provide structure for your kids to grow their skills. Make it easy for them to develop budgets and save money on a consiste

dd to the challenges in developing combination products:

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

t basis. Help them set up their own accounts and keep records, or you become the banker, providing everything from checking to savings and loans with interest. Also, give

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

them their allowance in denominations that encourage them not spend it all in one place. For example, if you give your kids a $5 allowance, give it to them in $1 bills s

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

that they can easily divide it into different categories like saving, spending and charity.

6. Give your kids the opportunity to test their skills. I know this c

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

an be difficult to do watch, but kids need to exercise their money muscles. They need to learn to make choices and to deal with the consequences if they make mistakes. Re

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

Professional from academic institutions, pharmaceutical industries, health care indust

ember, you may not really be helping them in the long run if you constantly bail them out, so unless it is an urgent situation, let them deal with it.

7. Relax and ha

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

ve fun. Look for games and other activities that make learning fun. The internet is a great place for free or low cost ideas to teach kids about money and here are th

.

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

ee websites to take a look at: http://www.orangekids.com, http://www.themint.org, and http://www.younginvestor.com. Finally, consider starting a family investment club. A

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

Companies that provide selfless information through particip

llow your kids to participate and use real money. It doesn’t have to cost a lot. You can buy as little as one share at a time, but the lessons learned can last a lifetime

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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Use this simple exercise to develop your networking skills and accelerate your job hunting and grow your personal relationship skills. Dream Architect - Margaret Stead gives Part 1 of her series on Networking - Practicing Empathy.

Small business startup loans are usually given in the form of term loans. Term loans, also referred to as term finance, represent a source of debt finance which is generally repayable in more than one year but less than 10 years. They are employed to finance acquisition of fixed assets and working capital margins. Term loans differ from short-term bank loans, which are employed to finance short-term working capital needs and tend to be self-liquidating over a period of time, usually less than one year.

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Answers - 7 Simple Strategies to Teach Your Kids About Money

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