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Advice Pool - Principles to Ensure a Fantastic Financial Finish
Most people want to get to the end of their lives and be able to live comfortably, take care of themselves and leave something for their children. These are admirable goals and very achievable - especially if you have a good plan! While I am not giving specific financial advice, these are the principles I
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
live by and believe can bring anyone to a fantastic financial finish! As always, check with a financial consultant before taking action.
Aggressive in the Beginning, Conservative in the End. The way finances work long-term is that you want to maximize your returns when you are young, while tolerating mo
Aggressive in the Beginning, Conservative in the End. The way finances work long-term is that you want to maximize your returns when you are young, while tolerating mo
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
e risk because over the long-term you will recoup any losses you may incur because of the risk. This is why when you are young you can get more aggressive. You have more time to let your returns accumulate. However, the older you get, the more you want to be transitioning into more conservative, capital-p
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
rotecting investments. This way short-term market fluctuations won't affect your day to day living situation. I personally, at 33 years of age, have my investments in very aggressive stocks and mutual funds. I may be down 10 percent one year but up 80 percent the next. Over time the investment make more g
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
ins than losses. I have 30 years before I need to be more conservative. As I get older I will shift into stocks and mutual funds that may only give me 7-20 percent a year but will assure me of less risk. This idea lets me get as much as I can while I am young and can afford risk, so that when I am old I c
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
n draw a lower percentage off of a bigger net dollar amount.
Use Insurance. I am not an insurance salesman, but I could be! When my dad died when I was 4 years old, he was making $89,000 a year (In 1970). That's pretty good! He had $30,000 of life insurance. That's pretty bad! For a very nominal fee, he
Use Insurance. I am not an insurance salesman, but I could be! When my dad died when I was 4 years old, he was making $89,000 a year (In 1970). That's pretty good! He had $30,000 of life insurance. That's pretty bad! For a very nominal fee, he
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
could have protected his family and left them with a couple of million dollars to maintain their current lifestyle. For many, you will want insurance to protect your assets you will be passing on to your loved ones. Don't let the government get too much! Find a good insurance agent and they will help you
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
ut. Also, make sure you have all the right kinds of insurance: Life, health, disability etc. All of these tragedies can drain your long-term financial health.
Use a broker. The brokerage business is going through a radical transition with the onset of the Internet and that is good. It will make them shar
Use a broker. The brokerage business is going through a radical transition with the onset of the Internet and that is good. It will make them shar
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
en up a bit, drop their fees and offer more in return. For a while I was anti broker but now I have come full circle and realize that it is good to have somebody watching your investments for you. Just be sure to tell them that you want them to be proactive with your account and communicate with you regul
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
arly. This way you get the benefit of their expertise. If you want to keep an online brokerage and trade stocks, that's okay. Give your self a little to play with and leave the rest to the professionals.
Start Early. Even if you can only put $10 a month away, do it. The law of compounding interest is sim
Start Early. Even if you can only put $10 a month away, do it. The law of compounding interest is sim
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
ly amazing. If you put it away early on, at least you give yourself something that is growing. And if you have kids, consider giving them a head start by putting some away for them. The 20 years it grows before they take it over will mean a lot to them.
Be disciplined. There are primarily two ways to be
Be disciplined. There are primarily two ways to be
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
isciplined if you want to have a fantastic financial finish: Disciplined in controlling your spending and disciplined in saving or investing. This means that you commit to spending less than you earn. Add it all up. Are you spending less than you earn? Or are you going deeper into debt? Also, are you putt
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
ing something away each month? You may think that you don't have enough to put away. Even if you can only put away $10 a month, you should be saving and investing.
Stay Out of Debt. Debt is an absolute killer. It will kill your future, it will kill your balance sheet, and it will kill your emotional heal
Stay Out of Debt. Debt is an absolute killer. It will kill your future, it will kill your balance sheet, and it will kill your emotional heal
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
h. If you can live absolutely debt free, I would advise it. Most people should only have a house debt. "But I wouldn't have the car I want!" you say. The question I would ask is "Do you want one of the cars you want now, with a debt coming due every month and causing pressure, or would you like to buy any
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
car (or two or three) you want later on out of the interest your investments are throwing off - and pay cash, with no debt?"
Delay Gratification. This is the key to staying out of debt and to accumulating what you will need later on to maintain the lifestyle you desire. You have heard the old saying, "A
Delay Gratification. This is the key to staying out of debt and to accumulating what you will need later on to maintain the lifestyle you desire. You have heard the old saying, "A
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
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
penny saved is a penny earned." Well the truth is that a penny saved, and invested for a number of years is more like ten pennies earned! Don't get me wrong, I don't mean to live life as a pauper. In fact, when I get a big check or extra income, I give ten percent away to charity, spend ten percent on thi
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
gs my family would like (in other words we splurge), and the rest we save and invest. This allows us some "extras" but causes us to delay gratification that we could otherwise have if we spent the other 80%. In the end, I will be glad that I invested that money.
Read up. I would encourage you to learn ab
Read up. I would encourage you to learn ab
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ut money and how it works. Even if it doesn't particularly interest you, you need to know how it works in order to manage your affairs. Know the basics of saving, investing, interest rates, stocks, mutual funds, and the power of compound interest. If I had to pick a beginner magazine that is well written
.
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
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
and very good information, I would suggest to you Smart Money, published by The Wall Street Journal. Pick one up at the newsstand and then you can subscribe from there.
In closing, let me say that I think anyone can have a fantastic financial finish! It is simply a matter of applying these principles ove
In closing, let me say that I think anyone can have a fantastic financial finish! It is simply a matter of applying these principles ove
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
the long-term and watching your money grow. Every now and then you read an article about someone who never made more than $15,000 a year and yet left an estate of millions. Get behind the scenes and you find that they saved, invested, and watched their spending.
Here's to your Fantastic Financial Finish
Here's to your Fantastic Financial Finish
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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