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The fight for financial freedom isn’t fair. No matter what kind of spin you try to put on it, the path to comfortable living seems either impossible or too long to attempt. Many people t

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

hese days are spending copious amounts of money going to see professional financial planners for advice on how to get their money situation under control. But let’s be honest, while a fi

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

Examples of combination products may in

nancial planner can show you how to prioritize your spending and how to go about consolidating your debt, surely there must be a way to plan your finances that doesn’t cost you visits to

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

a professional? This article has been written to open some people’s eyes to the fact that it is possible to properly plan your finances from the comfort of your own home.

The main aim

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

when planning your finances is to make everything as simple as possible. There is nothing worse than sinking so far into depression that you can’t see a way out. Whether you are in debt

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

Combination pro

and looking to get out of it of if you are simply looking for a way to keep a little more spending money aside each month, the simpler you make your planning the better the result you w

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

ill get. From the beginning, you need to be realistic. I’ll start with the example of a single income situation, firstly you need to calculate what your net pay is per month. If you’re s

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

elf employed or not on a regular pay, always calculate the worst-case-scenario, what is the lowest you might get paid. Then go through your monthly bills and write down the ones that are

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

a fixed amount. Do the same for all other bills but use the worst-case-scenario again, what is your estimation of the most that those bills might be. Add everything up and subtract it f

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

rom your net income total.

Next onto the incidental expenses you might run into on a monthly basis. These might include petrol, car upkeep, public transport fares, food etc. make a list

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

of all the little expenses you might need money for in a month. Even things that you’re not sure you might need to buy. Don’t add general spending money to the list, be specific. Always

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

Following aspects would a

add more to the totals if you’re not sure as you can fine tune it later. Again, subtract your total from the money left over from your bills. Don’t worry if you’ve gone into the negativ

dd to the challenges in developing combination products:

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

e figures here, we can fix it.

Once you’ve got your expenses total in front of you, obviously any money that is left over is your profit for the month. In the event that you have nothin

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

g left or have gone into the minus figures, the next step is to minimize your expenses. Pretty straight forward, huh? Any incidental expenses that you might not need, remove them. And an

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

y expenses you know you will have, like food and petrol for example, really get down to the lowest spend on them. How much do you really need to spend on them? Your aim should be to save

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

at least $50 per month after spending money. All that extra builds up and gives you a nice petty cash at the end of a few months!

If you are in a multiple-income situation, the same pr

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

Professional from academic institutions, pharmaceutical industries, health care indust

ocess applies. You need to start building up that petty cash tin. There will always be unexpected expenses, everyone knows that. In truth, the basis of comfortable living is really the k

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

nowledge that you can afford to pay for something unexpected.

To finish, all of this can be done on a piece of paper if you want to invest a little time, or you can lay it all out on an

.

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

Excel spreadsheet. The way that saves the most time is to use a Financial Planning software program, you enter the numbers and the program gives you an automatic monthly planner. Whatev

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

Companies that provide selfless information through particip

er way you choose to go, always remember to keep it as simple as possible. When you’re following a plan, the pressure on you will decrease. What more could there be to comfortable living

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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