Just Answers - Finance

There are five steps that I recommend to achieve your goal of financial independence.

In this article I will explain to you 5 effective steps that you can take

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

to completely eliminate your credit card debts and other personal debts forever! Just imagine yourself living a life with no debts, not even a mortgage payment. Can you imagine it

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

Examples of combination products may in

? Have you got the little picture of that life going on in your head right now? Good. Now read on to see how you can stop picturing it in your head, and start living it all around

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

you.

Step 1: Put $1,000 in the bank right now!

I know, I know. You are thinking to yourself, "How can I put 1,000 dollars in the bank, I am

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

reading this because I don't have money." Well, its easy, kind of. With some determination you can easily build up that kind of money. How much junk do you have laying around th

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

Combination pro

e house that could be sold? I know I had more dollars and cents laying around in my garage than I would have ever guessed. Grab this stuff up and have a garage sale, or put it u

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

on eBay. Come on, when was the last time you played that Atari game system, really? Get my point? This $1,000 is called an emergency fund. You keep it intact throughout step 1

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

and step 2 NO MATTER WHAT!!

Step 2: Create your Debt Pyramid

In this step, you will get all of your bills and debts out in front of you. Now take them all and

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

arrange them in the order of largest balance to smallest balance (balance is the amount that you owe the creditor). Now you have a pyramid of debts that you owe. Now the next s

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

ep is going to take some time but it is totally worth it in the end so stick to it. Your start by scraping up enough cash to completely pay off the smallest debt in the pyramid.

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

Then you apply that payment of the paid off smallest debt to the next debt in the pyramid. Once that debt is paid off, you apply both of the payments of the paid off debts to

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

Following aspects would a

the next balance, and so on and so forth until all of your debts are gone. You'd be amazed at how quickly your last few debts will disappear! Use this to pay off all of your deb

dd to the challenges in developing combination products:

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

s except your house. We will address the house later.

Step 3: Build and emergency fund of 3-6 months expenses and save for retirement.

At this point you shoul

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

d have everything paid off except for the mortgage. Now you need to build a fully established emergency fund of 3 to 6 months of expenses. This will take a little while longer t

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

han the first emergency fund took, but it is absolutely necessary. Also at this time you are ready to start investing 15% of you income into a retirement investment of some sort

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

(I recommend mutual funds with a proven track record).

Step 4: Continue to Build Wealth and Pay Off That House!

This step is the next to last step and it will

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

Professional from academic institutions, pharmaceutical industries, health care indust

take the longest. But don't get discouraged because I am sure you are getting pretty thrifty with your money by now and with some more of that determination you had in step 1, y

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

ou will knock this thing out in no time. Watching your bank account grow should be good motivation for you. Most people should expect to pay off their home in 7-10 years! Get a

.

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

ter it!

Step 5: Enjoy the Good Life!

Now the house is paid for and you are living the good life with now debts, no car payment, no mortgage payment, and a huge

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

Companies that provide selfless information through particip

bank account. It is fun to watch your wealth now grow at phenomenal rates, and the thoughts of early retirement get more and more realistic everyday!

Good Luck in Your Journey

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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