Just Answers - Finance

Did you know?

• The fastest growing group of bankruptcy filers is those 25 and younger.

• 91% of young people believe they should save, yet the vast majority of them considered thems

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

elves to be spenders.

• The weekly (median) earnings of part-time workers age 16-19 is $108 and very little of that is being saved.

Young people believe saving money is good, but th

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

Examples of combination products may in

e vast majority does not save. Why? They have not learned the how’s and why’s of saving. They have not been taught the benefits of saving. For example, they do not know that if they would save $

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

200 a month for 40 years, total accumulation (with an annual growth rate of 9%) would be $850,000!

Start saving when you earn your first dollar. Start learning how to save! Start teaching your

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

hild how to save. It is never too early to start. It is never too early to learn how to become a success by saving money.

With all the hoopla about saving and investing, with the thousands of b

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

Combination pro

ooks, seminars, teaching aids and “financial teachers,” why are Americans not saving money? Why aren’t our children saving money? Is it because their peers are spending money to buy new things a

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

nd feel they need to keep up? Is it a lack of example from older siblings, parents and other role-models? Maybe there isn’t a lot of excitement in saving a few cents. Are our children just follo

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

ing the examples they see every day? Are you shaping and teaching your children to be savers or spenders—a John Frugal or a William Spendall?

If you desire to teach your children to save, to he

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

lp them down the path of financial and life success, you need to emulate the strengths of saving by leading by example. Our personality—whether we are a saver or a spender—affects our ability to

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

save. Saving money is more about changing your lifestyle and personality than it is learning the numbers and know-how of saving. Saving your way to success is 80 percent behavior and 20 percent

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

knowledge.

Your children, possibly, aren’t learning the basics of saving and finance as they are many other things in life, such as their ABC’s. Help your children grow into savers and successf

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

Following aspects would a

ul individuals as they grow-up—teach them saving is the key to success!

How do you get your kids to become savers? By teaching it to them. Use the lessons from Saving Your Way to Success. Lead

dd to the challenges in developing combination products:

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

by example. Emulate the positive benefits of saving. Teach the basics of saving just like you would their ABC’s, values, math, or riding a bike. Saving money will become engrained into their min

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

d and they will become saving—success orientated. They will know all the benefits and will have no desire to spend their way into debt. They will live as a John Frugal and not a William Spendall

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

Saving should be a part of your child’s growth. Saving can teach responsibility, morals, integrity, duty and endeavor. Teach your children to be responsible with their money. Teach that excess

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

ive spending can lead them down the road to disaster. As a child grows and learns math, English and history from school, and morals and manners from home, teach the value of savings as well.

Te

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

Professional from academic institutions, pharmaceutical industries, health care indust

ach your children the value of saving. As a parent, you must teach your children to save so someday each child will become a success through saving. No one else is going to teach them. They will

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

more than likely not learn how to save money at school, and they certainly will not learn about saving from most of their peers. If you do not teach them, who will? It is your responsibility. Yo

.

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

u have only one chance in each of your children’s lives—when he or she is a child. Let me repeat this: you have only one chance to teach your child the power of saving; that is, when your chi

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

Companies that provide selfless information through particip

ld is a child.

You can learn more about teaching children to save at http://www.savingyourwaytosuccess.com

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

Use this guide to determine your level of delegating skills, and how to analyze the areas that need improvement.

Joint ventures between ordinary business owners can give both partners the power of a superhero.

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Just Answers - Teaching Kids to Save--It's More Than Just Numbers

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