Just Answers - Finance

Let me start out by telling a little story that happened to me a few years ago. My wife and I were referred into a financial advisor to get her set up on a 403b retirement program

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

. The broker went through the options for the fund and towards the end asked if we were ready to make a decision. Since I had never dealt with a broker before, I decided to ask w

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

Examples of combination products may in

hat the fees were. My dad had told me that day to research the actual mutual fund fee on my own 401k, so the question was stuck in my head. The reponse that I got next still shoc

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

ks me to this day. 5.75% on every dollar that I put into the fund, right off the top. Not only that, but the actual mutual fund he was directing me to charges 1.5% annual fee.

I

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

was shocked to say the least. This same broker had just painted my wife and I a scenario, in which if we put in $250 a month and earned a conservative 7% a year, we would be rich

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

Combination pro

when we retired. Imagine my surprise when I did the math and learned that actually, if we earned 7% a year, we would be DOWN money because of his fees. As we left I got more angr

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

y, thinking about the fact that the school district had referred us into this person (as well as countless other teachers) and here he was, running a racket. When I questioned him

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

why his fees are so high he responded that we are paying him for advice on which funds to pick. Advice? How much is there to know? How do you know if you are getting a fair shake

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

Read below!

Financial advisors serve a purpose, there is no question. But, I've seen friends that I KNOW don't know a lick about finance, go through a training program and 8 wee

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

ks later become an expert. I don't doubt that they learned something, but they are not qualified to charge me 6% as a fee for their wisdom! If you are starting out and want to ge

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

t involved in investing. Take some time and get the basics down. Some resources can be found at Vanguard.com. After that, determine what kind of investing you want to do.

In mo

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

Following aspects would a

st cases I've seen, someone wants to get started in something uncomplex as a way to get into the market. Mutual funds offer the ability to do that at a very low cost. Typically,

dd to the challenges in developing combination products:

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

discount brokerage will be your easiest and cheapest way to do that. Examples of discount brokerages are Trowe Price or Vanguard. The only fees that you will pay is an annual fu

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

nd management fee of anywhere from .25%-1.25%, depending on the fund. The fund company will tell you the makeup of the fund, the performance, and the morningstar rating. These ar

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

e all tools to help you determine if you are picking the right fund for your stage in life. If you need help, then call the number and ask for more information about a particular

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

fund. By learning a little about the process, you are saving yourself a lot of money going forward.

I understand that most people are intimidated about money. I have heard peopl

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

Professional from academic institutions, pharmaceutical industries, health care indust

tell me constantly that they don't understand money, so they listen to their advisor. That is fine, that is what advisors are paid to do. That's the problem though, they have to

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

put food on the table too! So, look at the value of that initial meeting that you had. The one where he put in plain English how easy investing was. Think about him taking $345

.

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

of your $6K you invested that year and the year after and the year after. Pretty soon you have got to start thinking, "What he was doing wasn't that hard! He hasn't even done anyt

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

Companies that provide selfless information through particip

hing for that initial meeting!". So, if you need an financial planner for some more complex situations, then fine. But, I think its worth your money to get educated on the basics

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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