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Just Answers - Plan For Wealth
One very important wealth creating habit is to set up a concrete plan that you can actually follow. You see, wealth takes planning, and is usually the resu
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
lt of taking a set of orderly, progressive steps from where you are now to where you want to be financially.
Why is this a top wealth creating habit? Beca
Why is this a top wealth creating habit? Beca
; 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
se the most extraordinarily wealthy people on the world did it this way. Less than 7% of the wealthiest people in the world received an inheritance, and of
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
those 7%, almost none received their total wealth that way. In other words, almost everyone has to have a step-by-step plan for achieving wealth. The “I ho
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
e I win the lottery” works for almost no one.
While a complete financial plan can be difficult to create overnight, you can get started by practicing crea
While a complete financial plan can be difficult to create overnight, you can get started by practicing crea
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ting concrete financial goals. And we do mean concrete. When most of us think about our financial situation, we tend to recoil from it because it makes us
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
ncomfortable, especially if we are in debt or we are not as far along as we want to be. Stop recoiling! Take a careful look at your financial situation and
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
set 1 to 3 goals that you want to achieve.
Write these goals in concrete detail. For instance, don’t write a vague statement like “Pay off debt.” Instead,
Write these goals in concrete detail. For instance, don’t write a vague statement like “Pay off debt.” Instead,
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
write a more detailed statement such as, “Reduce debt 10% by December 31, 2004.” This kind of goal gives you lots to work with. For instance, if you want t
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
o reduce your debt 10% by the end of the year, you’ll have to consider:
- How to reduce expenses to stop accumulating more debt, and save money to
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
pay off debt.
How to increase income, if possible, to pay off the debt.
What assets you might be able to sell to pay off debt.
Do you see
Do you see
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
how a concrete goal gives you a way to think logically rather than emotionally about your money? Ten percent of your debt is a solid number against which y
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
u can make real calculations and real life changes. For each goal, list the obstacles you have to overcome and make a step-by-step plan for overcoming thos
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
e obstacles. And we do mean “1, 2, 3…”
For instance, in the above example, if the main obstacle is your spending habits, step 1 might be to list all the p
For instance, in the above example, if the main obstacle is your spending habits, step 1 might be to list all the p
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
ssible ways to reduce expenses. In step 2, you might list all the ways you might increase your income or the assets you could sell. If you have a significa
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
t other, step 3 might be to sit down and discuss the situation with him or her. Together you can work out a plan to keep each others’ spending in check. St
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
p 4 might include instituting a spending plan, such as withdrawing a set amount of cash from the bank each month for groceries, entertainment and miscellan
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
eous expenses. When the cash is gone, the spending stops.
Does the concrete-ness of the plan start to make sense? Without concrete details, you, like most
Does the concrete-ness of the plan start to make sense? Without concrete details, you, like most
.
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
of us, will tend to deal with your money emotionally rather than logically. Hard facts and figures help us detach from our moral issues about money and act
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
logically. When you begin to think and act logically about your money, you have succeeded in instituting yet another top wealth creating habit in your life
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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