Advice You - Business

Are you a freelancer or a consultant? The distinction between the two terms might not appear overly important at first blush. But in a world where words have the ability to shape our own behavior and the attitudes of 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

he people around you, how you define yourself as a contract worker can actually impact your work environment, your earnings, and the way your customers treat you.

First let’s talk about definitions. The term freelance

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

Examples of combination products may in

or free lance, has its roots in the ancient days of horsemen and knights, where independent mercenary soldiers acted on behalf of a king for money. The term today continues to describe, according to “Merriam-Webster’s

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

ollegiate Dictionary,” “A person who pursues a profession without a long-term commitment to any one employer.” Consultant, on the other hand, is a more modern term to define someone who “consults” or “one who gives pro

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

essional advice or services,” to quote Webster’s. The term implies a certain amount of expertise, while certainly freelancers and consultants have knowhow.

These days the terms freelancer and consultant are often used

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

Combination pro

interchangeably. But there are some key distinctions:

A freelancer is someone who usually works at home and the work comes to them. They use and own their own tools and are responsible for maintaining them. 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

onsultant—described perhaps as a more transient type of employee, likely works in client’s office with tools owned by the client. The client controls the tasks you work on and the timeline.

Consultants may brok

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

r themselves through staffing or consulting firms or may sometimes seek out clients independently without an intermediary. They may also get three to four W2s at the end of the year, according to Dan Pink, author of th

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

book “free Agent Nation,” which discusses the growing ranks of self-employed people. These consultants could be almost considered like temporary employees, part of a company’s contingent staff.Crucial for th

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

economic viability of independent contractor—whether freelancer or consultant—is the ability to stay employed. Even as a consultant contracted with a staffing firm, the minute you start costing the firm money and stop

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

making them money, you have a bulls eye on your back, and are at risk being unemployed.

So to protect yourself, we have developed the Consultants Bill of Rights for those people who work as a consulta

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

Following aspects would a

nt and who broker themselves through consulting or staffing firms.

The Consultants Bill of Rights includes:

The ability to decide what projects you work on;
The ability to decide when and where you w

dd to the challenges in developing combination products:

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

rk;

The ability to decide how much work you do in a year;

The ability to know and influence your bill rate to end clients;

You should have your own 401k or SEP retirement account and a rainy

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

day fund.

The point of The Consultants Bill of Rights is not to badger or harass staffing companies, nor to be a Prima Donna. Simply put, THE CONSULTANTS Bill of Rights is your reminder to go the extra mile to ensure

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

our security and happiness as part of the independent workforce.

Ten years ago, all staffing firms would tell you when and where to work. It didn’t matter that you had to make a two-hour commute through the winter, yo

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

did it.

But today, the consultant has to be in charge of knowing the market so that the attractive gigs keep coming your way.

With so many staffing firms to broker you, and with so much contract work around, there’s

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

Professional from academic institutions, pharmaceutical industries, health care indust

no reason to be at the mercy of anyone.

As an independent contractor, “You’re The Man.” You’re making more money, you have more control over who you work for, more control over the types of projects you work for, and

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

ou should even have a say over what your billing rate to end clients is going to be. If not, you may find a staffing firm pricing you right out of the market and out of some gigs that you might want.

You’re beholden t

.

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

stay on top of the market rates, using tools such as HotGigs.com’s Rate Exchange, where you can report the details of your engagement and compare yourself instantl

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

Companies that provide selfless information through particip

with other people in your market.

At the end of the day, whether you're a freelancer or a consultant, you're the responsible party for making a bright and successful future for yourself - no one else.

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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Advice You - Freelancer vs. Consultant? What's the Difference?

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