Advice You - Business

This article examines the second step of our Artists' Prosperity SystemTM, “Clear your financial clutter and get it organized for good!” There are several elements involved in truly getting financially organized. It can be easy to feel a sense of overwhelm which keeps us from moving forward. My

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

goal with these articles is to guide you through each element of our system, there-by putting you in a significantly better place, so bear with me, go one step at a time and DON’T STOP!

Perhaps you are someone who has spent the time putting together a budget: you may even feel you try hard to work

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

Examples of combination products may in

within that budget. Then why do you still have so little money every month? You should have some left over yet, when it is time for your next paycheck, you are counting the hours until you receive it so that you can go buy groceries. If this scenario sounds familiar, you are not alone.

So, how

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

does this happen? Well, there are a few reasons. The first is that, while many of us have been taught that we should have them, the truth is that budgets rarely work. For most of us, budgets are exactly like diets. We begin them with the best of intentions, we might even stay committed for a sh

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

rt while, but eventually we slip back into our old eating habits (or in this case spending habits). This happens because the entire concept of a budget involves deprivation and human nature will simply not allow itself to feel deprived for very long. The other major factor is that, while your bud

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

Combination pro

et (if you have a budget) may account for your rent, bills, and groceries, what about that Starbucks coffee and muffin you buy every day? What about the parking you paid for last week? What about the birthday gift you bought for your best friend and the pair of earrings that you bought yourself b

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

ecause you wanted to treat yourself? There is certainly nothing wrong with any of these things. The problem lies in the fact that we often do not track these little expenses. “It’s only $5,” we say. The thing is, if you have 20 “it’s only $5” in a month, you have just spent $100 about which you

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

didn’t even know. It all adds up and this type of “it’s only $5” spending can turn your finances into a nightmare.

In terms of earnings, if you are someone who has a full-time income, it is pretty straightforward to determine what is coming in each month. However, if you are like many artists, th

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

en you probably have an income that fluctuates as you pick up odd jobs here and there, such as landing a part in a film, commercial, or television show, or you may have a particularly great tip week waiting tables. Many of our clients will argue that there is no way to track accurately what their

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

onthly income is. This is absolutely not true: it does, however, require a little footwork on your part. In order to determine your average monthly income you will need to calculate your earnings over the last six months. Virtually every person that takes the time to do this will find that earni

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

gs patterns emerge, and that they are able to determine an average figure of what they are earning each month. Having your accounts on Quicken will greatly help this process, as you can review earnings at the touch of a button. The next step is to do the same thing with expenses: go back through th

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

Following aspects would a

e last six months and average them out. If you do not have 6 months worth of receipts, average what you can, then religiously record every transaction (even if it is pennies). In a few months, you will have a true concept of your expenses.

Why is it so important to start tracking your earnings and

dd to the challenges in developing combination products:

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

expenses? The key to getting to your financial destination is to figure out from where you are starting. Sound confusing? Loral Langemeier, author of the new bestseller The Millionaire Maker, uses a great analogy: If we dropped you out of an airplane with a parachute and asked you to find your

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

way to Kansas – you could absolutely do it IF you knew your exact starting point. If you had no idea where you were dropped – it’s pretty safe to say you could wander around for years and never find your way to Kansas. If you do not know your financial starting point, it is safe to say you will w

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

nder around your financial world for years and never find your way to either freedom or the goals you desire.

We encourage our students to stop focusing on trying to budget and first just get an extremely precise and specific estimation of exactly where your money goes each month. Start writing d

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

wn every one of those “it’s only $5” expenses. Carry a little notebook with you and believe me it will become a habit to jot these expenses down quickly. We also want to make an offer to our readers. If you are serious about getting on top of your financial picture, send an e-mail to mailto:info

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

Professional from academic institutions, pharmaceutical industries, health care indust

@abundancebound.com and put in the subject line: “Chart of Expenses”. We will send you an extremely detailed list of possible expenses in an excel chart that will help you to remember all of the different ways you might currently be spending your money(You can also visit y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

://www.abundancebound.com">Abundance Bound for free help on any of this process). Completing this chart (it also has a place for you to track your income) will allow you to see clearly the details of your current financial position. Trust us, no matter how bad it may look, once you actually h

.

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

ave those numbers in front of you, you will be shocked at the number of ways you can start to improve them.

Following these suggestions could literally save you thousands of dollars. So, if you are a person that tosses your bills and bank statements, and you are not currently tracking your earnin

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

Companies that provide selfless information through particip

s and expenses, then STOP doing that and START changing your financial life for the better. It is amazing how easy it really is. In the next issue we will look at separating business finances from personal finances, but having a handle on where you are right now is the first step. Take that step

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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