Advice You - Finance

In order to address the routine concerns of many, regarding the payment of bills post-retirement or disability, a federal benefits program was designed in the Uni

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

ted States, in 1935, known as the Social Securities Act. The program known as the social security program provides disability, retirement, unemployment and surviv

; 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 benefits and Medicare. The benefits offered aim at providing financial support to the citizens of the U.S., who fall under the categories specified within the

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

aradigms of the program.

The Social Security Act of 1935 introduced the social security system in the US. The system caters to the financial needs of the retired

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

citizens, who have contributed to the social security trust fund for at least 10 years. It also provides benefits to the survivors, in event of the employee’s de

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

Combination pro

ath. The other benefits offered cover disability and unemployment.

It is essential for the person to make the regular required contribution to the Social Securit

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

Trust Funds through the payroll taxes, to be eligible. By virtue of the provisions of the Federal Insurance Contributions Act or FICA, every worker’s income is

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

subject to a tax payment of 12.4% on the first $94,200 earned during the year. Half of this amount or 6.2% is paid by the employer, while the other 6.2% is deduct

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

ed from the salary of the employee. The amount is given to the government. Self-employed people are responsible for paying the full 12.4%. This amount is used fun

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

the social security system.

The system has been designed to benefit those who make the necessary contributions for a period of ten years. There is a credit syst

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

em incorporated in the scheme and you can earn a maximum of four credits per year. This means that irrespective of the higher limit of your actual earnings and co

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

Following aspects would a

nsequently the quantum of your contribution to the fund, your earnings would entitle you to receive four credits.

The amount of the monthly social security check

dd to the challenges in developing combination products:

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

that you would receive after retirement would be calculated on the basis of your 35 highest income-generating years. You need to apply, to start receiving you soc

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

ial security benefits. The best time to do this would be a few months before your actual retirement date.

The social security program attempts to pay the retired

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

citizens a pre-determined sum of money, to cover their basic needs. It works as a kind of insurance for the retired people, helping them to cope with financial 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

fficulties, post-retirement.

It is a form of insurance that covers the surviving spouse and children, in case of the employee’s death. If the spouse is between 6

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

Professional from academic institutions, pharmaceutical industries, health care indust

2 to 65 years, 70 to 99 percent of the benefits are payable. Dependent parents and unmarried children under 18 years are entitled to receive the benefits too.

Di

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

sability that prevents employment opportunity is also considered for benefits under the social security system. Physical and mental disabilities are also covered

.

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

nd the payment starts five months after proving the disability to the authorities.

Under the social security system, unemployment benefits are available to those

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

Companies that provide selfless information through particip

whose unemployment is due to circumstances beyond their control. The program is designed to provide financial relief to the citizens of the U.S. at crucial times

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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