Advice You - Finance

It is human nature to minimize costs and maximize benefits. To the sound of free money, millions, each year, compete for stipends made available by the federal government, private organizations, and by state governments. These stipends, known a

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

s grants, provide a free alternative to loans. Grants are most commonly associated with college applicants whom, dreadful of incurring massive debt, resort to grants to finance their way through college, but grants can also be attained in order

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

Examples of combination products may in

o start up businesses as well as support other private endeavors. Surprisingly, however, grants are the path less traveled by the majority of aspirants.

Speaking from my own experience as a recent college graduate, you DO NOT want to miss out o

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

n the opportunities that are being made available everyday for you to grab a slice of the pie. This article is designed to inform you of those opportunities and to shed some light on the proper means to go about attaining the Benjamin Franklins

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

ou need to escape an all-too-common pandemic nowadays– that is, the grim specter of debt.

When to apply for Grants?

IMPORTANT: Apply for grants early and often! I cannot emphasize this enough. Do not wait to jump on the bandwag

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

Combination pro

on. Be the first one on. Every dollar that goes around is one less dollar that will be available to you. When a grant or fellowship is introduced you want to be one of the first to apply for it. The review board (i.e. those who review grant 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

plications) will give an edge to those who appear to be the most motivated.

Secondly, grants are quickly being devalued as the cost of education skyrockets and business startup costs continue to escalate under the umbrella of big business. In a

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

ddition, it is unlikely that grants will be in as much supply in the near future due to the burgeoning national debt—which approaches 8 trillion dollars according to the department of treasury. Consequently, this means the federal government wil

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

probably cut their spending on a lot of social programs.

Recent federal spending patterns and the volatile situation overseas suggests the majority of federal spending will be directed towards Defense. In the meantime, it is speculative but hi

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

ghly likely that the level of federal grants will decline sometime in the near future. If the competition is fierce now, think of what it will be if the federal government does follow through with expenditure cutbacks on its grant programs.

The

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

ederal government may also reconsider the tax exempt status they give to private foundations who distribute 5% of their total assets every year.

So to reiterate, if you are interesting in getting a grant, now is the time to apply! Do not wait f

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

Following aspects would a

or later.

How to apply for grants?

Surprisingly, a feeling of malaise often settles on those who are considering applying for a grant. They often don’t know the right way to go about applying and end up surfing the web blindly for grant

dd to the challenges in developing combination products:

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

that suit their needs and subsequently apply for grants they stand little chance of attaining. They often convince themselves they stand no chance of getting a grant and cease applying.

This mindset is fallacious. Do not be discouraged. The

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

reason applicants lose out on grant money is because they choose their grants poorly, their application is banal and lackluster, or their searches end in dead ends.

Here are some tips you can follow when applying for a grant:

Find

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

he grant program that is right for you!

There are literally zillions of programs out there, a lot of which tend to be highly competitive and/or do not suit your specific needs. Some programs are specialized, targeting specific demographics.

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

Those programs are real bread winners if you happen to fall into the particular demographic the program targets. Be sure to follow up on those opportunities. Search for less competitive grant programs (most likely private foundations and/or s

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

Professional from academic institutions, pharmaceutical industries, health care indust

ate programs).

Make yourself stand out from the crowd.

Let’s face it. The review board has to read dozens and dozens of application. By the time they reach yours they may be tired or cranky after reading the same ‘ol stuff.

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

Be innovative and make yourself unique in some way from the rest of the applicants.

Apply Early and Often!

Find a good resource that will give you writing tips. Nobody likes a bad writer.

Have a

.

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

amily member or friend proofread your application

Find a reliable, consolidated resource that will be able to point you in the right direction and provide helpful hints and suggestions when needed.

I hope you fou

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

Companies that provide selfless information through particip

nd the above tips helpful. There is a reputable resource I have found that will provide you with invaluable professional assistance if you are really serious about finding and getting the right grant(s) for you. You will find a link to it below

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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Most business require extra funding at times. Broadly speaking there are two settings for business that ask for funding. One where funding is needed because business is expanding and requires more resources, or secondly because things are going badly and the business is running out of money. Depending on what setting a business finds themselves in will determine where's the most appropriate place to source some finance.

The more you understand about any subject, the more interesting it becomes. As you read this article you'll find that the subject of blog is certainly no exception.

To be successful in marketing you must understand the basics of calculating Return on Investment. However, be sure to evaluate both direct and indirect expenses. This can have a significant impact on your calculation and give you a more accurate ROI picture.

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