Advice You - Finance

Independent financial advisors are independent, as the name suggests. They are professiona

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

ls who give unbiased opinions on financial affairs. Independent Financial Advisers will do

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

Examples of combination products may in

a detailed study of their client's financial position, preferences and objectives before g

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

ving advice on any financial matter. They will then suggest a solution to meet the client'

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

objectives. In other words, they work in tune with the philosophy of their clients. Indep

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

Combination pro

ndent financial advisors give solutions on matters like investment, insurance, retirement

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

lanning, mortgages and tax matters.

The premise behind employing an independent financial

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

advisor is that he is not 'tied' to any financial services or products in the market. So i

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

is unlikely that he would force you to buy certain financial products in the market and r

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

sk your money. To be precise, independent financial advisors are professionals who follow

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

n ethical code of conduct.

The service of financial advisors can be hired by paying a fee

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

Following aspects would a

. But most of the independent financial advisors accept a commission for their service or

dd to the challenges in developing combination products:

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

onsultation. If the business offered is a small one, independent financial advisors may wo

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

k for a fee than commission. A combination of fee and commission is also proposed in some

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

ases when the investment or the financial service provided is quite large.

Regarding qual

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

fications, make sure that the independent financial advisor you choose is a certified prof

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

Professional from academic institutions, pharmaceutical industries, health care indust

ssional who has seen many market fluctuations. He should have professional qualifications

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

nd membership in professional associations. You can ask about his credentials. Also, check

.

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

whether he is a CFP or CFA certified professional. Or you can check out the profile of the

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

Companies that provide selfless information through particip

independent financial advisor of your choice by examining both the parts of the "Form ADV.

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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