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Useful Advices - Point Your Employees Toward Financial Freedom
Could the person in this story be one of your salespeople?
A 39-year-old salesperson recently told me that he earned a six-figure income last year. He said that he ha
A 39-year-old salesperson recently told me that he earned a six-figure income last year. He said that he ha
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
d never dreamed that he would earn that kind of money in a single year. As a reward to himself for posting such a successful performance, he purchased a new truck, a b
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
ss boat and went on a golfing trip to Cabo San Lucas in Mexico. The salesperson is not married.
As he and I began our interview, I asked permission to ask a few quest
As he and I began our interview, I asked permission to ask a few quest
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
ons about his financial situation and he agreed.
“If you don’t mind my asking, how much of last year’s income did you invest?” I asked him.
“I know I need to begin sa
“If you don’t mind my asking, how much of last year’s income did you invest?” I asked him.
“I know I need to begin sa
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
ving for retirement, but so far I’ve not invested any at all. Right now, I have only about $5,000 in a money market account.”
“How much monthly income would you guess
“How much monthly income would you guess
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
you’ll need to retire comfortably?”
“I really haven’t thought about it much. Right now, I spend $6 - $8,000 per month, depending on how much I earn. So in retirement
“I really haven’t thought about it much. Right now, I spend $6 - $8,000 per month, depending on how much I earn. So in 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
I don’t know, I’d say at least $5,000 per month.”
“At what age would you like to retire,” I asked.
“I enjoy what I do, but I also enjoy playing golf and bass fishing
“At what age would you like to retire,” I asked.
“I enjoy what I do, but I also enjoy playing golf and bass fishing
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
. If I had my way about it, I’d retire no later than at 65.”
“That gives you, let’s see, 26 years to save enough to meet your $5,000-per-month income objective, right
“That gives you, let’s see, 26 years to save enough to meet your $5,000-per-month income objective, right
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
”
“Yeah, that sounds right. So how much do I need to have in the bank to have $5,000 per month to spend by age 65?”
“Do you mean before taxes or after taxes?”
“I’d
“Yeah, that sounds right. So how much do I need to have in the bank to have $5,000 per month to spend by age 65?”
“Do you mean before taxes or after taxes?”
“I’d
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
eed to earn $5,000 after all income taxes are paid.”
“Well, based on history, the stock market has averaged somewhere between 10% and 11% in annual growth. And assumi
“Well, based on history, the stock market has averaged somewhere between 10% and 11% in annual growth. And assumi
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
g that income tax rates stay the same as they are today, my guess is that you will need to have approximately $1 million invested by the time you’re 65.”
“Wow. I neve
“Wow. I neve
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
r dreamed that I’d need that kind of money just to earn $5,000 per month.”
“One thing we haven’t factored in are your social security benefits, but even with social se
“One thing we haven’t factored in are your social security benefits, but even with social se
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
urity, you need to get started putting some money away, wouldn’t you say?”
“There’s no doubt about that. Who can help me design a plan that will guarantee that I’ll n
“There’s no doubt about that. Who can help me design a plan that will guarantee that I’ll n
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
t be destitute when I finally do retire?”
“I’ll give you the names of two or three financial planners. I suggest that you interview each of them and select the one yo
“I’ll give you the names of two or three financial planners. I suggest that you interview each of them and select the one yo
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
u feel most comfortable with. Will you do that?”
“You darn right I will. Thanks for opening my eyes.”
OLD AND POOR
Early in my career, my boss taught me the power
OLD AND POOR
Early in my career, my boss taught me the power
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
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
f compounding; that is, the power of investing a portion of my income each year and allowing the compounding effect to build a small nest egg into enough to take care o
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
me in retirement.
“Being young and poor is not so bad. You’ve got the rest of your life before you. But being old and poor stinks,” he told me. It is totally up to
“Being young and poor is not so bad. You’ve got the rest of your life before you. But being old and poor stinks,” he told me. It is totally up to
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
you and the amount of discipline you have in your life to invest a portion of what you earn. In the USA, no one with financial discipline should ever be old and poor.
.
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
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
DO YOUR EMPLOYEES A FAVOR
Invite a financial planner one who is good on his feet to present a short seminar for your employees. Do your part to te
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
ch each of them how easy it is to become financially independent IF they start early enough, and how difficult it is to reach their financial goals if they wait to late
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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