Top Adding - Finance

“We simply assume that the way we see things is the way they really are or the way they should be. And our attitudes and behaviors grow out of these assumptions.” - Stephen Covey

Secret #1 – This is by f

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

ar the single most important of the 8 secrets. It is the foundational key to all success

TAKE ACTION!

If you can’t take the action necessary to achieve financial independence and success, to improve your

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

Examples of combination products may in

life, you will no doubt wind up right alongside the 95 percent of the population that is dependent on debt and are ultimately financial failures.

It’s that simple. You can have the very best teachers, 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.

very best education and training, read the best books and listen to the best tapes but without taking action, it’s all wasted. I can’t emphasize this point too strongly or enough. You must find it in your

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

elf to resolve to act; otherwise your thinking will amount to nothing.

Secret #2 – The level of success you achieve in your life is directly proportional to your willingness to accept full responsibility

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

Combination pro

or your life. No matter where you are now, you can only achieve greater things if you take blame and hold yourself accountable for your past. Accept your past and grasp hold of your future.

Secret #3 –

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

ailing to execute a plan for financial independence is the same as planning to fail. This seems fairly self evident. People just float around through their financial life hoping it will all somehow just w

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

ork out. This is not only wrong but it reeks of insanity

Secret #4 – A home based business where you can invest work and time instead of money. You can make more money with a business of your own than a

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

ob would pay you and the tax benefits are worth the effort. It would be a good practice to start slow and small and work it steadily. Eventually, the income will exceed your job and you will need to make a

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

decision as to whether you want to quit your job and take your business full time.

Secret #5 – Residual vs. Linear Income Most people work at a job that pays them a linear income, which means that for ev

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

ry hour they work they get paid an hour’s wage. Or they sell a widget and get paid a commission on that one widget. Residual income, on the other hand, is cumulative and continuous. Let’s say that you se

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

Following aspects would a

l a widget, instead of getting paid a onetime commission, you get an ongoing commission for that sale month after month. Sell two widgets, get two times the residual.

Secret #6 – Multiplex Income This is

dd to the challenges in developing combination products:

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

the income that you receive when you run your own business and receive your income from the work and efforts of others.

Secret #7 – Positive Mental Attitude I used to think that keeping a positive mental

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

attitude was the key ingredient to success and achievement, that if I maintained a PMA, success was sure to follow. I knew people that cranked up the positive attitude so much they glowed but were complete

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

financial failures. While a PMA is extremely important, the ACTION needed in secret #1 is the true key. Couple PMA AND ACTION together and you have a solid foundation for success.

Secret #8 – Compound In

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

erest Compound interest refers to the fact that whenever interest is calculated, it is based not only on the original principal, but also on any unpaid interest that has been added to the principal. The m

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

Professional from academic institutions, pharmaceutical industries, health care indust

re frequently interest is compounded, the faster the balance grows.

A good lesson was learned on the golf course when two friends decided to “make it fun” by placing a wager on each hole. The bet was for

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

dime and on each hole the bet would double. Let’s do the math. The first hole is ten cents. The second hole is twenty and the third is forty cents. Not bad, just a friendly wager, right?

By the time they

.

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

reached the ninth hole the bet was for $25.60. OK. Still not so bad for golf buddies. The tenth hole was $51.20, the eleventh hole was $102.40 and the twelfth hole was for $204.80! Now, if we were golfing

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

Companies that provide selfless information through particip

his game, we would be getting a bit nervous. Hole 13 - $409.60. Hole 14 - $819.20. The bet continues to rise. By the 18th hole the bet will be a whopping $13,107.20!

THAT is the power of compound interest

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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