Main Subject - Business

Are you taking advantage of all the benefits your company has to offer? Most employees are not really sure of the benefits they are entitled to or what their company offers, and many are missing out on free money they don

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

’t even know about.

There are three top benefits you MUST be sure to sign up for if your company offers them:

Health Insurance

Flexible Spending Account (FSA)

401(k)

Health insurance.

If you are l

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

Examples of combination products may in

ucky enough to work for an employer who pays the whole premium for an individual health insurance policy, make sure you sign up. As healthcare costs rise each year, companies are cutting back on the amount of the premium

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

they will pay for, which means you pay the difference. Health insurance is an excellent benefit, even if you have to pay a portion of the cost. Just one emergency room visit to set a broken limb could cost you hundreds

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

of dollars you would have to pay for if you don’t have insurance. And, if you have a family, you know how much doctors’ visits and medicines cost each year for the kids.

If your employer only pays a portion of the premi

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

Combination pro

m, do the math to find out how you could save money on this benefit. Find out how much your insurance will cost out of your paycheck and compare that to what your spouse’s employer will pay for on that plan. In most cas

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

es, it’s cheaper for both of you to have an individual plan from each employer rather than an employee/spouse plan from one. Compare what medical costs are covered on both plans- one plan may cost a lot less because it of

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

fers less.

If you need family coverage, compare costs from both employers to see which plan will save you money. It’s rare that a company will pay the full premium for family coverage, but if one does, it’s a no-brainer

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

o sign up for that insurance.

Flexible Spending Account.

This is a great way to lower your taxable income and therefore pay less tax on April 15th. Think of a Flexible Spending Account as a savings account for your med

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

ical expenses. Even if you have health insurance as discussed above, you will always have out of pocket costs throughout the year- for office visit co-pays, prescriptions, eyeglasses or contacts, and dental visits. You

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

an even submit expenses for some over the counter drugs such as for cough and cold, as well as saline solution for your contacts.

You add up what you think these costs will be during the year, sign up for this benefit, a

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

Following aspects would a

nd that amount is deducted from each check on payday (your annual election divided by the number of pays per year). As you incur these out of pocket expenses, you submit a form and copies of your receipts to a Plan Admini

dd to the challenges in developing combination products:

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

strator who will reimburse you from the funds that have been withheld from your paycheck. You can even submit expenses for dollar amounts that you haven’t even paid into the account yet! In other words, you can have a d

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

ntal check-up on January 2nd, submit the bill for reimbursement, and get your payment even before that amount had been deducted from your first paycheck of the year.

There are two very important points to beware of here.

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

If you don’t use up all of the money you’ve elected during the year, you cannot carry it over into the next year, and you will lose it. Also, if your employment terminates during the year, you can only file claims for

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

hose expenses that you incurred while you were working for the company. So, be sure to be conservative in your figures when deciding on your annual election, and if you have any idea you might quit your job or be laid of

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

Professional from academic institutions, pharmaceutical industries, health care indust

f, make sure you use up that money before your last day.

401(k).

Everyone should save for retirement, but if your employer offers a match on the amount you contribute to your 401(k), be sure to get this free money! Reme

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

mber- when you participate in your employer’s 401(k) plan, that money is deducted from your check before your taxes are calculated. So, just as with the Flexible Spending Account, you are reducing your taxes and paying l

.

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

ss to Uncle Sam. It may seem hard to try to save this money, but any amount that you can contribute from each paycheck will get you closer to being comfortable in your retirement. Plus, the sooner you start to save, the

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

Companies that provide selfless information through particip

more time your money has to grow.

Remember, when you work for a company, any benefits they offer are in addition to your salary, so be sure to take advantage of all that you are entitled to.

Copyright © 2006 Kathy Swan

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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