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Main Subject - What is a Ponzi Scheme?
This is for those who don't believe me when I talk about the dangers of "mystery money" schemes.
The terms "pyramid scheme" and "P
The terms "pyramid scheme" and "P
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
onzi scheme" are used almost interchangeably. However, the scheme for which Charles Ponzi is most remembered was not a pyramid.
I
I
; 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
f you aren't aware of the story of Ponzi, you'll likely find it familiar. This man promised to double your money in 90 days, and he
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
kept his promise -- until the day he was arrested for fraud. He had created such a personal mystique that he continued to receive
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
money from new investors while in prison.
How could someone with so many satisfied customers end up in prison? Because fraud is f
How could someone with so many satisfied customers end up in prison? Because fraud is f
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
raud no matter the results. Ponzi claimed to be investing peoples' money and giving them the proceeds. What he was actually doing
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
was giving peoples' money to people who had previously "invested" in order to make it seem like everything was OK. Meanwhile, he 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
as living a lavish lifestyle while he was millions of dollars in debt.
He had no trouble getting the ever-increasing numbers of op
He had no trouble getting the ever-increasing numbers of op
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
portunity-seekers necessary to fund his business. He probably would have kept it up for many years if the government hadn't steppe
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
d in. Therefore, the lessons learned by those who wished (and wish) to follow in Ponzi's footsteps are...
* Hide the money trail b
* Hide the money trail b
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
etter.
* Improve the illusion of selling a real product or service.
* Don't promise anything.
It's very difficult to prove that
* Improve the illusion of selling a real product or service.
* Don't promise anything.
It's very difficult to prove that
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
a chain letter originated with a certain person. Many pyramid schemes are organized in such a way as to conceal who is at the top.
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
If there is an actual product or service being sold, it's difficult to prove that the main purpose of being in an organization is
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
to recruit others (and their money). Finally, hype it up, but don't get too specific. You can't get sued for disappointing someon
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
e.
Are these the lessons that should be learned from Ponzi? No. If Ponzi was good at anything it was lying. A lesser con artist
Are these the lessons that should be learned from Ponzi? No. If Ponzi was good at anything it was lying. A lesser con artist
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
trying to do what he did would have been run out of town long before millionaire mode set in.
Also, things are different now. If
Also, things are different now. If
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
you want to set up your own Ponzi operation, you have a lot of competition and a very savvy audience for your sales pitch if you c
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
hoose to do it online. A simple Google-based investigation of your Internet trail can allow a scambuster to publish your entire hi
.
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
story of crime on his home page for the world to see.
Also, the Internet provides ways of making Ponzi amounts of money legally an
Also, the Internet provides ways of making Ponzi amounts of money legally an
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
d with less effort. Let's all just stop giving out money to the scammers and trying to emulate them. Make the Web a better place.
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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