Main Subject - Business

As the end of another financial year comes to a close, I thought it would be ideal to focus this newsletter on your personal affairs.

I'm always amazed that so many people spend most of t

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

heir life at work and totally neglect their personal affairs. Many business people I coach want to get their professional lives in order, and often admit that their personal affairs are in

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

Examples of combination products may in

chaos.

They have no systems for handling this most important area. The household paperwork is disorganised... piled up in a corner of the house... somewhere. They have no idea where they

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

pend their money and often have no plan for their financial future. Sure they are busy in their businesses or job and lose focus as to why they are doing what they do in the first place...

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

and generally that is to make more money so they can have more choices in life. Whether that be to have more time with their family, make a difference in the world or to have a better lif

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

Combination pro

style. Of course, you do want to enjoy what you do otherwise you won't be happy in the process.

If you do not organise your personal life, you won't have much of a future to look forward

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

o. Avoid the excuses that you are too tired, don't have the time, and don't know how.

Here are several tips to get you started:

Set up a filing system to store your paperwork.
File

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

your papers in categories: Bank, Car, Children, Home, Medical, Insurance, Investment, Tax, Utilities etc.
Organise direct debits for regular bills.
Read, sort and action your

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

nail and e-mail daily. This will avoid a big build-up.
Make a note in your diary when you need to remember to do things.
Check your bank accounts weekly via phone or the Intern

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

t to keep tabs on your money.
Allocate a particular day and time each week to review your personal affairs.
Get educated - attend seminars, read books and listen to information

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

on wealth creation. Having knowledge will make it easier to make better decisions and provide you with the confidence to take action.
ORGANISING YOUR FINANCIAL FUTURE
This area

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

Following aspects would a

should be top priority. If you do nothing because it's too much effort, well think about this.

What would happen if you lose your job, have an accident and receive no income for 6 months?

dd to the challenges in developing combination products:

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

How would you (and your family) survive financially? Do you have your insurances in order?

Where will you be in the next five years? Maybe retired and on a pension? Or perhaps you have su

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

erannuation you hope will be enough to live on? Unfortunately too many people are under false illusions about how superannuation will be the answer for a secure retirement.

Hope is not en

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

ough. You have to be pro-active and seek out people who can help you. But be careful who you take advice from and what is the motivation behind them "selling" you their ideas.

Educating y

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

urself on how to make the most of your hard-earned money so you can create wealth should be a high priority. After all, if you're not interested in securing your financial future, who is?

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

Professional from academic institutions, pharmaceutical industries, health care indust

THE FINAL WORD
If you take control of your personal affairs you will have peace of mind and know that you are making things happen.

It's nearly six months since you probably made tho

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

se New Year's Resolutions. Let me ask you was one of those goals related to money in some way? Have you moved forward, stagnated or gone backwards? You must learn how to manage your time e

.

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

fectively and get organised enabling you to focus on the highest priorities in your life, otherwise a year from now you could still be no further ahead.

I once heard someone say: Some peo

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

Companies that provide selfless information through particip

le make things happen, others watch things happen and others wonder what happened. What do you choose to do?

Have a great week!

Lorraine Pirihi
Australia 's No. 1 Productivity Coac

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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Many who thrive in the workplace are those bursting with drive and determination. These folks who are motivated by their jobs. Every person who works has personal reasons for working. While most work for money, others work because they love their jobs and because experience a sense of fulfillment. Some work because they desire to aid others or to feel distinguished in a field. People work because they are motivated by certain reasons.

Does your Canadian company need financing? Read this article to learn about invoice factoring and discounting.

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