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Main Subject - Savings and Elderly Parents
Many years ago I advised my parents to place their money in various postal bank/BS accounts which had competitive interest rates at that time. As often happens however these gradually bec
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
ame less attractive and they felt stressed at moving it around chasing after the best interest rates in remote accounts. So they decided it would be easier to manage in a branch account.
; 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
Whilst this might not be the best financial solution it made sense for them.
This Easter I paid a visit to see my parents for a few days. During this time, my mother who deals with their
This Easter I paid a visit to see my parents for a few days. During this time, my mother who deals with their
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
financial affairs asked me to check on a particular transaction from their bank. After looking, I noticed they had around ?11 000 languishing in a Halifax Liquid gold account. Whilst I wa
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
s aware that they had this account, the amount concerned me as it is a significant fraction of their savings and of course this is one of the worst paying accounts on the High St. They al
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
so have no need for instant savings above a few thousand pounds at most.
I convinced my Mother to take a trip down to the Halifax with me to see what could be done about this. We arrange
I convinced my Mother to take a trip down to the Halifax with me to see what could be done about this. We arrange
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
a meeting with one of the staff on duty. During this meeting it emerged that she has had a previous meeting with a tied financial advisor who convinced her to place some of their savings
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
in some sort of Halifax investment bond for which the advisor gets commission. However, the person who we were speaking to could not tell me anything about it as she was not a qualified
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
advisor and the financial advisor had moved onto another branch. She simply said that my Mother must have all the paperwork and this would make it clear. This came as something of a surpr
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
se to me as my parents had always been adverse to the more complicated financial products and the slightest risk. Also during this meeting we all agreed that some of the ?11000 could be p
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
laced in a Halifax cash ISA at 4%, hardly the best interest rate around for their circumstances, but far better than the Liquid Gold account. My Mother seemed to feel comfortable with thi
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
s account having a cash ISA already, and the money can still be accessed anytime in an emergency, so it seems likely that ?6000 (for 2 people) will be placed in this.
I suggested that so
I suggested that so
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
e or all of the remaining Liquid Gold account could be changed to a more modern cheque account earning more interest, however the member of staff said that some older people like to see a
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
passbook and the other high interest earning account does not provide this (a weak excuse I thought). I also suggested that some of the remaining money could be placed in a short-term bo
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
nd (previous calculations suggested they did not pay tax). However, I could also see that my mother was getting stressed at all this and the member of staff said “a little every time”. My
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
Mother also seemed to be concerned about tax and the hassle of signing forms declaring that they paid none. It didn’t seem feasible to re-examine their tax affairs at that time so I left
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
it at that.
This is a difficult situation as it is always a compromise between the interest rate, simplicity, perceived security, tax situation, visibility and convenience, and talking o
This is a difficult situation as it is always a compromise between the interest rate, simplicity, perceived security, tax situation, visibility and convenience, and talking o
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
f finances can easily upset them, it also looks as if I am unfairly imposing my views. Personally I feel as if the Halifax have taken advantage of an older couple, but my Mother insists t
.
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
is is not the case and she placed a great deal of trust in the previous advisor. I am tempted to write to the branch asking them to explain to her that money in a Liquid Gold account effe
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
ctively devalues due to inflation and to explain any risks associated with the investment bond they have bought (of which I am no wiser). Then again is it worth the risk of upsetting them
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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