Main Subject - Finance

Here are some things you would want to know about your financial planner

1. Is the person qualified?

Anybody can say that he or she is an expert financia

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

l planner. No particular degree or experience is required. There is no department of government that oversees planners. Of the quarter of a million financi

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

Examples of combination products may in

al planners, only an approximate of 40,000 are CFP (Certified Financial Planner). The CFP is the most acknowledged designation for financial planning.

Eve

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

n with this certification, there are no guarantees. It takes experience and continuous education plus a high degree of ethics and integrity to be a profess

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

ional planner.

One excellent option is to check his CFP status as well as his PFS (Personal Financial Specialists) and ChFC (Chartered Financial Consultan

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

Combination pro

ts) status.

2. Is he looking after your interest or his?

Professional financial planners take their duties on your retirement plans seriously. Your needs

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

are ahead of his or hers. Unfortunately, most of the so called financial planners are just trying to sell you investments. They are not obligated to prov

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

ide the best retirement plan but are only prevented from selling you an unsuited plan.

The best option is to ask the financial planner to furnish you a pr

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

intout of code of ethics that he needs to comply. It is a difficult read, but knowing the standards which your planner abides is a must.

3. How is your pl

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

anner getting paid?

Several financial advisers still get most of their income through commissions. Many gracefully slide through the 'commission' tag by g

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

iving themselves the title 'fee-based' financial planners. They also simply duck the compensation subject.

Commission is not really bad, but it does creat

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

Following aspects would a

e a complexity of interest with the retirement planner. Your retirement planner should voluntarily tell you how he gets paid, or at least give a direct ans

dd to the challenges in developing combination products:

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

wer when asked.

4. A slice of the pie or the whole thing?

An excellent financial planner takes into account the whole financial situation of a client, in

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

cluding their plans for estate and budgets. That is the only true way of looking at a comprehensive retirement plan.

Most of these financial planners simp

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

ly focus on a single projection of a client's financial situation. In most cases, they focus only on the area in which they have received any training.

W

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

hen your adviser focuses on a single or only a few aspects of your retirement plan, get one that will take into account your entire situation.

5. This is

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

Professional from academic institutions, pharmaceutical industries, health care indust

what I'm selling. This is what you must buy

Financial planners that do not have the necessary education in comprehensive retirement planning often rely on

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

what their companies require them to invest in. For example, a stockbroker may possibly hard sell certain mutual funds or individual stocks. This is also

.

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

true even when the best utilization of the money is on paying the mortgage or raising the emergency fund.

Your retirement planner must be able to discuss

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

Companies that provide selfless information through particip

intelligently about methods other than his recommendations. If he is not able to, or simply insists that his way is the best way, look for another adviser.

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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