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While you’re making your New Years’ resolutions, don’t forget to give your financial house an annual tune-up. As the old saying goes, an ounce of prevention is worth a pound of cure, and few adjustments no

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

w could save you thousands of dollars, not to mention some major headaches, in the months and years to come.

The first step in any financial tune-up is to reassess your financial goals and make sure you’r

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

Examples of combination products may in

e on track to reach them. For instance, has your target date for retirement changed? Has a spouse had a career move that affects how much you have going into savings? Are you planning any major purchases t

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

his year, such as a kitchen remodel or buying a car?

If you depend on your investments for income, perhaps your cost of living has increased and you need to find a way to increase your returns. Maybe you’

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

e downsized your home and your income needs have decreased. Whatever the case, now is the time to determine what your current needs are and how to adjust your investments to improve their ability to achiev

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

Combination pro

e your goals.

The second step of your financial tune-up is to make sure your estate planning and insurance policies are up-to-date and in order. I know it’s not a lot of fun to do this, but believe me, if

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

you could talk with folks like I have, who didn’t have their houses in order and are paying the price, you’d gladly take the time to do it now. And it’s not as bad as you think.

Read over the estate docu

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

ents you have, such as a will, living trust, powers of attorney, etc., and make sure they reflect your current wishes and situation. Don’t have the right documents in place? No time like the present to tak

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

e care of it. Not sure what you need? Just ask me.

Review your insurance policies, making sure to verify your liability coverage. For instance, most drivers don’t carry enough uninsured motorists coverage

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

. And after all the hurricanes of 2005, make sure you know exactly what is covered in your homeowner’s policy. If you have questions, make an appointment with your insurance agent and know for certain. Don

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

t forget about reviewing your long-term care and disability policies as well. And if your needs for life insurance have changed, maybe it’s time to cancel some policies or up your coverage.

If you’re stil

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

Following aspects would a

l employed, talk with your human resources department and make sure you’re maximizing all available benefits. Max out your 401k and any matching contributions from your employer. See if there are ways to l

dd to the challenges in developing combination products:

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

ower your health insurance costs. Some even offer tuition reimbursement.

The last major step of your financial tune-up is a close inspection of your investments. If you have mutual funds, check out your f

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

unds at www.Morningstar.com. By entering each fund’s symbol, you can quickly measure your fund’s performance, rating, how they compare to similar funds, and whether your fund has had a recent management ch

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

nge that could affect performance. You want to be in funds that have consistently performed well over the long haul, not just one-year-wonders. If you happen to own some funds that are laggards, then fire

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

them and replace them with higher-ranked ones.

When determining what funds to have, don’t just look at performance, but also look at diversification. If you own several funds, but they’re all invested in

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

Professional from academic institutions, pharmaceutical industries, health care indust

large-cap companies, that’s not proper diversification. You should spread your eggs among several different categories, types and strategies. And don’t forget to make sure your company retirement account i

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

n’t 100% in company stock.

Make sure you’re not too over-weighted in any one category. For example, energy and international stocks did very well in 2005. If you have hefty gains in those holdings, you mi

.

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

ght want to rebalance some of those profits into other categories.

An annual financial tune-up might only take a few hours, but its benefits could last a lifetime. If nothing else, you’ll gain the peace o

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

Companies that provide selfless information through particip

f mind that you’re on track to reach your financial goals and you have your estate in order. If you uncover some problem areas, you’ll be able to make changes now before you have to pay for costly mistakes

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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