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One of the great mysteries of personal finance is: How are social security retirement benefits calculated? The computation itself is so

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

mething of a mystery. It's so complex that I'm not sure who could have dreamed it up. I am sure that most in Congress don't understand

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

Examples of combination products may in

t. In this article we'll take an abbreviated look at what goes into the computation.

We will be concentrating on the method of computin

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

retirement benefits in place since 1979. Before then a different, but equally bizarre, method was used. The changes were instituted in

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

1979 to help keep benefits more or less inflation-proof. The computation begins by determining a worker's Average Indexed Monthly Earnin

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

Combination pro

s (AIME). The AIME is based on the worker's social security wages or earnings from self-employment after 1950, but only up to the social

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

security maximum for each year.

The worker's earnings are then "indexed" by adjusting them for the average national wage increases. The

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

purpose of the indexing is to state the wages in terms of the level of wages in the second year prior to social security eligibility. Ge

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

erally you are eligible for social security at age 62, so we index to the year in which you turn 60.

Now that you have "adjusted" the ea

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

nings, you must next determine the average. Begin this process by determining the number of years after 1950 (or turning 21 if later) an

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

before when you turn 62. Got that number? Great, now subtract five. (Why five? Beats me.) Social security calls this figure the "nu

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

Following aspects would a

ber of computation base years." Now, go back to your indexed annual earnings and select the highest earning years until you have enough

dd to the challenges in developing combination products:

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

o equal the "number of computation base years." For example, you began work at 22 and worked to 62. Your benefits will be computed base

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

on the highest 35 (40 - 5) years of indexed earnings. Finally, total all the indexed years and divide by the number of months in those

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

ears. Congratulations, you have just computed the AIME. Have a drink.....or six.

If you thought you're done, guess again. The amount

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

f the social security benefit is equal to the Primary Insurance Amount (PIA). Fortunately, you don't have to do these computations yours

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

Professional from academic institutions, pharmaceutical industries, health care indust

lf. The Social Security Administration is happy to do it for you. Just get a Form SSA-7004-PC from your local Social Security Office, f

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

ll it out and send it in. In a few weeks the good folks at Social Security will send you an estimate of your benefit.

They will also se

.

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

d you a print out of your "earnings record." Your earnings record is the amount Social Security thinks you made each year. It pays to c

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

Companies that provide selfless information through particip

eck this periodically, say every three years. Mistakes are possible and those mistakes can cost you in social security benefits later on

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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A look at student credit cards and how they can help students and families. In particular, this article looks at using a student credit card to encourage sensible spendign and repayment as well as details more specific to a credit card for college students.

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