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Recent research in the US and UK has shown significant shortfalls in savings levels, particularly amongst young people. In 2005 the US savings rate sank to -0.5% which meant that people were spending more than they earned. They did this chief

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

ly by drawing on equity from their mortgage. Whilst financial management is not an obvious issue for organizations, poor ‘financial health’ of employees can lead to employee turnover, stress related illness, absenteeism and poor performance.

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

Examples of combination products may in

owever, there are some obvious steps organizations can take to improve the financial health of their employees as well as less obvious steps to create a workforce that is financially astute, commercially engaged and accountable.

Why are sav

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

ngs slowing?

Poor returns - One reason for the slowdown in the 401(k)/pension contribution rate might be the lackluster stock market. The Standard & Poor's 500 index gained an average of just 0.4% the past five years, less than inf

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

ation. Returns in the UK have been better in recent years but dire warnings about the inadequacy of our pension arrangements only serve to put off potential savers – why should we bother when we know it’s not going to work anyway.

Free spe

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

Combination pro

ding - Credit cards are more readily available and young people, in particular are targeted. A 2001 report found that two-thirds of all Americans who hold at least one credit card carry forward a monthly balance and the average household c

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

edit card balance is $8,488.

Slow cash flow - Household cash flow isn't flowing very quickly these days, so it's harder to save. Disposable income did grow 4.2% in 2005. But the consumer price index, which measures inflation, grew 3.5%,

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

eroding most of that gain. And, according to a survey the Federal Reserve does every three years, average household income, adjusted for inflation, fell 2.3% from 2001 to 2004.

But the biggest reason for our poor savings rate is that people h

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

ve been borrowing against assets — mainly our homes — to get our hands on spending money.

What should organizations do?

It is estimated that 15% of workers in the US are currently experiencing stress from financial problems to such an

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

xtent that it negatively impacts their productivity. For businesses this translates to an average dollar loss of $600 per employee per year.

By offering financial planning and debt planning assistance, employers can make a positive impact on

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

their employee’s at work performance.

Financial planning – Independent financial advisors can provide a general overview of an individual’s options on a one-time basis or can help individuals develop a comprehensive strategy geared to a

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

Following aspects would a

person’s specific financial goals and objectives. By understanding the full extent of the rewards and benefits programme, an employee is more likely to appreciate the benefits on offer and contribute and become a ‘member’ of the organization t

dd to the challenges in developing combination products:

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

rough pension schemes, for instance.

Debt reduction –Debt management organizations, often working as part of a nonprofit network, will help consolidate debts and identify a simplified method of repaying bills that have got out of hand.

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

These organizations can also act as a third party to deal with particularly difficult issues which leaves the employee free to concentrate on work rather than their financial problems

Developing a financially aware organization

Beyond

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

financial management and debt reduction counseling, organizations can take a more proactive approach to managing the financial health of their employees. Whilst there are hundreds of self help books aimed at generating instant wealth for moti

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

ated individuals (including how to buy houses on credit cards!), few of these are specifically targeted at employees or employers. Organisations wishing to attract and retain responsible, energetic and financially astute employees, would do we

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

Professional from academic institutions, pharmaceutical industries, health care indust

l to learn about the techniques and skills outlined in some of the more reputable books and tailor them to their own environments. These could take the form of:-

networking groupswhich bring like minded individuals together o

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

er lunch time or after work to discuss investment opportunities

investment clubs that widen investment opportunities for individuals

development programmes which look at our attitude to risk and wealth

.

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

>financial wealth programmes which teach individuals to manage their own wealth by understanding such areas as ‘passive income’, assets, liabilities

reward schemes directly linked to share performance, cost reduction, id

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

Companies that provide selfless information through particip

as generation – whichever is most appropriate to the individual in question

Such initiatives will help retain an organization’s most gifted employees and will create a culture which is entrepreneurial, collaborative and accountable

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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Trish Karter is president and CEO of Boston, MA-based Dancing Deer Baking Company and a 2005 Winning Workplaces/FORTUNE Small Business Best Boss. In this interview she discusses how the company’s Sweet Home Product line serves a specific philanthropic need and reinforces the organization’s underlying values.

An interview is tough work, tougher than writing a final exam - You may be mentally and physically prepared, but you don't know what kind of questions will be thrown at you, who will be asking them and how you will psychologically respond to them.

Truth is…. it does not matter who is looking. If someone is looking it’s OK. If NOT, then that should also be OK with you. How can it be both ways? It’s who YOU are that makes the big difference in what you say or in what you do.

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