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How does a man from poverty rise above the norms of society, refusing to impose on himself limitations of any sort to finally become one of the wealthiest people in the country?

We have all heard of success stories before; from Henry Ford of the For

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

d Motor Company fame to Sam Walton of Walmart. From Andrew Carnegie of Carnegie Steel to JP Morgan of JP Morgan & Co. In Singapore itself, we have a plethora of our very own self-made millionaires such as Mustaq Ahmed from Mohammad Mustafa & Samsuddi

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

Examples of combination products may in

and Kwek Leng Beng, head of the Hong Leong Group. What is it that these men understood about money that we have not? What were their beliefs towards money that led to them amassing such wealth?

Stop Wasting Money

The very first universal law of ri

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

ches states that if a person wishes to be in possession of money, he should simply stop wasting it. To waste money is arguably the biggest financial err that anyone could make. Some people say, "Oh! I have worked so hard today, let me treat myself to

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

a new watch". This is fine provided you don't already own one or the one that you own needs replacement, but buying another watch just to make yourself feel good does not do justice to your money.

During my grandmother’s demise a couple of years bac

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

Combination pro

; I had a rich uncle who attended the funeral. During the mourning period we had prayers everyday for twelve days. During one of the days after lunch was served to the all the people who came to offer their condolences, I noticed my uncle take out a

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

plastic cup. These are the type of plastic cups that came in packs of 20 or 30, all stacked on top of each other.

Now, at anytime when we needed a drink, everybody including me would just take a cup, fill it up with the drink, gulp it down and disca

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

d the empty cup. However, this uncle of mine took his cup, filled it with drink, drank it, BUT did not throw away the empty cup after he was done. Instead, he took a tissue out of his pocket after finishing the drink, and placed it in the empty cup a

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

d left the cup on the shelf. Whenever he was thirsty during the day, he took the tissue out, filled his cup with a drink, drank the drink, put the same tissue in the cup and placed the cup back on the shelf. This happened quite a few times.

After a

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

while, I finally got irritated and questioned him scornfully, “Uncle! What are you doing? There are so many cups, why can't you just throw the cup away and take a new one? In fact, there are more cups than we need!” He just looked at me as if I was t

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

e most stupid person on the face of this earth and remarked; "I don't like to waste." With that he casually turned around and proceeded to greet and attend to the needs of our guests.

His remark left a lasting impression on me. I realised then why h

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

Following aspects would a

was so rich. The fact that he did not waste even a small thing like a plastic cup made me understand the universal law that governs money. This attitude of not wasting was one of the major factors of his accumulation of wealth. This IS the greatest

dd to the challenges in developing combination products:

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

law.

Pay Yourself Before Anything Else

The second most important law in accumulating riches is to pay yourself first. Pay myself first? Some might ask, “What does this mean?” or "I do pay myself because I get paid for the work I do, isn't it?” Wel

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

, that’s not really true. We pay our housing loans, our electricity and water bills, our transport bills, etc. We are paying everyone else except ourselves. Why?

In order to build our castle of wealth, we need to start paying ourselves first. Rememb

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

r this, money is attracted to money. If a magnet can probably attract 10 iron fillings, a stronger magnet can attract 20. An even stronger magnet can attract 50. The more money you have, the more stronger the attraction, provided you abide by the law

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

s.

Emergency Cash

Many Singaporeans do not see the need to set aside some of their money in case of an emergency. It is very important for a person to have enough money to last him for at least three to six months. This would ensure that even if he

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

Professional from academic institutions, pharmaceutical industries, health care indust

were out of job for whatever reason; he would have enough to last him for the particular period till he finds another job. Not only jobs, usually bad things happen when you are down and out. Consider your fridge hanging up its boots or an unexpected

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

eath in the family. Life still goes on…that’s where emergency cash comes in.

I know of an acquaintance that invested almost all his savings and was involved in an accident caused by an error in his judgment while maneuvering his vehicle on a bend. N

.

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

ow, since it was a major accident, it became a police case and he was held in lockup. He was allowed bail for about $7,000. Had he kept aside three to six months of his salary, he would be able to settle the bail immediately without going through the

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

Companies that provide selfless information through particip

trouble of raising that amount of money from scratch or putting his house as collateral and wasting valuable time. Even if he were to divest, it would have taken him some time and there would be a chance of losing if he had divested at the wrong time

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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