Digg It - Finance

1. Make your January payment in December. That way, you can deduct the additional month’s interest. Your January payment is

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

for the use of the money in December, and the interest can be deducted if paid and mailed prior to January 1st.

2. De

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

Examples of combination products may in

er Income. Tax rates are decreasing. Collect your bonus in 2007 rather than 2006. If you’re self-employed, try to hold off

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

our billing in December so your income checks come in January. This will carry your income over to the next year.

3. A

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

ccelerate expenses. Prepay your tax preparer with a check before December 31st for the return he prepares in the next year.

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

Combination pro

Prepay your Keogh or IRA fee or any other investments expenses.

4. Pay your fourth-quarter real estate taxes before De

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

ember 31st. Fourth-quarter taxes are due February 1st. If you pay your fourth-quarter tax before December 31st, you will be

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

able to deduct that tax payment one year earlier.

5. Remaining money in your Salary Reduction Plan. These plans are c

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

lled flexible spending accounts. These accounts require you to reduce your salary by a given amount that goes into a fund t

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

at can pay certain benefits, such as medical expenses and dependent care expenses. If you don’t use it, you will lose it. I

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

you have money in this account, spend it! Prepay orthodontia or buy that second pair of glasses, etc.

6. Make charita

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

Following aspects would a

ble contributions. You can make a contribution with cash or charge it on your credit card. Other contributions can include

dd to the challenges in developing combination products:

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

onation of clothes, furniture, or equipment. Make sure to always get a receipt for every contribution you make.

7. Pay

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

estimated state income taxes by December 31st. State taxes are due around January 15th. By paying them by December 31st, yo

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

u get to deduct the taxes a year earlier.

8. Recognize any capitol losses. Sell non-performing stocks before December

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

1st. Any losses offset your capital gains first, and the next $3000 of losses can offset ordinary income. Any excess losses

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

Professional from academic institutions, pharmaceutical industries, health care indust

are carried forward into your next year.

9. Get married…or divorced. If your marital status is determined as of Decemb

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

er 31st, you may qualify for a marriage bonus. If you plan to divorce, make sure it’s done legally and before the end of th

.

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

year. This may qualify you for some tax savings.

10. Open a Keogh account if you’re self-employed. You can contribute

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

Companies that provide selfless information through particip

as much as 20% of your net Schedule C income into a Keogh tax-deferred retirement plan, and your contribution is deductible

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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