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There’s more pressure on people than ever before to save for their futures. Relying on the state is no longer a safe option for retirement, benefits and healthcare. As a result, an

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

increasing number of people are purchasing personal financial products such as life insurance, investments, private health plans and personal pensions. The world of financial pla

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

Examples of combination products may in

nning is a jungle, though, and it’s not surprising that it leaves many people completely baffled – which is why there has been an enormous rise in the use of independent financial

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

advisors (IFAs). However, even the world of IFAs is a complicated one – there are so many different qualifications and some IFAs seem to have an endless string of letters after th

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

ir names. It can therefore be difficult to find the appropriate advisor for your specific needs. Here’s a brief guide to some of the key IFA qualifications for various aspects of

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

Combination pro

financial planning, from mortgages and insurance to pensions and investments.

The financial services industry is highly regulated and its regulatory body, the Financial Services 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

uthority (FSA) requires professionals working in the industry to have certain qualifications before they can provide financial advice. There are so many different qualifications i

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

sued by so many different professional bodies and institutes that the letters after a financial advisor’s name can be baffling. Here’s a glossary of some of the qualifications and

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

abbreviations and memberships of professional bodies you might want to look out for when selecting a financial advisor to meet your needs.

The basic qualification is the Certifica

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

te in Financial Planning (Cert FP) – although it’s only considered to be about the same level as an ‘O’ grade, and there are much more advanced qualifications available, both for

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

eneral financial advice and for specialist products such as mortgages and pensions.

General

Certificate in Financial Planning (Cert FP)

Advanced Financial Planning Certificate (A

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

Following aspects would a

FPC)

Certified Financial Planner (CFP)

Associate, Society of Financial Advisers (ASFA)

Member, Society of Financial Advisers (MSFA)

Fellow, Society of Financial Advisers (FSFA)

dd to the challenges in developing combination products:

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

Associate, Institute of Financial Planning (AIFP)

Member, Institute of Financial Planning (MIFP)

Fellow, Institute of Financial Planning (FIFP)

Institute of Financial Services (Ch

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

artered Institute of Bankers)

Mortgages

Certificate in Mortgage Advice and Practice (CeMap)

Mortgage Advice Qualification (MAQ)

Pensions

Chartered Insurance Institute’s G60 pape

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

on pension planning

Association of the Pensions Management Institute (APMI)

Investments

G70 paper on portfolio management

G30 paper on business investment planning

Certificate

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

in Investment Management (Cert IM)

Investment Management Asset Allocation Qualification (IMAAQ)

Investment Management Certificate (IMC)

Professional Investment Certificate (PIC)

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

Professional from academic institutions, pharmaceutical industries, health care indust

Member, Securities Institute (MSI)

UK Society of Investment Professionals

Insurance

Associate, Life Insurance Association Diploma (ALIA dip)

Member, Life Insurance Association Di

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

loma (MLIA dip)

Fellow, Life Insurance Association Diploma (FLIA dip)

Associate, Chartered Insurance Institute (ACII)

Member, Chartered Insurance Institute (MCII)

Fellow, Charter

.

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

ed Insurance Institute (FCII)

G80 paper on long-term care, health and life protection

A string of letters after someone’s name isn’t necessarily proof of their ability as a financ

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

Companies that provide selfless information through particip

ial advisor. There are many factors that you should also take into consideration when looking for a financial advisor, including cost, the services offered, experience and location

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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When designing Flyers for a mobile car wash business it pays to consider the quote; Keep It Simple Stupid! There are a few other things to consider as well. Your phone number should be at the top and bold.

Quality of life is a really important issue for many people. Sometimes we get caught up in the rat race of everyday life, we are unsure of why we are not happy and why we are so busy. Everyone needs to step back once and a while to examine their lifestyle and determine what changes they need to make. Developing a home business can be a solution, however it is easy to fall into the same trap.

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