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The most important financial decisions you’re likely to make in your life are those concerning your retirement. To have a secure future with a comfortable standard of living after you’ve stopped working, you’ll need to plan your finances carefully.

Pensions a

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

re becoming more and more important as people now live longer into their retirement. Lifestyles have also changed – people often take out mortgages later in life than they used to, meaning that they may still have a mortgage to repay when they stop working. An

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

Examples of combination products may in

as people are experiencing better health and longer retirements, they want to have a reasonable disposable income in order to enjoy more leisure activities in their later years.

This is the first of two guides outlining the fundamentals of pensions. It’ll he

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

p you understand more about state pensions and how they are calculated. The second guide focuses on private pension schemes. These articles do not constitute financial advice and should only be used as an introductory informational guide to pensions. For advic

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

on how to plan your finances for your future, seek professional advice from an independent financial advisor.

Definition

First, back to basics – what is a pension? It’s a regular source of tax-free income for you to live on when you retire. As contributions

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

Combination pro

towards your pension fund during your working life also receive tax relief, it’s a more tax-efficient than other methods of saving.

The government department responsible for managing and administering state pensions and other pensions related benefits is The

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

Pension Service, which is part of the Department of Work and Pensions.

State pension

The government provides a state pension, which can be claimed by men over the age of 65 and women over the age of 60 (although this will increase to 65 in line with the male

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

pension age by 2020).

Not everyone qualifies for a state pension, and even those who do will receive different incomes depending on their working history. Entitlement is calculated according to the number of national insurance contributions (NICs) you (or you

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

partner/spouse) have paid, which are converted into ‘qualifying years’. You’ll need to have worked and paid contributions for around 90% of your adult working life in order to receive the full state pension. If you’ve been out of work for long periods in orde

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

r to bring up a family or look after someone, you’ll be compensated for missing NICs through ‘Home Responsibilities Protection’. If you’ve been out of work for other reasons and have been claiming benefits such as jobseeker’s allowance, or income support, the

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

overnment will have paid your NICs on your behalf for the period(s) in which you claimed benefit. The minimum you need to get the basic state pension is 25% of the qualifying years. If you have anywhere between the minimum and maximum amount of qualifying year

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

Following aspects would a

, the amount you receive in your state pension will be adjusted in relation to how many qualifying years you have, so the more you have, the better. Those who have less than 25% of qualifying years won’t be able to claim any state pension at all, although ther

dd to the challenges in developing combination products:

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

are other government pension benefits to assist those on low incomes in retirement, such as pension credits or the Over 80 pension.

Additional state pension schemes

In addition to the basic state pension, the government has a top-up scheme to enable people

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

to increase the amount of pension income they receive.

SERPS (State Earnings-Related Pension Scheme)

Until April 2002, SERPS was the government’s second pension scheme, which allowed anyone earning more than ?75 per week to make additional NICs. The level of

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

NICs paid was earnings-related. However, the government deemed SERPS unfair on people with low incomes and those with big gaps in their employment history, so it was crapped and replaced with the Second State Pension in 2002 with the aim of allowing everyone t

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

save more for their retirement.

SERPS gave the option of ‘contracting out’, which could be done for one of two reasons: in order not to pay the additional NICs, or to put the additional NICs towards a private pension fund.

Second State Pension

People who w

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

Professional from academic institutions, pharmaceutical industries, health care indust

re paying into SERPS will now be paying into the second state pension and may therefore receive their additional state pension from two different sources when they retire.

The Second State Pension is still linked to earnings. However, it’s calculated in a way

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

that provides better support to those on low incomes, or people who don’t have constant work because of illness or disability. In these cases, the government tops up their credits to a flat rate of ?12,100, so they will receive NICs as if they had earned an a

.

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

nual salary up to this amount.

As with SERPS, it’s possible to ‘contract out’ of the Second State Pension, either to stop paying the additional NICs or to put them towards your own pension fund.

Finding out how much your state benefits are worth

To help you

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

Companies that provide selfless information through particip

plan your savings towards your retirement, the government offers state pension forecasts to let you see how much you’ll be likely to receive as retirement income. Visit the Government Pensions Service website for more information (www.thepensionservice.gov.uk)

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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