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E-Folder - How Much Do You Pay Your Employer To Work For Them?
Do you have any idea how much time and money you are spending on your employer? Most people I have run into have absolutely no idea what it costs them to go to work everyday for som
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
eone else. Below, I will illustrate what the typical employee spends on their employer each year
For this article, we have to make certain assumptions on which we can base our ca
For this article, we have to make certain assumptions on which we can base our ca
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
lculations. You can adjust these assumptions to fit your situation and come up with your own calculations. I created a little Excel spreadsheet to make the calculations, but you ca
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
n do it by hand too.
Here are the assumptions:
Your salary = $40,000 per year (hourly that is about $20.00)
You work 40 hours/week
You have 2 weeks of vacation per year
You work
Here are the assumptions:
Your salary = $40,000 per year (hourly that is about $20.00)
You work 40 hours/week
You have 2 weeks of vacation per year
You work
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
5 days per week
It takes you ½ hour to drive to and from work
It takes you 45 minutes to get ready for work
You spend about $6.00 per meal to eat lunch
Your car gets 20 mi
It takes you ½ hour to drive to and from work
It takes you 45 minutes to get ready for work
You spend about $6.00 per meal to eat lunch
Your car gets 20 mi
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
les to the gallon
Work is 10 miles away from home
Gas is $2.89 per gallon where you live
With the above assumptions in mind, you can see that the job looks pretty typical. Not to
Work is 10 miles away from home
Gas is $2.89 per gallon where you live
With the above assumptions in mind, you can see that the job looks pretty typical. Not to
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
o high paying, couple of weeks vacation and about a half-hour’s drive away. Many people drive more, many people drive less. I know lots of people that would want to snatch th
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
is job up.
So here is the breakdown of what it costs you to go to work for this employer in this scenario.
* Annually, you will spend $1,500 on lunches (and probably gain some weig
So here is the breakdown of what it costs you to go to work for this employer in this scenario.
* Annually, you will spend $1,500 on lunches (and probably gain some weig
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
t too)
* You will spend $722 on gas and put 5,000 miles on your car. Those of you who lease cars will quickly realize that another 7,000 and you are over the limit paying .30 cents
* You will spend $722 on gas and put 5,000 miles on your car. Those of you who lease cars will quickly realize that another 7,000 and you are over the limit paying .30 cents
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
per mile.
* You will freely spend 250 hours (over 10 FULL 24-hour days) in your car driving to and from work. (at $20.00 per hour that costs $5,000)
* You will freely spend 187
* You will freely spend 250 hours (over 10 FULL 24-hour days) in your car driving to and from work. (at $20.00 per hour that costs $5,000)
* You will freely spend 187
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
hours getting ready for work (over 7 FULL 24 hour days) ($3,740 at $20.00 per hour)
Your total annual costs of time (at $20.00 per hour) and real dollars will be somewhere around $1
Your total annual costs of time (at $20.00 per hour) and real dollars will be somewhere around $1
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
2,222.50.
Take that amount off the $40,000 that he pays you and you have $27, 778.50.
- Then take out taxes (at $40,000 *15%) of $6,000
- And insurance that he makes you pay ($100
Take that amount off the $40,000 that he pays you and you have $27, 778.50.
- Then take out taxes (at $40,000 *15%) of $6,000
- And insurance that he makes you pay ($100
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
per check *26 checks) $2,600.
- State taxes of 2% $ 800
- Social Security and Medicaid Taxes 7.5% $3,000
That leaves you with a “profit” of $15,378 to pay your electri
- State taxes of 2% $ 800
- Social Security and Medicaid Taxes 7.5% $3,000
That leaves you with a “profit” of $15,378 to pay your electri
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
c bills, gas bill, rent or mortgage, cable, food, etc. A total of $1,281 per month to live on.
I don’t know about you, but rent is more that that amount each month.
What is
I don’t know about you, but rent is more that that amount each month.
What is
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
the point of this article? The point is that working for someone for $40,000 guarantees that you will freely give them almost 500 hours per year by driving to and from work and gett
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
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
ing prepared. You will also spend over $2,000 on meals and fuel to get there and work for them. That $2,000 is after tax, so it really costs you about 22% more than that or about $
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
,440 to pay for those items.
If you owned your own business, much of what I describe above would be tax deductible. You could write off your miles to and from a jobsite. Meals tha
If you owned your own business, much of what I describe above would be tax deductible. You could write off your miles to and from a jobsite. Meals tha
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
t you have to eat out because you are working could also be a write off in many cases. Hours to and from work could be considered when billing clients and charged appropriately. An
.
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
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
d, you decide when you want to leave or come in.
Working for yourself is the most satisfying way to earn a living and the most tax-advantageous.
Bill Nixon is a website designer wh
Working for yourself is the most satisfying way to earn a living and the most tax-advantageous.
Bill Nixon is a website designer wh
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
o helps get small businesses’ websites to the top of search engines. You can find out more on his website here
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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