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Become an Actuary? What the heck is an actuary? That’s what I first said when I heard that job title. Little did I know that be

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

ing an actuary has been consecutively ranked as one of the best jobs in United States by the Jobs Rated Almanac. The fundament

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

Examples of combination products may in

l role of an actuary is to assess a company’s exposure to economic risk. Given that the job was first conceived in the insuranc

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

e industry, it is no coincidence that insurance companies still employ the majority of actuaries. Think your insurance premiums

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

are too high? You can blame an actuary for that because it is the actuary’s job to calculate and set the rates so that insuranc

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

Combination pro

e companies can stay profitable.

To make such calculations, requires knowledge of mathematics beyond algebra and actuarial mod

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

ling. Although not necessary, most actuaries have at the least a bachelor’s degree. No specific major is required but courses 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

n calculus and probability will help an inspiring actuary past the battery of exams needed to become a full-fledged actuary. (H

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

nt: Those with degrees in quantitative fields such as mathematics and statistics do quite well on the exams.)

The actuarial ex

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

ams are probably the biggest obstacles in becoming an actuary. The exams have the reputation of being the most rigorous of all

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

rofessional exams, even harder than the Certified Public Accountant or Chartered Financial Analyst exams. Nevertheless, the exa

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

Following aspects would a

ms can be mastered with perserverance and many hours of studying. After passing four to six exams and completing a few college

dd to the challenges in developing combination products:

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

level courses, one can become an Associate actuary. At this level, it is possible to start making six figures, however, the meg

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

a bucks start when you become a Fellow in one of the actuarial societies. This is attained after passing all of the required ex

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

ms, roughly ten (10) exams.

I encourage you to visit D.W. Simpson, an global actuarial recruitment company, which posts their

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

yearly salary surveys. To give you an idea of the six figure potential, an Associate with 4.5 to 6.5 years of experience has a

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

Professional from academic institutions, pharmaceutical industries, health care indust

alary range of 85-121K/year, while a Fellow with same amount of experience makes between 106-157K/year. If you are a Fellow wit

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

h 19.5+ years of experience, you can expect to make anywhere from 148-409K+/years. The great thing about the actuarial profess

.

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

on is that most employers encourage their budding actuaries to pass exams by giving them pay raises with each exam passed and p

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

Companies that provide selfless information through particip

aid time to study. Imagine that, being paid to study! That's something you don't see in most professions, except maybe academia

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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Where do you see your business going? This article looks at how a furniture business has developed thanks to the philosophy of its founder, and how you could help your own business make more money by changing the way you think.

The great majority of business conducted online is processed with a credit card. Also, credit card sales tend to be four times larger than a sale completed any other way. Knowing that most people dec...

I can't tell you how many hours I've spent listening to answers to questions I didn't ask. Now, I'm not referring to general conversations, I'm talking about negotiating with others about the products and services they offer that could possibly help me. Anyway, it's been interesting. I would say about five companies lost my business because they couldn't get to the point and just give me the information I needed. Take a look at the article below to help you get to the point and be brief. It could close business for you I know it does for me all the time.

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