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Why is it a good idea to start a home business? Taxes. There are a lot of tax deductions that help lower your tax bracket. Work

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 from home is a great way to make money, save money and keep your money.

1. If you have to order every month in order to recei

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

Examples of combination products may in

e your check then the products are deductible.
2. Start up costs, like memberships are deductible.
3. Utility costs are

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

deductible. Keep in mind only a percentage is deductible. (ex. electricity, phone and cell phone, internet service, water, sewer

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

and garbage, rent/mortgage and house repair. Only deduct how much you use for business purposes.
4. Office supplies. (ex. P

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

Combination pro

ens and paper, computer, printer, adding machine, enrolling forms, chairs, desk and etc)
5. Advertising for your business. (e

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

.logo products/company literature, seminars/Trainings (CD’s / tapes), books, product samples/Newspaper ads, flyers/gifts and websi

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

te fees)
6. Mileage (if you drive to meetings or drop off products to others)
7. Meals (ex. restaurants discussing your

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

usiness, providing food while discussing your business at home.)
8. Any out of town business expenses. (ex. airfare/hotel/all

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

“fees” related to traveling, some meals and entertainment expenses (subject to some rules and limitations)
9. Operating expe

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

ses (ex. fees to receive reports on your active business, postage, in-home expenses, snacks/tea/coffee/samples, demonstration supp

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

Following aspects would a

ies and cleaning your office.)

These are just a few deductions that benefit having a home business. Depending on the business yo

dd to the challenges in developing combination products:

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

u chose depends on how many you use. For the most part my suggestions are used for any home business. Consult a tax advisor befo

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

e using these to make sure they apply to your business and what percentage to deduct.

With anything related to taxes, keep receip

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

ts. Keep legible records of all activities in your business.

Taxes are a very complex issue. The above information is to advise

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

and educate you. These may or may not apply to you and your business.

Suggestions:
1. Use a tax advisor or computer tax pro

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

Professional from academic institutions, pharmaceutical industries, health care indust

gram (Turbotax)
2. Keep all records neat and in order. You will pay less for the tax advisor when put your records in order

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

nd it will be easier for you if you do this on your own.
3. Raise your knowledge of tax advantages that apply to your busines

.

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

s by listening to others in your business. That way you can give your tax advisor some ideas of what your business entails.

Keep

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

Companies that provide selfless information through particip

in mind any books/CD’s or information related to your business is deductible. Knowledge is your best tool. I hope this helps you

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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Medical billing and trailer records is like food and water. They are both needed if a claim file is going to be paid. In this installment, we conclude our review of the XA0 record.

Networking as it's traditionally carried out is not the favorite activity of many introverts. What has made this process easier for me is that I find out as much as I can about the others with whom I speak by asking one of my 10 pre-designed questions, noted in this article.

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