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Just Other Articles - Self-Employment: Do you know the Difference between Rates and Wages
The difference between rates and wages is not always clear to newly self-employed people and their wage-earning clients.
Both look similar on the surface; both are expressed
Both look similar on the surface; both are expressed
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
in dollars and cents per hour.
But they each represent something very different.
Wages are the payment a worker receives for his labor.
Rates are the payment a business
Wages are the payment a worker receives for his labor.
Rates are the payment a business
; 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
receives for performing a serivce to a client. In
addition to the labor used in performing that service, rates must cover the
business's overhead.
Because of that, rates
Because of that, rates
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
have to be higher than hourly wages earned by employees for
comparable work.
Most newly self-employed workers are former employees. They are accustomed to receiving pay
Most newly self-employed workers are former employees. They are accustomed to receiving pay
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
based on wages. Because they don't understand the difference
between rates and wages, when they start out, they tend to set their rates too low.
To survive, your rates mu
To survive, your rates mu
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
st be high enough to pay the bills and enable you to earn a
living.
Some of the differences between a self-employed person's rates and an employee's wages are explained
Some of the differences between a self-employed person's rates and an employee's wages are explained
ucts have become life saving products for the pharmaceutical companies who doesnt have many innovative molecules in their product pipeline and have been inc
below.
WAGES
If you are a wage earner, you are due an hourly wage just by being present and willing to work at a set time, for the period of time demanded by your emp
WAGES
If you are a wage earner, you are due an hourly wage just by being present and willing to work at a set time, for the period of time demanded by your emp
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
loyer.
Your wage is the payment for your labor.
The employer supplies the necessary equipment and supplies for you to do the work. And, the employer supplies your work
Your wage is the payment for your labor.
The employer supplies the necessary equipment and supplies for you to do the work. And, the employer supplies your work
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
place.
You enjoy all of the legal and social protections due to employees such as Unemployment Insurance, and employer paid Worker's Compensation Insurance.
Most full
You enjoy all of the legal and social protections due to employees such as Unemployment Insurance, and employer paid Worker's Compensation Insurance.
Most full
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
-time employees enjoy fringe benefits. These range from paid vacation
and sick days, subsidized health insurance, retirement benefits, etc. to stock
options and more to h
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
gher ranking employees at larger companies.
RATES
As a self-employed service provider, you receive income based on your billable hours, that is, time spent on performin
RATES
As a self-employed service provider, you receive income based on your billable hours, that is, time spent on performin
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
g services for your clients.
You furnishes your own supplies. Unless the service is one that is performed off- site, you supply your own workspace.
You have to equip
You furnishes your own supplies. Unless the service is one that is performed off- site, you supply your own workspace.
You have to equip
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
yourself to be in business and provide your services: You must
procure and equip your workplace, invest in skill and product development, market
your services, purchase b
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
usiness insurance, and handle billing, recordkeeping and
collections.
As a business owner you take on a great deal of risk. It is reasonable, and expected, that your r
As a business owner you take on a great deal of risk. It is reasonable, and expected, that your r
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
ates should allow for a reasonable profit over and above your
expenses and salary.
The above is true for any business. Below are additional costs you pay because you are
The above is true for any business. Below are additional costs you pay because you are
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
self-employed.
Unlike most of your employed counterparts, there is no employer subsidy for your health insurance. And, as an individual, your costs will be higher than
Unlike most of your employed counterparts, there is no employer subsidy for your health insurance. And, as an individual, your costs will be higher than
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
they would be
as part of a larger organization.
Aside from Social Security, you are totally responsible for your own retirement nest egg.
You will pay both the empl
Aside from Social Security, you are totally responsible for your own retirement nest egg.
You will pay both the empl
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
oyee's and the employer's share of the FICA tax burden
(15.3%); double the burden that falls upon your employee counterparts. The IRS
allows limited deductions for this t
.
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
ax, but your net share is still far higher than for
your employed counterparts.
But you can only bill for services rendered.
The upshot is that as a self-employed service
But you can only bill for services rendered.
The upshot is that as a self-employed service
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
provider you must cover many
expenses that employees do not. Therefore you should have no qualms about
charging an adequate rate to cover your expenses and make a living
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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