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Superannuation

Superannuation (or "super" as it is more commonly known) is the term use

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

d in Australia to deal with pension funds, or "401s". Like all such schemes, it is a form of co

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

Examples of combination products may in

mpulsory saving.

Employers are also required to make Superannuation contributions to all emplo

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

ees, whether they are temporary or permanent. The minimum Superannuation contribution to be mad

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

e by an employer is currently 9% of the employees gross salary, but many doctors are entitled t

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

Combination pro

12.5%, and some positions even more. This is a powerful way to progress your retirement income

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

.

If you are coming to Australia on a Temporary Working Visa, upon leaving Australia you are u

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

ually eligible to retrieve these funds depending on the class of Visa.

Taxation

At fir

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

st glance Australian taxation rates may seem high in comparison to some other countries but kee

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

in mind that there are significant deductions available for most professionals. An example of

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

this is ‘Salary Packaging’, which is a tax minimisation strategy available to all public hospit

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

Following aspects would a

al and not for profit private hospital employees in Australia. Most overseas trained doctors wi

dd to the challenges in developing combination products:

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

l be eligible for salary packaging.

When working in Australia, it is important to get professi

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

onal advice from international tax experts to ensure you are not paying tax twice (in two count

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

ies)

Every Australian resident (both permanent and temporary) who earns income must pay tax, a

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

nd in order to do this must obtain a Tax File Number (TFN). We recommend that you apply for you

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

Professional from academic institutions, pharmaceutical industries, health care indust

TFN prior to, or as soon after your, arrival in Australia. Some third party service providers

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

can assist you with tax planning, asset protection, and other matters.

The Australian financia

.

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

year is from 1 July to 30 June. By 31 October each year, all Australian taxpayers must submit

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

Companies that provide selfless information through particip

a tax return.

Tipping is not routine and is not considered necessary, though it is appreciated

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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