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You have worked hard and planned for retirement and here it is staring you squarely in the face. Reaching this point can be a blessing and a curse. You eagerly anticipated retirement, but you have some nagging doubts about what retirement hold

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

s for you.

Perhaps, the major doubt you have is financial. Modern medicine has had a major impact on your retirement planning. When you formulated your retirement savings plan 30 years ago, you did not think that you might live as long as you

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

Examples of combination products may in

probably will. You want to live a long, healthy life, but in doing so, you could potentially outlive your retirement savings. The answer to this dilemma - become an entrepreneur. Working after retirement can substantially extend your retiremen

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

savings.

Well, if you become an entrepreneur after retirement you will be in good company. Several studies show that the fastest growing group of entrepreneurs are aged 60 and older.

Just what is an entrepreneur? The word comes from the Fre

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

nch word "entreprendre", which means "to undertake". Let's get a definition from the Merriam Webster Dictionary. It defines entrepreneur as "one who organizes, manages, and assumes the risks of a business enterprise."

Do not l

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

Combination pro

t this frighten you. It is an opportunity for you to expand your horizons and to become your own boss. Possibly, this has been your long term dream.

Some people wonder if they are too old to become an entrepreneur upon retirement and if being

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

over 60 is too old for entrepreneurship. Recent studies indicate that the odds are in the favor of the older entrepreneur. Recent studies show that 22 percent of men and 14 percent of women over 65 are self-employed. That's compared to just 7

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

percent for other age groups.

According to a Vanderbilt University study the number of entrepreneurs age 45 to 64 will grow by 15 million by 2006. This is compared to a four million decline for entrepreneurs age 25 to 44.

According to a 1998

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

survey of baby boomers conducted by the American Association of Retired Persons (AARP) 80 percent of respondents planned to work beyond retirement age, and 17 percent of those planned to launch new businesses.

The same study noted, "Self-empl

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

yment among American workers increases with age, with the most dramatic jump occurring at age 65."

Older entrepreneurs have an advantage over younger entrepreneurs because older entrepreneurs tend to have more experience to draw from and more

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

assets with which to finance a business. The bumps and scrapes of life are a stern teacher.

More information can be found in a report published by Barclays Bank entitled "Third Age Entrepreneurs - Profiting From Experience". The report shows

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

Following aspects would a

that older entrepreneurs are responsible for 50 percent more business start-ups than 10 years ago. This amounts to approximately 60,000 business start-ups last year alone.

The Barclays survey also showed that today's third age entrepreneurs (

dd to the challenges in developing combination products:

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

ntrepreneurs over age 50) do not mind putting in the hours required to build their business. Nearly 49 percent indicated that they work an average of 36 or more hours per week.

The third age group rated holidays, lack of stress and a balance

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

etween work and home life more important than their younger counterparts.

The report further showed that only 27 percent run the business as the only source of household income, with 51 percent supplementing their pensions.

Other key finding

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

s showed that third age start-ups account for 15 percent of all new businesses, and third age entrepreneurs are three times more likely to be male than female. The downside is that many businesses fail within the first few years and older entr

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

preneurs may be less able to handle the financial loss than younger entrepreneurs.

If you lose everything at age 25 you have time to recover, but it's a much bigger hit to lose everything at 65.

THE TITLE ENTREPRENEUR IS GENDER NEUTR

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

Professional from academic institutions, pharmaceutical industries, health care indust

L

Years ago, the title "entrepreneur" would have been worn by a man, but times have definitely changed. For you women entrepreneurs, this article is gender neutral.

Information published by the Center For Women's Business Research i

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

ndicates there are over 10 million women-owned businesses in the US, employing 18 million people, and generating $2.32 trillion in sales.

Women start businesses at two times the rate of men, and women-owned businesses account for 28 percent o

.

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

all businesses in the United States. Women represent about 775,000 new startups per year and account for 55% of new startups.

In the past 25 years the number of women-owned firms in the US has doubled, their employment has increased four-fol

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

Companies that provide selfless information through particip

and their revenues have risen five-fold.

All the statistics should convince you that you should take a hard look at becoming an entrepreneur as your retirement job. You will be in good company.

Copyright 2006 John Howe, Inc.

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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I Suggest - The Best Retirement Job - Become an Entrepreneur

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