Biotechnology and Finance

Biotechnology, sometimes called simply biotech, is used in a variety of spheres like production of food and medicines. It develops products by using living organisms and living systems and nowadays the term has expanded to include scientific spheres such as applied immunology, diagnostic tests, pharmaceutical therapies, etc.

As to the application of biotechnology in medicine, it includes different areas like genetic testing, gene therapy, drug production. Nowadays genetic testing is used for prenatal diagnostic screening, for determining sex, for presymptomatic testing of certain diseases. Gene therapy is used in the treatment of acquired diseases and genetic diseases. As to drug production, in the 21st century more and more medicines for different illnesses are being produced. This has had a positive effect on people’s health, but at the same time the question of the relation between biotechnology and finance becomes crucial.

The biotechnology industry, especially in the United States, requires a lot of research and development and at the same time is important both for the healthcare system and for the economy. Drug industry covers production, testing, packaging, and promotion. Very often it is difficult to start producing a new medicine, because this is very expensive and because one needs to have knowledge of finance in order to be able to run a company in the appropriate way.

It is one thing to be a scientist and to create medicines, but quite another thing to be in the biotechnology industry, where other types of skills are required. This is the reason why some universities have created special programmes that prepare qualified specialists in the above-mentioned area.

So, it becomes clear that in a biotechnology company, there are scientists who develop the medicines and people who have profound knowledge in finance. The latter are responsible for the financial  stability of the company. Sometimes it is possible for one person to have BA in biotechnology and MA in finance or vice versa. Cases of people who have education and experience in two spheres as different as finance and medicine are rare, but do exist. One such example is Dr. Lindsay Rosenwald, who studied finance and economics and later became a Doctor of Medicine. The combination of those two areas is extremely useful and makes possible the achievements in biotechnology industry.

Dr. Lindsay Rosenwald is a leading figure in management and investment of different companies. As part of his work he searched for medical developments that can be produced and marketed. He established Paramount BioCapital, which  provides financing for biotechnology companies. The company has taken part in the development of a huge number of drug candidates, some of which, for example leukemia drug, have been released onto the market.

 

Spend Less on Car Insurance

Every driver needs to be aware of their legal obligations that concern the insurance of their car. Useful information can be found on the Wikipedia article on Vehicle insurance.

Here are some of the factors that can reduce the price of car insurance and that depend on the insurance company:

No auto insurance brokers

Some companies do not use any auto insurance brokers; their goal is to have their customers to interact directly with the company. By eliminating a staff of brokers, they are able to charge their customers less money on their insurance. They also are able to offer additional discounts due to the fact that they do not have a team of sales agents that need to be hired. Such companies seem to keep their operations simple and less complex than most other companies, which makes it easier for the management of the company and the customers.

Exclusion of high risk drivers

Some companies are looking mostly for drivers that carry the lowest possible risk. If you are a person that is considered a high risk driver, you are likely to have a difficult time getting insurance with such companies. Why do they try to exclude drivers that are high risk from their business? Because by keeping out risky people, they are able to lower the rates for the drivers that are insured; they offer more discounters and lower premiums.

Here are some saving money tips that drivers will find useful:

Aim at having a spotless driving record

By having only a few moving violations on your driving record (or, ideally, none at all), you’ll be able to avoid being “punished” by escalated rates for your motor vehicles insurance premium. Insurance companies take a harsh view of any form of moving violation and this is an important part of their ranking procedure. So, it’s well worth your time (and money) to be an attentive and careful driver.

Research the Internet

You should start looking for insurance quotes that will help you estimate the costs of having your car insured. Instead of purchasing from any random insurance company that you will encounter, you should be careful when selecting an insurance policy.

Visit different websites

Look for a reliable website that provides users with free online insurance quotes. After providing your preferred insurance type and your zip code, you will also need to disclose other important information. Auto insurance websites will ask about your car’s manufacturing date, its make, its mileage, and its model. They use these pieces of information to assess how much your car insurance might cost. The newer and the rarer your car is, the higher your auto insurance quote will be.
Be very careful, because wrong information about your car can produce inaccurate insurance quotes.

A good example of a site giving useful tips for Insurance is T&N Insurance portal – tan.ee.

Make a revision

Now that you have a list of some of the insurance agencies in your area, you can already print out their comparison quotes and analyze them carefully. If you have any doubts, you can always call the local branches of insurance agencies and ask them for more information.

If you invest some time in research, you can choose car insurance that is not expensive. However, avoid getting the very cheapest car insurance, because it may not provide coverage that is good enough.

What do Life and Home insurances cover?

Taking a step into buying an insurance policy is a great way to take care of your family’s financial needs in case anything bad happens with you or your family’s property. Although it is not a very pleasant to think about death or a hurricane storming on your home, considering such risks is the smarter thing to in order to secure yourself and your family. But let us move on the real topic what do life and home insurances cover?

Life Insurance
The older life insurance policies used to cover a lot less than they do nowadays. They used to take cover the insured in the event of death or let him take a small portion of the death benefit in case they get a terminal illness diagnose or use benefits in case they get disabled. But now the new insurance policies are covering you a lot more. They will aid you in case you get chronic illness or some critical medical state (like a stroke, heart attack, cancer, blindness, etc.).

If you fall under such conditions and you are unable to take care of yourself, by not being able to do at least two of the common daily activities(walking, eating, dressing, bathing, going to the toilet or being content) the insurance company will cover your expenses for taking a decent caregiver or paying your bills at a nursing home. The insurance could also cover your bills during the time you are unable to work and pay it yourself. This is a great benefit, because medical science is advancing on a daily basis and you never know when a cure for you decease might be discovered. The coverage allows you to keep a clear head on the financial side of the matter and focus on getting better. Bills will not stack up, so you will not end you in huge debt when you get better.

Life insurances also cover your beneficiaries in the event of your death. They could take burial expenses, pay up your estate taxes or turn into an inheritance for your heir/s. This is very important if you have people, financially depending on you. By making a life insurance, you will take care of those people even post-mortem.

Home Insurance
There are six types of coverage which are present in most standard home insurances. First it is the dwelling coverage, which will compensate you in case any covered claims, which are included in the policy (flood, fire, earthquake, hurricane, etc.). Keep in mind that the policy might have or not have all covers you need. You should negotiate your coverage requirements with your insurance agent and include every hazard you want.

The second coverage is for other structures, which are detached garages, workshops or any other building, which is within the estate. The common limit is 10% from the total dwelling coverage, but you could purchase higher amount if you need.

There are also the medical payments and personal liability coverage, which will take effect in case you or any other insured family member cause property damage or injure a person. Your pets might also be included in the policy. The personal liability cover takes effect, when there is a law suit against you. Medical payment (also known as MedPay) takes effect when there is no law suit.

Personal Property is also present in most standard home insurance policies and it will cover your personal belongings, in case they get stolen or destroyed, due to some cause, which is included in your policy.

The loss of use coverage will take care for all of your living expenses (such as a hotel or a restaurant bills) for the time you are unable to live in the insured estate, for reasons mentioned in the policy.

Insurance coverage for travellers

Investing in insurance, before you go on travelling is always a good thing to do. There is a saying “Better be safe, than sorry”. Think about that when you decide to go on a vacation or travel. Better be safe, than trying to save money and end up giving a lot more than you saved.

A lot of people fall in the situation of deeply regretting not taking travel insurance. Most of the times they are deluded that their credit card accident cover, private health cover or home insurance are enough to cover all possible accidents. The matters of regular insurance and travel insurance are actually very different. The difference comes from the fact that the travel insurance covers different aspects, specifically concerning your travelling.

But what should a travel insurance policy cover actually?

The main coverage you should concern is the medical. Expenses for medical service and emergency are very expensive in the USA, as in Canada, although the heath care is free to Canadians, it might be very expensive to any foreigner. There are exclusions, for example British citizens can benefit from the free health care in Canada, and vice-versa. Coverage limit should go up to $1 million and above.
You should check policy that covers 24 hour ambulance and hospitalization support, surgeries, transplantations, transfusions and all aspects of the medical care.
Another aspect of your insurance policy is the personal liability cover, which covers the expenses in case there is a suit against you for injuring a person or property damage.
Other eligible insurance covers are for theft or loss of property; curtailments or cancellation (like an airline bankrupt, hotel problems or any other unsoundness, that may occur during your trip).

Also check for all commonly excluded covers, such as jet skiing, skiing or snowboarding. Terrorism is also excluded from many policies.
If you notice some exclusion from your insurance policy and you like it to be included, ask your insurance agent and try to negotiate it. You if you do not succeed, think about going to a different insurance agent that will satisfy your needs.

Purchase your travel insurance accordingly to your type of travel and destination. Meaning that when you are about to go skiing, you do not need to include coverage for a beach vacation and vice-versa.
You can have insurance that will cover the duration of your trip, or make a “multi-trip” insurance policy, which usually is for 12 months and will cover several vacations or travels. This is a good way to save off some money. But keep in mind that choosing the multi-trip option you have to think about all the coverage that you might need for your trips. You may go to the beach now, but you might decide to go skiing later during the year. Also look for the option to buy insurance for you and your couple, it will be cheaper, but you should check if the policy doesn’t demand that you should travel together.

Bottom line is that an investment in travel insurance policy is a good choice, which will make your vacation more pleasant, because you wouldn’t have to worry about anything else but your good time.

How to protect your online banking

Online banking and credit cards are vital part in today’s world, where personal finance, insurance and investments invade our life and consume more and more of our time. Many companies sell products to help you keep your boat safe in the ocean of new technologies and these products are quite costly. Here are some simple steps you can do to ensure safe online shopping and secure your credit card information for free.

First and most important – teach yourself to maintain computer hygiene and security discipline.

  1. Keep your OS updated and install antivirus and antispyware software. When possible use only one computer for online banking and never access your account or enter credit card information from a publicly accessible computer (e.g. Public Library, Internet Café etc)
  2. Change your password and username every month or every time you suspect identity theft. Clear your passwords and browser cache after you are done shopping for the day.
  3. Use a browser that provides more detailed user control over running client-side scripts like JavaScript and Flash. Mozilla Firefox has such a tool (NoScript) which is free and quite intuitive.
  4. Never click on pop-ups that require you to enter your credit card information while online shopping. If any doubt log out immediately and close the browser. If the pop-up window is still on the screen open task manager and kill the process.
  5. Use only one channel for online banking. For example use only your PayPal account for paying utility bills or do online shopping only on trusted site.
  6. Check your bank and credit card statements every week or at least once a month. Spend ten minutes on examining your transactions log verbosely – it may spare you a lot of headaches later on. This is the first place for detecting unusual activity.
  7. Second try to keep your credit card information safe. To do it, follow the next steps:
    Decide whether you need a credit card or you can live with debit card. The first choice gives you more freedom, it is more secure but the rates are higher and an eventual thief can spend money you do not have. Debit cards are good if you do little online banking (paying utility bills) and you can set floor limit close to your daily needs.
  8. DO NOT write your personal identification number (or PIN) on your credit or debit card. Sign your credit or debit card in permanent ink the very moment you receive it. Before you sign in total your charge slip and strike out the left blank space so that no additional amounts could be added up later.
  9. Shred all your statements and letters you receive from your bank after reviewing them. These contain quite interesting information if someone checks your garbage.
  10. Keep the phone number of your bank agent at hand (e.g. at your mobile phone) so that you can call immediately if your credit card gets lost or stolen.

Do not give any credit card information on the phone and if in doubt say you will close the phone and dial back the number on the back of your credit card.
Following these simple steps will lower the possibility of identity theft and credit card abuse. The golden rule of thumb is try to keep things simple (shop online only from one or two trusted sites, use only trusted computers and ATM’s) and use old school notebook for storing passwords instead of browsers and mobile devices.

 

How to ask the awkward question about sharing the bill

Have you ever been in a situation when a family member or a friend of yours plays absent-minded when it comes down to paying the bill? Did you ever let these financial talks spoil your dinner or vacation? Here is what you can do in such a situation leaving everyone happy.

First things first – try to plan things and let everyone know the price you are supposed to pay in the very beginning. If you invite a friend of your to go on a vacation with you he might answer yes right away without even thinking about the money matter. This is because we mostly act when our emotions drive us. Common sense tells us other things – first ask about the details and then answer.

Second try to be honest about the price. Don’t try to make your friend pay for things you consumed. If you try to do it be sure he will try to make it even at first chance or at least it will be like a cold shower for your relationship. What we don’t like we shouldn’t do to others.

Third be reasonable but firm – you can say that you really enjoy your friend coming but he needs to take part in paying the bill like everyone else does. There is nothing bad in doing this and the sooner you get things straight the more time you will have to enjoy altogether with your friends and family.

Next try to be patient and understanding. When it comes down to talk about money it is always a good idea to be clear and polite. You may say that your friend hasn’t paid for anything and add that it is what bothers you and you want to talk about it. It is important to do it in a friendly manner and to wait to hear the answer. If he has problems like forgotten or lost wallet try to put yourself at his shoes but state clearly that later you can settle it.

Finally we can say that talking about splitting the bill looks like an awkward thing and if you mention it first it is good for your personal finances but usually at the price of leaving a bad impression while paying the whole bill is an investment in your relationship. Actually with a little effort and a friendly smile you can have both of them without been taken for scrooge or going into bankruptcy. So don’t forget that money are just resource and the real purpose is to stay in good relationship with your relatives.