E-Articles - Insurance

At the end of Part 1 I said I would discuss some good deals you can get in insurance and this is what I intend to do in this section. No bargains can be found in

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

the “must have” type policies, like auto and home insurance. But there are some policies I highly recommend.

The first type of policy I recommend is an umbrell

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

Examples of combination products may in

a policy. This is a policy that covers you for personal liability. Depending on your insurance company you can get a $1,000,000 umbrella policy for as little as

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

$200-$300 depending on what you are covering. This is usually for 2 cars and one home. Once you add more cars and additional houses the premium goes up. Hopef

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

ully you never need to use this type of policy but in this country, where people file law suits for spilling hot coffee on themselves, you need to protect your as

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

Combination pro

sets. If you do get sued wouldn’t it be nice to know you have a million or more in coverage for a couple hundred dollars a year?

In some cases an umbrella polic

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

y can save you some money. How? Some people understand the importance of having the proper amount of coverage. Instead of having an umbrella policy they add mo

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

re liability coverage on their auto policies and home policies. For example, you can get an umbrella policy if you have $100K in liability coverage on your auto

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

and home policies. Some people carry $250K in coverage on their auto. The cost of increasing from $100K to $250K is usually as much, if not more, than having th

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

e umbrella policy. So, these people carry only $250K in liability coverage for the same price, or more, than someone with an umbrella policy and $1.25 million in

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

coverage.

The next kind of policy I recommend to those who don’t have it through work is a short-term disability policy. This covers you if you are out of work

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

Following aspects would a

for any length of time and can’t make any money. Anyone looking to start a family should have this because while the new mom is home with the baby she can get p

dd to the challenges in developing combination products:

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

aid while on maternity leave. This type of policy is becoming more and more popular as employers are looking to cut costs by reducing benefits.

My wife had a sh

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

ort-term disability policy because the school system she works for does not offer STD benefits. We pay roughly $75 month for the policy that will pay her just un

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

der $3000 for a month out of work. As long as you can get a doctor’s note saying you should miss work you can receive a predetermined amount of money for up to s

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

ix months. After six months you will need a long-term disability policy. Let me tell you, this money came in handy when our daughter was born.

Most people will

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

Professional from academic institutions, pharmaceutical industries, health care indust

say they don’t need this type of policy but I think it is a bargain. We have actually made money on this policy because we have had it 3 years and it has cost u

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

s $900 per year. We have made one claim, when my daughter was born, and we got $3000. Unless you commit fraud you cannot make money on an auto or home policy.

.

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

I think I have shown you two bargains as far as insurance goes. Anyone with something worth taking should have an umbrella policy. Anyone that is not offered ST

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

Companies that provide selfless information through particip

D benefits through their employer should have this type of policy. In part three of this series I will discuss homeowner insurance in more detail, don’t miss it.

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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E-Articles - Learning About Insurance- Part 2

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