Write You - Insurance

You could find yourself without health insurance cover in situations like changing jobs, choosing

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

a new long-term insurance plan or waiting for a group insurance policy to become effective. Shor

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

Examples of combination products may in

t-term health insurance is meant to protect you during such breaks. This coverage can also includ

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

your spouse and children. Such policies are normally issued for one to six months. They usually

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

cannot be renewed, but most insurance companies allow you to apply for a similar policy when the

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

Combination pro

xisting one expires.

Coverage becomes effective within 24 hours of submitting the application. H

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

owever, you can defer the effective date of the policy up to 30 days. The application is a easier

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

process than that of a standard insurance policy. Some insurance companies charge a processing f

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

e of $25.

There are certain contingencies that short-term health insurance does not cover. These

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

include per-existing medical conditions(medical problems that have been diagnosed and treated du

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

ing the previous three to five years), dental and vision care, immunizations, medical check ups a

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

Following aspects would a

nd preventive care. Apart from these, though specific policies may vary, a short-term policy woul

dd to the challenges in developing combination products:

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

d normally offer the same coverage as regular policies. The maximum pay out by the insurance comp

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

nies in short-term policies is likely to be fairly high.

Since the policy is for a short term, y

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

ou could opt for a higher deductible and reduce the premium. Deductible means the amount you must

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

pay to meet your medical bills. The insurance company will pay all expenses beyond that.

If you

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

Professional from academic institutions, pharmaceutical industries, health care indust

are not sure how long you will require coverage, it is better to opt for monthly premium payments

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

. Otherwise, choose to make one payment up front, and the cost will be less.

A short-term 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

is only a temporary measure and not a substitute for regular health insurance cover. Once your lo

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

Companies that provide selfless information through particip

ng-term policy becomes effective, contact your insurance company and cancel the short-term policy

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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