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Answers - How To Guarantee A Lifetime Of Long Term Care Benefits For Half The Cost
Here’s how to make sure your long term care is taken care of for the rest of your life, guarantee that you will never run out of money and not disinherit your kids.
A tall order, you say. Yes, but in certain situations all three of t
A tall order, you say. Yes, but in certain situations all three of t
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
hese can have a happy ending. Here’s a more than typical scenario…
Ruth is 88. She has been diagnosed with moderate Alzheimer’s. Other than that, she is in pretty good health for an 88 year old. Her doctor tells her she’ll live to 10
Ruth is 88. She has been diagnosed with moderate Alzheimer’s. Other than that, she is in pretty good health for an 88 year old. Her doctor tells her she’ll live to 10
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
.
Ruth has two children. Ben is an attorney and lives way across the country. Ruth has been living with Karen, her daughter, and Karen’s husband and three grandchildren.
Ben has already set up the paperwork and has power of attorney
Ruth has two children. Ben is an attorney and lives way across the country. Ruth has been living with Karen, her daughter, and Karen’s husband and three grandchildren.
Ben has already set up the paperwork and has power of attorney
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
over his mom’s affairs. He has been handling her finances for the last couple of years from afar and that has worked out fine.
Ruth has become more forgetful recently and that has become more of a concern for Karen. On top of that, K
Ruth has become more forgetful recently and that has become more of a concern for Karen. On top of that, K
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
ren just got a promotion that will entail her traveling out of town one or two days a week. She doesn’t feel it is right to shift the rising care needs of her mom to her husband while she is gone.
Bottom line: Everyone feels it woul
Bottom line: Everyone feels it woul
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
be better to move Ruth into a health care facility where she can be effectively cared for. Even Ruth agrees as the last thing she wants to do is be a burden on her family.
So Ben puts a pencil to Ruth’s financial situation. Here’s w
So Ben puts a pencil to Ruth’s financial situation. Here’s w
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
hat he comes up with…
Ruth has about $450,000 of assets. Most of it came from the sale of her home which she lived in for 45 years. She has $800 a month coming in from Social Security and $1,200 a month from the telephone company pen
Ruth has about $450,000 of assets. Most of it came from the sale of her home which she lived in for 45 years. She has $800 a month coming in from Social Security and $1,200 a month from the telephone company pen
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
ion where she was an operator for 35 years.
Karen has found the ideal care facility for her mom. It is close to their home and it provides all the care Ruth would ever need for the rest of her life. The problem is that it cost $5,000
Karen has found the ideal care facility for her mom. It is close to their home and it provides all the care Ruth would ever need for the rest of her life. The problem is that it cost $5,000
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
a month. So she is short to the tune of $3,000 a month.
But the problem goes deeper than that.
Even though Ruth has assets totally $450,000, it’s possible that she could eventually exhaust these funds. After all, other than Alzheime
Even though Ruth has assets totally $450,000, it’s possible that she could eventually exhaust these funds. After all, other than Alzheime
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
’s, she has no major problems. What if her doctor is right and she does live to 100?
Karen and Ben love their mother and hope she lives to be 120, but these are simply the economic realities. However, there is another problem. Ruth’s
Karen and Ben love their mother and hope she lives to be 120, but these are simply the economic realities. However, there is another problem. Ruth’s
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
life-long goal has been to be the one that educates her three grandchildren. It’s pretty easy for her to see that dipping into her estate at the rate of $36,000 a year is not only flirting with her ability to educate the grandchildren
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
, but it is affecting her other goal of leaving her estate to Karen and Ben.
Ben schedules an appointment with his personal financial advisor and explains the dilemma. The first thing they look at is an immediate annuity. Ruth’s age
Ben schedules an appointment with his personal financial advisor and explains the dilemma. The first thing they look at is an immediate annuity. Ruth’s age
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
ould give her a good rate of return. The best quote to provide the $3,000 a month short fall for as long as Ruth lives comes back at $215,000.
The good news is that Ruth could live to be as old as Methuselah and the insurance company
The good news is that Ruth could live to be as old as Methuselah and the insurance company
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
would send her a check for three grand a month. And $36,000 a year on a $215,000 “investment” is a 16.7% return on the money. Second, this preserves the balance of Ruth’s estate for her wishes. $450,000 less $215,000 is $235,000. That
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
should educate the grandchildren and leave a little left over for Ben and Karen.
The bad news is that is quite a chunk out of the total estate. And if Ruth falls and breaks a hip and dies next year, the insurance company keeps the $2
The bad news is that is quite a chunk out of the total estate. And if Ruth falls and breaks a hip and dies next year, the insurance company keeps the $2
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
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
5,000. Ben’s financial advisor tells him there are ways to set up different types of refund arrangements with the insurance company so the whole $215,000 doesn’t go down the drain, but these options cost more.
Is there a more efficie
Is there a more efficie
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
nt way? Maybe, read on…
Insurance companies issue what are called “medically underwritten” annuities. Generally there is no physical exam required, but the insurance company does take a look at the person’s medical history. The theor
Insurance companies issue what are called “medically underwritten” annuities. Generally there is no physical exam required, but the insurance company does take a look at the person’s medical history. The theor
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
here is that people with health impairments have a life expectancy lower than the average for the entire population of people the same age. So providing the same monthly benefit can be provided with less money.
That’s exactly what h
That’s exactly what h
.
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
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
ppened when Ben’s financial advisor put in an inquiry on Ruth’s situation. $3,000 a month for life would take only $130,000.
So the shortage of $3,000 a month was taken care of. Ruth won’t ever run out of money. Now there is $320,000
So the shortage of $3,000 a month was taken care of. Ruth won’t ever run out of money. Now there is $320,000
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
to educate the grand kids and leave the rest to Karen and Ben. Nobody gets disinherited and Karen and Ben heave a sigh of relief knowing they will never have to use their own money to provide for Ruth if she lives as long as they hope
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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