Answers - Insurance

According to law and economics insurance is a type of risk management principally exercised to circumvent the risk of potential loss. A company selling the insuran

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

ce is called insurer. It has become a lucrative business around the globe. Insurance rates, which are used to determine the amount of premium, may vary from compan

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

Examples of combination products may in

y to company. An uncomplicated example is life insurance. A person pays a certain amount of premiums to the insurer. When he dies a predefined amount is given to h

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

s family.

Types of Insurance
Nothing is predictable on this dangerous planet. Any accident can happen or any disease can attack us. So, we should be prepared

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

for it. There are various types of insurance policies focusing different fields of life.

Health Insurance
Various insurers offer health insurance plans. If

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

Combination pro

he insured person is injured due to accident or is sick then the medical expenses are paid by the insurer. There is a lawful indenture between the insurer and the

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

insured person.

Dental Insurance
Insurance intended to disburse the expenses related to dental care is called dental insurance. Dental insurance helps peopl

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

e to cope with the pecuniary hardships caused by sudden dental costs.

Auto Insurance
The insurance purchased for cars, trucks, and all other auto mobiles is

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

called auto insurance or automobile insurance. The principal benefit of car insurance is the provision of protection against the losses occurred due to traffic acc

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

idents. If an insured vehicle is damaged as a result of accident, the repairing costs are paid by insurer. Auto insurance companies also provide replacements, if t

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

e vehicle is totally destroyed. It is obligatory in many countries to purchase automobile insurance. One can choose the right car insurance by comparing auto insur

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

Following aspects would a

ance quotes provided by different companies.

Pet Insurance
If your insured pet is injured or suffering from illness, pet insurance will pay the veterinary

dd to the challenges in developing combination products:

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

expenses. Some pet insurance policies are also designed to pay if the insured pet dies, is lost or stolen. Pet insurance is mostly available in developed countries

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

Travel Insurance
Insurance which is planned to tackle financial and other potential losses while travelling within your country or internationally is called

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

travel insurance. Travel insurance mostly hedge against the risks like theft, loss, delayed baggage, emergency evacuation, damage to personal possessions, legal a

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

sistance, accidental death, overseas funeral expenses etc.

Life Insurance
In life insurance there is a contract between insured and insurer. According to th

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

Professional from academic institutions, pharmaceutical industries, health care indust

at contract if the insured person dies the insurer will pay an amount of money to his family. In return the insured person will pay premium to insurer. There are t

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

wo types of life insurance, protection policies and investment policies. Another life based insurance is term life insurance. The insurance coverage is provided fo

.

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

a limited time period. After that period, its insured choice that he want to drop the policy or cotinue indemnity by paying premiums for next term.

Many insurers

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

Companies that provide selfless information through particip

are providing their services. Some of the well-known insurance companies are state farm insurance, allstate insurance, farmers insurance and progressive insurance

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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