Answers - Insurance

Disability can occur at any time. While many people take their body and health for granted, serious accident or injury c

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

an happen to anyone and if you find yourself disable, for a short period or long term, how will you cope?

Disability in

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

Examples of combination products may in

urance is a sub set of health insurance that will provide the holder with income should they become disabled and thus un

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

ble to continue earning a living. If this were to happen to you, do you know what you or your family would do for income

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

If you are aged 40, there is a higher chance that you will be disabled, and thus unable to work for a period of 90 day

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

Combination pro

or more, than of you dying before the age of 65. There are three common ways of insuring against this risk.

Employe

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

r’s Insurance

The first is to receive insurance from your employer. This is required by law in many states. It come

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

as a form of short or long term paid sick leave. Larger employers can have even more generous terms. For example, a com

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

on policy might offer you 60% of your salary for five years, or maybe even all the way up to retirement. While not every

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

ne is lucky enough to work for such a company, it is worth checking with your employer to find out what your protection

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

s and whether or not its something you wish to provide for yourself.

Long Term Disability

The second common pro

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

Following aspects would a

tection against this type of risk is social security and disability benefits. This usually only covers employees whose d

dd to the challenges in developing combination products:

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

sability lasts for a period of 12 months or more. It also must be shown to be so severe that you cannot find gainful emp

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

oyment. Therefore there are some gaps here that you may be more comfortable providing for with private insurance.

In

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

ividual Policies

The third method of dealing with this risk is with an individual disability insurance policy. This

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

means taking out a private insurance policy yourself. You should shop around to make sure you get the best deal availabl

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

Professional from academic institutions, pharmaceutical industries, health care indust

e, but at least you will have the peace of mind of knowing in what circumstances you are covered and what the terms of t

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

e policy cover.

There are some other sources of protection. Workman’s compensation policies will sometimes step in to c

.

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

ver you if the injury occurred at work. Auto insurance may provide coverage if the injury occurred in a car accident and

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

Companies that provide selfless information through particip

the Department of Veteran’s affairs can advise you if you think the disability is related to service in the armed forces

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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The Limited Liability Company (LLC) is a comparatively new form of business entity, which started in Wyoming in 1977. It is neither a corporation nor a partnership, but combines the benefits of both. The persons who have interest in an LLC are known as ‘members’ rather than ‘shareholders’. The liability of members is limited to their investment in the LLC. This means that they cannot be held personally liable for company debts unless they have stood a personal guaranty. Tax liability is like that of a partnership, but this may differ in the case of a single-member LLC.

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In spite of what many people think, it IS possible to get a car loan after bankruptcy. A bankruptcy process can be difficult to swallow, but it doesn't turn you into a bad guy. We'd like to be of help to those unfortunate persons who have had to run the gauntlet of a financial breakdown.

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Answers - Disability Insurance

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