Answers - Insurance

Many individuals struggle to understand what disability insurance covers. There are two basic f

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

orms of disability insurance, short-term and long-term disability. Short-term as its name impli

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

Examples of combination products may in

s is for a short period of time usually less than a year. Group short-term disability is more p

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

evalent in the work place than long-term. One of the failures that individuals make is assuming

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

that their policy covers 100% of their income. The policy usually covers up to 66 2/3%, it may

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

Combination pro

be only be 50% for 13 weeks only. (Check your employee handbook) Uncle Sam allows you to get th

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

benefit tax free, but you cannot get more in benefit than your pre-tax salary. It is very imp

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

rtant that people read their employee benefits carefully.

The two main definitions used to def

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

ne if benefits under a disability insurance policy are paid include own occupation and any occu

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

pation. Own occupation disability means you are unable to perform the substantial duties of yo

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

r current position in a nutshell. Any occupation includes the duties of a job that you have bee

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

Following aspects would a

trained for through education, training, or experience.

Individual disability policies cover

dd to the challenges in developing combination products:

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

percentage of your income based on your occupation, the hazard of your responsibilities, and y

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

our income. The elimination periods for disability policies usually range from 30-365 days. If

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

ou become sick or disabled, exceed the elimination period, and become certified by a physician

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

s unable to work, you may receive a tax free benefit except in rare cases (your employer pays f

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

Professional from academic institutions, pharmaceutical industries, health care indust

r the policy). The policy is coordinated with any group disability benefits you may be receivin

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

g as well as Social Security Disability Insurance if you qualify.

Things to consider when thin

.

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

ing about Disability Insurance:

Can I get sick?

Do accidents occur?

Can I afford to self-fun

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

Companies that provide selfless information through particip

?

Can I live off my savings?

Does my coverage at work cover short-term & long-term disability

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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Answers - Do I Really need Disability Insurance Coverage?

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