Answers - Insurance

The Royal Institution of Chartered Surveyors warns that if you can't get insurance for your house, you're in big trouble. Mortgage lenders won't lend on houses that are uninsurable

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

and as a result its value could fall by up to 80%.

It's a high flood risk that's most likely to make your house uninsurable. According to a recent survey, 6.5 million homes are a

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

Examples of combination products may in

lready at risk from flooding of which 1.5 million are in high risk areas. The government has completed flood defences in many such areas and protection for a further 80,000 homes i

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

due this year. But concerns have also been expressed about a further 120,000 new homes planned for the Thames Gateway which are potentially in a high “at risk” zone. Yet many area

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

s remain vulnerable. And if global warming continues, by 2030, the 1.5 million at risk could mushroom 3.5 million. Back in 2003 the Association of British Insurers (ABI) agreed the

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

Combination pro

principles which committed UK insurers to offering home and contents insurance for properties in areas which are assessed to be at a flooding risk once in seventy five years or mo

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

e. The rider was that the flood defences had to be already in place or would be completed by the end of 2007.

The Department for Environment, Food and Rural Affairs (DEFRA) has th

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 responsibility of developing and maintaining these flood defences but within the insurance industry there's widespread concern that insufficient progress is being made. As a resu

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

lt the insurers have has warned the government that there could be widespread withdrawal of insurance cover if progress is stepped up.

In the mean time, those in areas threatened

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

y flood water could find their insurance premiums soaring. Whilst the insurance industry agreed to provide insurance cover, their commitment was simply to maintain premiums at “rea

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

sonable” levels. But there was no definition of what “reasonable” means. As a result premium increases of 60% have been common with up 400% increases in bad areas. In a tiny number

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

Following aspects would a

of cases, cover has been withdrawn altogether, mostly in country areas where DEFRA considers the cost of defending a cluster of a few homes to be uneconomic.

Environmentalists wa

dd to the challenges in developing combination products:

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

n that unless DEFRA gets it's skates on, the UK 's current bill for flood damage could rise from ?950 million a year, to ?3.2 billion. After all, the average insurance claim for ho

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

usehold flood damage is ?30,000 – that's even higher than fire damage. And localised events like the 2004 flood at Boscastle, Cornwall , can cost the insurers over ?15 million.

If

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

you are in any doubt whether your home or proposed home, is in a flood risk area, you should visit www.environment-agency.gov.uk. This is DEFRA's web site where you can check whet

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

er they think your home is at risk of flooding. Their maps were originally designed for planning purposes and provide information on a post-code basis.

Whilst many insurers use th

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

Professional from academic institutions, pharmaceutical industries, health care indust

e DEFRA information, others like More Than, have their own flood maps. These assess homes individually rather than post code areas. This means that if your existing insurer increas

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

es your premium for flood risk and uses the DEFRA information, you may still be able to get a cheaper rate from an insurer using it's own flood data if its data identifies that you

.

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

property is beyond the “at risk” zone.

The ABI has recently added to the pressure on DEFRA to accelerate the building and upgrading of flood defences. It has warned that unless t

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

Companies that provide selfless information through particip

he government increases its spending on flood defences, the insurance industry may not continue their commitment to the 2003 principles.

That would be bad news for many homeowners

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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