Answers - Insurance

You need home insurance coverage to protect both your home and your personal property. But home insur

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

ance can be expensive, and you don’t want to purchase more coverage than you need. So how much home i

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

Examples of combination products may in

nsurance coverage do you really need?

Protect Your Property

A typical homeowners insurance 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.

olicy covers your home and your personal property against loss or damage by fire, theft, vandalism, a

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

nd other causes. It includes:

* Your home, other structures on your property (such as a shed), and o

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

Combination pro

utdoor items such as trees, lawn furniture, and sprinkler systems.

* Personal property, such as clot

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

hing, furniture, electronics, and appliances.

For your home, you need enough insurance to cover the

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

cost of rebuilding your it at current construction costs.

To estimate this cost, multiply the square

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

footage of your home by the building cost per square foot in your community. Then add in the cost of

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

replacing any special features in your home, such as custom windows, arched doors, granite counterto

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

ps, and crown molding. Do not include the cost of your land as you figure out your coverage limit.

T

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

Following aspects would a

o decide how much coverage you need for personal property, you need to do a home inventory, listing e

dd to the challenges in developing combination products:

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

verything you own and how much it would cost to replace these items. Most policies automatically set

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

coverage for personal property at 50% to 70% of your home insurance amount, but you can increase it i

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

f necessary.

Some types of personal property are only covered up to a specified amount. For example,

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

jewelry may only be covered up to $1,000. Ask your insurance professional what types of personal pro

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

Professional from academic institutions, pharmaceutical industries, health care indust

perty have specific limits so you can buy more coverage for these items if you need it.

Protect Y

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

ourself

Your homeowners policy also includes liability coverage, which protects you if someone i

.

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

s injured while on your property. Most homeowners insurance policies provide $100,000 worth of liabil

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

Companies that provide selfless information through particip

ity insurance, but you can buy more. You should buy enough liability insurance to protect your assets

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 - Home Insurance Coverage - What Do You Really Need?

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