Answers - Insurance

You probably already know you need life insurance as part of practically any financial plan. That being said, how do you determine how much you need?

Life insurance is

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

much like taxes for many people. You know you should, and indeed, have to deal with it, but you really don’t want to. The stereotypical life insurance agent is enough

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

Examples of combination products may in

to make anyone cringe. That being said, understanding why you need life insurance and what you need is going to make life a lot simpler when it comes to purchasing it.

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

The best way to think about life insurance is through the concept of risk management. What are the biggest risks to you and your family from a financial perspective? F

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

or most people, it is a sudden lack of cash or the loss of the primary wage earner. Common pitfalls could be death, disability or a large property loss. With the first

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

Combination pro

two of these, the real problem is a sudden loss of cash on hand to handle debts. If you suddenly lost your job, how long would you be able to meet your mortgage and oth

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

er bills? For most people, the answer is not very long.

With risk management, the idea is to eliminate the catastrophe of a financial situation. Life insurance is 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

answer. The idea is that you pay a relatively small amount annually to avoid being put in financial straits if something bad happens. Your family is going to go through

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

an extremely tough time if you die in a car crash, but it will be ten times worse if they are worrying about losing the home and so on. To manage this risk, you can pa

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 a bit now to avoid such problems down the road. I deny it. You deny it. At some point, however, we are all going to pass away.

When evaluating what you need in insur

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

ance, it helps to consider immediate and intermediate needs first. They are going to need money to pay things such as funeral costs, medical bills, monthly bills and in

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

Following aspects would a

cidentals. On a more intermediate basis, there is the issue of the mortgage on the home, any other outstanding debts, taxes, education costs and so on. The specifics ar

dd to the challenges in developing combination products:

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

e dependent entirely on your situations, which is why talking to a financial planner is usually a smart move.

Next, you need to determine the long term income requirem

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

ents of your family. The best way to do this is to total up your gross monthly bills. Don’t skimp on them. You want a specific list of expenses so you have a good, hard

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

number to work with. Include everything from the obvious of mortgage or rent payments to the sublime of entertainment costs and utilities.

Let’s say it totals $5,000

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

a month. If the primary wage earner passes away, where is this money going to come from and for how long? How long do you want there to be money on hand? If you have ki

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

Professional from academic institutions, pharmaceutical industries, health care indust

ds that are under age 10, do you want them to go to college? How is the surviving spouse going to pay for the college? As you can see, the numbers add up pretty quickly

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

. At $60,000 a year, your spouse would need $1.2 million dollars in life insurance to cover the basic costs of living for 20 years. This number is actually low if you 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

onsider inflation. Throw in the cost of sending the kids to college and you are looking at a figure closer to $2 million.

The key to buying life insurance is to figure

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

Companies that provide selfless information through particip

out realistically how much you need on a monthly basis and how long you want to provide for your family. Once you do that, it is time to go talk to the insurance agent

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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Open enrollment can be an exceptionally complex and involved process, consuming months of valuable time and taxing your resources to the breaking point. Open Enrollment is always a hectic time of year when employees have the opportunity to change their benefit plan.

How many of you have heard, like I did when I was first started out, 'Man, you get into private practice and it is so hard, and it is so much competition, and you'll never make it'? We've all heard that

RONA stands for Return On Net Assets. This equals the Net Operating Profit after tax divided by the sum of cash and working capital requirements plus fixed assets. The higher the return, the better the profit performance for the company.

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Answers - What You Need in Life Insurance

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