Answers - Insurance

No one ever wants to become so sick or disabled that they cannot manage to take care of th

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

emselves. No one wants to have to rely on the assistance of others just to get out of bed

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

Examples of combination products may in

in the morning, get dressed, use the restroom, and make breakfast. Unfortunately, this be

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

omes a way of life for many people, and when it does they usually have one of two options

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

– they may have family members look after them, or they may have hired professionals to lo

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

Combination pro

k after them.

If the chosen option is to have hired professionals look after them, these

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

ired professionals can visit them at their homes, or they can be taken care of at long ter

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

m care facilities such as nursing homes. If hired professionals are going to be providing

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

the care, regardless of the location, it’s going to cost money. This is where long term c

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

re insurance comes into the picture.

Many people choose not to purchase long term care in

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

urance frankly because it’s not an insurance everyone needs. The odds of eventually using

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

Following aspects would a

car insurance, homeowner’s insurance, health insurance, and even life insurance are great

dd to the challenges in developing combination products:

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

r than eventually using long term care insurance. Therefore, many people opt not to add a

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

other bill to their lists of household finances; however, in the event that you do need lo

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

ng term care, how are you going to pay for your household finances and the cost of long te

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

m care? Having long term care insurance will take care of paying for your long term care.

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

Professional from academic institutions, pharmaceutical industries, health care indust

Before you head to your local insurance agent, research your family history. Have there

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

been any family members who have ended up needing long term care? For what reason, and f

.

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

r how long, did they need the long term care? How did they pay for the long term care? U

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

Companies that provide selfless information through particip

e these answers to help determine whether or not long term care insurance is right for you

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 - Long Term Care Insurance and Household Finances

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