Answers - Insurance

Long-term care insurance can provide coverage and protection in the event that you or a loved one should need long term care and assistance with d

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

aily living activities. These activities would include help with bathing, eating, dressing, etc. While long term care is usually associated with s

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

Examples of combination products may in

meone who is elderly, it is important to note that anyone of any age may require long term care in the event they suffer an accident or illness th

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

t deprives them of the ability to carry out these tasks independently.

While in the past family members, particularly women in the family, have c

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

rried out the duties associated with such care for elderly family members and those who cannot care for themselves, our society has changed in suc

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

Combination pro

a way that this arrangement may not be possible, especially with most women now working outside the home. In addition, it is important to underst

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

nd that the need to care for a family member on a full-time basis can quickly place a tremendous amount of stress on the care-giver and the rest o

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

f the family as well.

Long term care insurance pays benefits when it has been determined by a physician that a person can no longer provide their

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

own basic needs. This could be due to age or age related illnesses or it could be due to an accident. Such a policy will typically provide coverag

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

for all levels of care in nursing homes that are licensed by the state. The policy may also provide coverage for home health care as well as an a

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

sisted living home.

There may be a waiting period during which time there will not be any benefits paid. Once the waiting period has been satisfi

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

Following aspects would a

d a maximum dollar amount will be paid for each day care is provided. If the per day cost of the facility exceeds the maximum dollar amount provid

dd to the challenges in developing combination products:

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

d under the policy, you will need to pay the difference out of pocket.

Depending on the type of coverage policy you select it may also be possibl

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

to take advantage of what is known as an inflation adjustment feature. This will increase your per day benefit to allow for higher costs that occ

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

ur as a direct result of inflation.

The age of the persons covered under the policy and the level of benefits you purchase will determine the amo

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

nt of your premium. If you opt for the inflation adjustment feature and wish for more services to be covered under the policy, the premium will ty

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

Professional from academic institutions, pharmaceutical industries, health care indust

ically cost more. In addition, if you are older when you take out the policy, you can also expect to pay higher premiums because there is a higher

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

degree of risk that you will need to use it. Once the policy is purchased; however, you can usually rest assured that premiums will remain fairly

.

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

evel as long as the policy remains in effect.

Be aware that some preexisting conditions can be excluded from long term care insurance policies. T

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

Companies that provide selfless information through particip

is type of condition may also be subject to a waiting period; typically for six months or more. Always be sure to ask before taking out the policy

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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