Answers - Insurance

Long term care insurance can be a complex and sensitive subject – one that most people hope t

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

hey will never have to take out. As the name suggests, it is the name given to the insurance th

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

Examples of combination products may in

at provides coverage for the care given to a person when they need permanent and continuous car

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

.

Long term care has been described as the biggest challenge that an elderly pers

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

on could have - and an estimated 70% of people aged 65 or over will need long term home care

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

Combination pro

t some point in their lives.

This care is usually provided by a family member or clo

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

se relative – often a spouse, a daughter or daughter in law. Around 70% of long term care is

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

provided in the home and can include medical care and help with everyday activities. Long t

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

rm care insurance offers coverage and benefits for services not covered by regular insurance

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

or by Medicare.

Not surprisingly, long term care doesn’t come cheap and paying for i

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

can be a challenge – studies show that the average cost for the insurance increases by aro

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

Following aspects would a

und 12% every year – the average cost of a year spent in a nursing home is around $41,000.

dd to the challenges in developing combination products:

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

r>
Long term care insurance makes sense if you are young and have the necessary time t

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

prepay for adequate coverage – although most of us don’t think about it when we are young. T

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

here are several different methods of paying for the insurance, or for older people who don’t

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

have the funds; there may be other options, such as using money from assets. Medicare may hel

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

Professional from academic institutions, pharmaceutical industries, health care indust

p cover the costs for those who have no other options.

Apart from being an unavoid

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

able fact of life for most older people, long term care should not necessarily be seen as som

.

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

thing negative. For many people, it offers a way to maintain some of their independence as we

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

Companies that provide selfless information through particip

ll as peace of mind, and ensures their later years won’t put a strain on family relationships

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 - What is Long Term Care Insurance?

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