Answers - Insurance

In January of 2007 Florida passed a new insurance bill hoping to lower property insurance costs. Although this bill lowers ins

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

urance costs for Florida residents, if a catastrophic hurricane hit, it could cost the state billions of dollars just to recove

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

Examples of combination products may in

r.

The bill was passed to cut the enormous increase in cost of home insurance for people in Florida since 2004 and 2005 after

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

suffering from the damaging hurricanes they have had, especially those who live on the shorelines. Many have experienced, not

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

just double the cost, but some have even seen triple the cost of home insurance.

Although this bill will provide a large numbe

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

Combination pro

r of home owners some relief, how much relief still remains unanswered. It is estimated that anywhere from 5 percent for many i

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

nland customers to 20 percent for others will benefit from the bill, particularly those on the shore. However, it has not yet

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

been determined when residents will start seeing a savings from this bill.

With this bill now in place, private insurance comp

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

anies have more state backup insurance, which in turn will lower the rates for consumers. The state will now be taking the majo

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

rity of the responsibility to pay out the Hurricane Catastrophe Fund in the event of a damaging storm; in effect the insurer’s

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

isk is greatly reduced. This ultimately means there is no need for insurance companies to raise rates on consumers.

Since the

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

Following aspects would a

backup coverage for insurance companies will now be cheaper than the private reinsurance that the majority of companies purcha

dd to the challenges in developing combination products:

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

se, it instantly cuts one of their largest costs, which is ultimately passed on to consumers.

Consumers are also able to chang

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

e their coverage under this bill. However if homeowners still owe a mortgage on their home there’s a very strong possibility t

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

hat many of the changes won’t be available to them since mortgage lenders usually have requirements for home coverage.

Yet, ho

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

w many people are comfortable with this bill? According to a recent poll done by Quinnipiac University from January 29th, 2007

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

Professional from academic institutions, pharmaceutical industries, health care indust

through February 4th, 2007, it seemingly appears that a majority approves of this bill. Sixty-two percent of the Florida popu

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

lation approves of this new bill, while 14% disapprove and 24% have no opinion either way.

All in all, this bill was designed

.

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

to keep money in the pockets of Florida residents instead of in the pockets of insurance agencies. Over the next year, we’ll b

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

Companies that provide selfless information through particip

e able to see if this bill is really a Florida resident’s dream come true or a political blunder that will cost taxpayers money

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 - Florida's New Insurance Bill

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