Answers - Insurance

Pet insurance covers all veterinary costs in case your pet is ill or needs some care. Several insu

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

rance policies also pay a sum of money if your pet dies, lost or stolen. Insurance companies offer

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

Examples of combination products may in

complete dog and cat insurance coverage at very competitive rates. Generally pet insurance policy

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

pays for unexpected illness, accidents, injuries, or some other emergencies viz. doctor visits, p

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

rescriptions, x-rays, lab fees or diagnostic tests etc.

Pet insurance is an easy way to cover all

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

Combination pro

unexpected expenses of your pet. The pet owner will have to pay some amount against any claim. Pet

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

insurance doesn’t pay for preventive veterinary care or elective veterinary care. Usually pet ins

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

urance is available for cats and dogs only but sometimes some special insurance is available for h

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

orses also. In developed countries all pet owners cut their pets’ expenses with the help of pet in

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

surance.

Details of each and every pet insurance policy are different and policy coverage is also

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

dissimilar from policy to policy. There are three main categories of pet insurance policies out of

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

Following aspects would a

them first covers each condition or event, second offers highest value on total annual payments w

dd to the challenges in developing combination products:

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

hereas the category is the cheapest that gives limited payment for some specific condition and it

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

ends after one year of the treatment.

Cost of each policy plan is different and you can select th

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

e best as per your pets’ requirements. Best time to have a pet insurance policy is when your pet i

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

little. You may also insure your pet in the age of 8 weeks but it is very difficult to get maximu

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

Professional from academic institutions, pharmaceutical industries, health care indust

m coverage after middle age. Getting a new insurance policy in the middle age of your pet is very

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

much expensive because at that time you’ll not be able to claim for existing health treatments.

I

.

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

nternet offers a quick as well as an easy way to shop for a pet insurance policy. It also helps in

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

Companies that provide selfless information through particip

reducing the premiums. Not only pet insurance it also offers insurance for your car, home or life

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 - Pet Insurance Guide - Pet Insurance is Vital for Your Pets

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