Answers - Insurance

Any frequent traveler can tell about the risk involved in traveling frequently. Purchasing a travel i

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

nsurance for every trip is a wastage of time, money and effort. If you are frequent traveler, purchas

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

Examples of combination products may in

ing an annual travel insurance plan will work out lot more cheaper and provide coverage for a lot of

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

emergency costs. There are lots of benefits of buying annual travel insurance. It avoids the frequent

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

purchase of single trip insurances. If you are going for a quick trip over the border, then you may

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

Combination pro

ot get time to purchase an insurance. Few important issues should be noted when purchasing annual tra

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

vel insurance are given in the subsequent paragraphs.

Existing policies. Check your existing insuran

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

ces like home insurance, life insurance, health insurance, auto insurance and credit card coverage. Y

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

ou may be already covered for a lot of costs. So you have to buy only the remaining costs.

Coverage.

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

The following must be covered, trip interruption insurance, trip cancellation insurance, trip delay

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

nsurance, baggage loss or delay insurance, international travel medical insurance, medical evacuation

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

Following aspects would a

, repatriation of mortal remains, accidental death or dismemberment etc. Also check the types of flig

dd to the challenges in developing combination products:

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

hts, cruise or train cancellations covered by the policy.

Expiration date. It is prudent to check th

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

e expiration dates or policy period specified in the policy. Most policies expire on return from the

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

trip.

Exclusion. This is very important. Read what are the exclusions in the policy. Generally hazar

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

ous sports, driving in foreign countries, pre-existing medical conditions, suicide, hijacks etc are n

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

Professional from academic institutions, pharmaceutical industries, health care indust

ot covered by policies.

Deductions and Coinsurance. The deductions and co-insurance have to be paid

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

by the insured when claiming a cost covered by an insurance. For example if your travel insurance pol

.

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

icy has 100$ deduction and 20% co-insurance, then if you visit a doctor and the treatment cost comes

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

Companies that provide selfless information through particip

to 250$ then you will have to pay 130$ and the rest 120$ will be paid by the travel insurance company

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 - Important Issues When Purchasing an Annual Travel Insurance

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