Answers - Insurance

Recent research has shown that the average 65 year old will face a huge premium rise when they

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

reach 66. Worse still, once over the age of 70 a similar leap in price can be expected accordi

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

Examples of combination products may in

ng to moneysupermarket.com.

Insurance companies express the shared opinion that this is due to

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

pre-existing health problems being an important factor.

Because of this, it is becoming increa

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

singly difficult for those belonging to the over 65’s age group to find a cheap policy. This c

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

Combination pro

an be seen to be due to the fact that, like any insurance policy, it is a matter of risk assess

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

ent. Physically a person of this age is more likely to have a health condition or develop one

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

during the length of cover and so a higher policy price is inversely created.

An increasing pr

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

oblem seen in relation to this is the ability of some travel insurance brokers to supply polici

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

s without gathering enough relevant information. This can allow pre-existing health factors to

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

be overlooked on drawing up the policy and leave a claimant wide open when this is discovered

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

Following aspects would a

at a later date. Thus, this pushes the prices of the average 65 and over policy continuously u

dd to the challenges in developing combination products:

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

, making it harder and harder to find cheap travel insurance.

This can be particularly relevan

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

t as certain companies offer “one size fit’s all” type policies with a standard price and cover

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

age.

To conclude, I would say it is important when applying for holiday insurance to be as hon

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

st as possible and give all relevant information to the company. Specify any existing health p

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

Professional from academic institutions, pharmaceutical industries, health care indust

roblems so they do not create a loop hole at a later date and notify the policy issuer of any c

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

hanges during the life of the policy. Avoid purchasing a package in a retail environment that

.

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

s not generally tailored to travel and may not be able to supply the help and advice you may ne

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

Companies that provide selfless information through particip

ed.

A good deal can still be had, but a little more time and effort may be required to find it

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 - Is Travel Insurance Penalising the Over 65's?

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