Answers - Insurance

For thousands of years, risks have been shared during times of tragedy. The first formal insurance company, Lloyds of London, was formed in 1769 an

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

d their principal concept remains today - to gather the premiums of clients as a pool of resources to return to clients who experience unexpected b

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

Examples of combination products may in

t covered events. So, that is the secret really, plan for the unexpected and make sure you are covered, especially when you are travelling. Whether

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

your trip is a quick one or a round the world cruise, there are many good reasons for travel insurance. Here are just 7:

Medical Emergencies: If

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

ou fall sick or are injured during your travel, your travel insurance will give you financial coverage.

Flight Cancellations: If your flight is ca

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

Combination pro

celled or delayed then your travel insurance should help. Depending on the cover available, a room for the night and even alternative travel home c

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

an be included.

Existing Medical Conditions: Even if you have an existing medical condition and it flares up while you are on vacation, as long as

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

you have advised your travel insurance company prior, you should be covered.

Damage or Loss Of Personal property - What are you going to do when y

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

ur luggage gets stolen? Yes, it happens, all the time. There are organised gangs that work in airports doing just that. Guess what? You need travel

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

insurance.

Loss of Cash or Traveller's Cheques - You are in a foreign country far from home. You either lose, or have stolen, your entire holiday

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

fund. You are going to need help and quick. Again, travel insurance is a must.

Emergency Evacuations - What with global warming and economic press

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

Following aspects would a

re more and more holiday destinations are being built in potentially dangerous territory. Who would have wanted to be in Thailand on that Boxing Da

dd to the challenges in developing combination products:

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

y? Travel insurance will help if you have to get out quick.

Car Crash - It can be very difficult driving on the wrong side of the road in a strang

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

country. Accidents happen.

Okay, there you have it. 7 good and solid reasons why you need travel insurance the next trip you make. The other alte

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

native of course is to not take out travel insurance, or to stay at home. Now, there is an idea. But seriously, as always when taking out insurance

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

, especially travel insurance, read the fine print. Importantly, find out before you go what is excluded, not just included. So, always read the fi

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

Professional from academic institutions, pharmaceutical industries, health care indust

e print. For example, accidental coverage is not provided in case of drunken driving, driving under the influence of narcotic substances etc. Exclu

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

ions are also provided for accidents during risky sports like bungee jumping, car racing, scuba diving, white water rafting, flying (except as pass

.

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

enger in regular airliners), gliding, skiing, bike racing, diving, mountaineering, windsurfing etc. The list goes on (insert your favourite potenti

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

Companies that provide selfless information through particip

lly dangerous sport here). That means in case of accidents in these situations the insurance company is not liable to pay any amount to the insured

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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