Advice Pool - Insurance

In the state of Illinois, the minimum limits for automobile liability insurance is $20,000 pe

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

r person/$40,000 per accident for Bodily Injury and $15,000 for property damage. Understandi

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

Examples of combination products may in

g that this is a minimum requirement, it might be in your best interest to purchase more than

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

is required. With the rise in today’s medical costs and the cost of a potential hospital sta

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

, in the event of an accident, the liability limits of your policy can be quickly exhausted.

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

Combination pro

As odd as it may sound, you might save more on your automobile insurance if you actually rais

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

ed your policy liability limits. It’s for your own protection. Just because the policy limi

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

s have been exhausted does not absolve your responsibility in the event of an accident. It m

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

ght behoove you to get quotes for higher limits of liability. You might find that the additi

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

nal cost of premium is minimal in comparison with the peace of mind additional limits may aff

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

rd.

Although Illinois residents do not have to provide evidence of insurance when registerin

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

Following aspects would a

g a vehicle, it would behoove all residents to make sure coverage is in effect. Coverage is

dd to the challenges in developing combination products:

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

andatory for not only private passenger vehicles; it is required for vans, RV’s, motorcycles,

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

buses and trucks. Coverage is not required for trailers.

Illinois residents are subject to

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

andom insurance questionnaires. As a result, you may be randomly selected to complete a ques

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

ionnaire that requires you to show proof of insurance. If you are stopped and found to be un

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

Professional from academic institutions, pharmaceutical industries, health care indust

insured while driving you will be given a citation. You will have to prove to the court that

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

you did have insurance at the time you were stopped. If not, you’ll be subject to a $500 fin

.

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

and a $100 fee to reinstate your registration.

To get the best possible rate for your auto

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

Companies that provide selfless information through particip

olicy, you should shop around. Get quotes from at least three different insurers and compare

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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