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Advice Pool - Do I Really Need To Insure Myself?
Have you ever stopped to consider what would happen to you and your family if you were unable to earn the money to support them th
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
rough an accident or an injury to yourself?
Some of the unpleasant things in life we tend to say I'll look after that later and l
Some of the unpleasant things in life we tend to say I'll look after that later and l
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
ater is always coming. Things like being incapicated for a year or longer, permanently disabled or even the worst, killed in an a
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
ccident.
You tend to take care of insurance for your home, your contents, your car and neglect the most important, your family an
You tend to take care of insurance for your home, your contents, your car and neglect the most important, your family an
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
d yourself.
Many companies will have protection in place if you are injured while working, this can differ from company to compan
Many companies will have protection in place if you are injured while working, this can differ from company to compan
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
y, state to state and country to country. But what if you were injured while not at work, you would not have any income protectio
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
n insurance cover to help you support your family. If you are working for yourself then your definitely need your income protecte
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
d with an insurance policy.
There are a couple of insurance covers to protect you. There is firstly life protection insurance an
There are a couple of insurance covers to protect you. There is firstly life protection insurance an
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
d then income protection insurance.
Life protection normally has three forms, you can be insured against death, injury or illness
Life protection normally has three forms, you can be insured against death, injury or illness
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
.
1. Death cover this is usually called term life, and will pay out a lump sum to your dependants if you die unexpectedly.
2. To
1. Death cover this is usually called term life, and will pay out a lump sum to your dependants if you die unexpectedly.
2. To
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
tal and permanent disablement, this cover pays a lump sum if you happen to suffer and injury or illness that stops you from workin
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
g again.
3. Trauma cover is the third and this type of insurance will cover you if you suffer a range of specified illnesses. Th
3. Trauma cover is the third and this type of insurance will cover you if you suffer a range of specified illnesses. Th
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
ese normally include, heart attacks, cancer or stroke.
The above three can often be combined, talk to your insurance consultant a
The above three can often be combined, talk to your insurance consultant a
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
bout this.
The other insurance to cover you is an income protection policy. This is a 'must have' insurance cover if you are sel
The other insurance to cover you is an income protection policy. This is a 'must have' insurance cover if you are sel
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
f-employed.
Income protection will cover your ability to earn money. If you are unable to work due to illness or injury, this po
Income protection will cover your ability to earn money. If you are unable to work due to illness or injury, this po
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
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
licy will cover you for up to a percentage, often 75%, of your monthly income.
The cover can be for two years, five years or unti
The cover can be for two years, five years or unti
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
l a particular age. There is normally a waiting period, somewhere between 30 and 90 days, after which the benefits will start bei
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ng paid.
So you have a choice to protect your family and yourself. If your employer does not have the employees' compensation ty
So you have a choice to protect your family and yourself. If your employer does not have the employees' compensation ty
.
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
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
pe cover then you will need your own income protection policy to protect you while working and for everything else you will need t
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
he life protection insurance.
Let your insurance company or insurance consultant, guide you with getting the right cover for you.
Let your insurance company or insurance consultant, guide you with getting the right cover for you.
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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