Advice Pool - Insurance

When looking for your insurance, the chances are that the answers to some of these questions will be influence your decision:

- Who giv

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

es the best service?

- Who understands my needs?

- Who do I like?

- Who has the best policies?

- Who is the cheapest?

When purchasi

; 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 insurance many businesses focus on “Who is the cheapest?” Whilst this is understandable, making a decision based on price alone can 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.

en lead to more harm than good.

Any good insurance provider would recommend you look for a company who can provide you with a mix of al

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

the above factors so you end up with someone you trust, who has found you the right policy and at the right price.

Here are a few tips

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

Combination pro

to help you understand insurance providers and to ensure you get the best deal:

Answer their questions hone

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

tly: Many people when buying insurance hold back information for fear that it will affect their chance of getting the best deal

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

The truth is it won’t! The more correct information you give your insurance provider, the better deal they will be able to get for you.

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

If they ask what premium you are currently paying or who you are insured with - tell them (and be honest). If you make up a really low p

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

remium, the chances are they won’t be able to beat it. If however you tell them your genuine best price, they will often give you an imm

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

diate indication whether they feel they can improve on it.

Use a broker: A good insurance broker can

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

Following aspects would a

e worth their weight in gold for local businesses. They should understand your needs, your business and your industry. And because of th

dd to the challenges in developing combination products:

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

s, they can recommend the correct level of cover you need. They will also search the entire market for you so it saves you time and poss

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

ibly money.

Recommendations: If you’re happy with your insurance provider, tell people about it. Not only will this al

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

ow your friends and family to benefit from their services but you may also receive reductions and further discounts on your policies bec

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

use of it.

Multiple policies: The more policies you have with one particular insurance provider, the more likely it is

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

Professional from academic institutions, pharmaceutical industries, health care indust

that they will benefit from discounts and reductions in premium. It also makes your administration far easier.

Rapport:
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
g>This is an obvious thing to say but the better your relationship with your insurance provider the more likely it is that they will hel
.

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
you get the best policy and price. Insurance for your business can be minefield but by following the above simply guidelines, there is
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip
very chance that your business will get the best deal possible.

Northern Counties Insurance Brokers - The UK's Business Insurance Broke

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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Advice Pool - How to Get the Best Deal from your Insurance Provider

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