Advice Pool - Insurance

Calculating exactly how much auto insurance you should buy can sometimes seem to be a quiz fit for a mathematician. Every state has some guidelines and ‘must-haves’ in 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

eir requirement for auto insurance. One can use this as a sort of starting point, but there is a lot more that needs to be seen and evaluated.

Broadly speaking, there ar

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

Examples of combination products may in

6 basic parts of an auto insurance policy. These are: Bodily Injury Liability, Property Damage Liability, Personal Injury Protection, Collision Coverage, Comprehensive C

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

verage and Uninsured Motorist Coverage. In most states, it is important to include the first two parts in the policy while the others may or may not be mandatory.

Bodily

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

Injury Liability - Insurance companies generally recommend a minimum of $100,000 per person and $300,000 per accident for bodily injury liability coverage. Being underins

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

Combination pro

red for this coverage may be harmful for the insured as he can lose his assets in a lawsuit resulting from an auto accident in which he is found to be at fault.

Property

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

Damage Liability – The recommended coverage is a minimum of $50,000. Like in the previous case, the insurer stands to lose his assets if not adequately insured.

Personal

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

Injury Protection (PIP) – PIP coverage ensures that the insurance company pays for the medical expenses and/or any lost wages and other costs that may arise when the insu

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

ed is injured in an accident. Minimum PIP coverage of $10,000 is usually recommended. The insurer generally pays around 80 percent of the losses and also pays a death ben

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

fit. It may also cover the medical expenditure of the passengers of the insured as well. The expanded version of this coverage is called ‘no-fault’ coverage wherein the i

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

sured gets the insurance amount irrespective of whose fault it was. In some states this too may be mandatory in order to provide for child care and lost wages.

Collision

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

Following aspects would a

Coverage – Collision coverage pays for the repairs of the car after accident and is normally the most expensive component of the auto insurance. One can lower this amoun

dd to the challenges in developing combination products:

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

by having a higher deductible. This means that the insured is taking the risk of accident free driving upon him. If he is involved in an accident, he will have to pay up

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

a higher amount before the insurance company chips in. It might be a good idea to get the vehicle’s value assessed before deciding upon how much cover one would like to t

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

ke.

Comprehensive Coverage - Comprehensive coverage pays for damage to the car of the insured resulting from fire, theft, vandalism, windstorm, glass breakage, and the l

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

ke. Like in the above case, assess the vehicle's value to make sure it's worth the amount that this coverage costs. This coverage too comes with a deductible and the insu

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

Professional from academic institutions, pharmaceutical industries, health care indust

er will not pay more than what the car was worth when it got wrecked.

Uninsured Motorist Coverage – This coverage pays for the injuries of the insured even if he is hit-

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

nd-run by a driver or someone who doesn't have auto insurance. As the number of uninsured and underinsured drivers is high, it is recommended that a minimum amount of $10

.

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

,000 per person and $300,000 per accident be allocated under this coverage. This coverage is not important if the ‘no-fault’ coverage is in action.

Take the above points

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

Companies that provide selfless information through particip

into consideration and then gauge your actual insurance requirement. If required, take quotes from several insurers before deciding upon the insurance value that you need

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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