Advice Pool - Insurance

Landlords and Property Owners have many options when it comes to the management of their property or properties. From sorting everything on their

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

own to employing the services of a property management company. Here are therefore some tips for Landlords and Property Owners to make sure their

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

Examples of combination products may in

assets are protected:

What can you do to protect your property?

Landlord Insurance is available so that in the event of a loss

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

(by an insured event) you will be protected and covered. In order to reduce the chances of a loss you can however take certain steps to help. Thes

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

e include:

- Make your property more secure by installing deadlocks on doors and locks on the windows.

- Install an alarm system. Many insurers

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

Combination pro

will offer a lower premium because you have lowered the risk of loss through theft. For certain postal areas a minimum level of security will be r

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

equired.

- Remove potential fire hazards from around the outside of the house as well as inside

- particularly around the kitchen.

- Make sure

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

ou have working smoke detectors and a suitable fire extinguisher. Put the extinguisher somewhere handy and make sure members of your household kno

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

w how to use it.

What should you insure your contents for?

As a landlord, it's quite possible that the property that you are le

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

tting contains contents that you own. It is important to note these contents and ensure that you have provided adequate cover for them in your ins

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

urance policy. It might be worth doing a room by room inventory and working exactly what level of cover you require. Again though if you are in an

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

Following aspects would a

y doubt, just ask your Insurance Broker.

How can landlords minimize financial losses related to repairs and maintenance?

You ca

dd to the challenges in developing combination products:

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

n avoid many problems by maintaining the property in excellent condition. Here's how:

- Use a written checklist to inspect the premises and fix a

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

ny problems before new tenants move in.

- Encourage tenants to immediately report safety or security problems such as plumbing, heating, broken d

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

ors or steps

- whether in the tenant's unit or in common areas such as hallways and garages.

- Keep a written log of all tenant complaints and r

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

epair requests with details as to how and when problems were fixed.

- Handle urgent repairs as soon as possible

- take care of any safety issues

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

Professional from academic institutions, pharmaceutical industries, health care indust

within 24 hours. Keep tenants informed as to when and how the repairs will be made.

- Twice a year, give tenants a checklist on which to report

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

potential safety hazards or maintenance problems that might have been overlooked. Use the same checklist to personally inspect all rental units on

.

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

ce a year.

Also, your commitment to repair and maintenance procedures should be clearly set out in the lease or rental agreement. Owning a proper

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

Companies that provide selfless information through particip

ty or a portfolio of properties can be very rewarding so follow these simple tips and make sure you and your properties are protected at all times

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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