Advice Pool - Insurance

Most people don’t realize that there are 7 different homeowners insurance plans that insurance companies can offer. Each plan is diffe

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

rent from the other 6 based on the circumstances that it covers. Additionally if consumers are familiar with any of the plans it would

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

Examples of combination products may in

be plans that involve parts of option 2 and option 3. You’ll see why as I explain each plan in more detail below.

There are many diff

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

rent types of disasters that can affect your home but your standard homeowners insurance policy limits its coverage to 11 specific disa

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

ter events. They are damage from aircraft, wind and hail damage, damage suffered from explosions, riots and civil unrest, fire and lig

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

Combination pro

tning damage, vehicular damage, vandalism and theft damage, smoke damage and damage if your home decides to fall in on itself otherwise

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

known as self-damaging instances. The final category is damage sustained when a volcano erupts.

This standard list can include 6 addi

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

ional categories of damage protection. They include falling objects, weather related incidents from snow, sleet and ice, electrical su

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

ge damage and finally water damage, which can be further broken down into 3 sub-sections of coverage.

Home insurance policy 1 covers d

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

mage from the 11 different scenarios mentioned above. Policy 2 include plan 1 but goes into greater detail in certain sections. If a t

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

ee falls and lands on your house it is covered in this policy section. If your dishwasher overflows or your washing machine busts a ho

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

Following aspects would a

e that would be covered under this section for water related damage. You’ll also find protection from a power surge or other damages a

dd to the challenges in developing combination products:

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

a result of electrical problems.

Policy 3 includes parts 1 and 2 but includes extended and specialty items. Unfortunately it doesn’t

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

cover damage as a result of flooding. Nor does it cover earthquakes, nuclear blasts and damage caused from a war.

For people renting

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

ection 4 provides coverage for them and includes the coverage outlined above in plans 1, 2 and 3. Policy 5 offers complete risk covera

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

e for the building and property.

Policy 6 centers on providing coverage for condominiums and policy 7 is strictly intended for older h

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

Professional from academic institutions, pharmaceutical industries, health care indust

mes of historic value. The coverage includes all 11 disasters mentioned earlier however coverage is limited to repairs or the cash val

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

es of the items involved. Rebuilding and replacement costs are not covered under this policy since it’s quite possible that those repa

.

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

rs could end up costing more then the current market allows.

This article was intended to be a quick overview of the 7 insurance plans

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

Companies that provide selfless information through particip

available to homeowners. For more detailed information you should consult a reputable insurance agent or do additional research online

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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