Just Answers - Insurance

Health is wealth, as they say, and this is particularly true if you are trying to support your family. The good news is that most employers now offer he

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

alth insurance plans for their employees as part of a compounded benefits package upon signing of contract. But how do health insurance policies, partic

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

Examples of combination products may in

larly group policies, work? How do they benefit you?

How do health insurance policies work?

Generally, health insurance policies are there to take car

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

of all your medical needs and emergencies without having to pay for them right away in cash. In most cases, you pay a premium, or a monthly fee, to a h

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

alth insurance agency and in the event of hospitalization, they will pay for the rest of your hospital bill after you have paid a portion of it. This in

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

Combination pro

tial payment that you make is called a deductible and it would depend on the plan that is given to you. For example, if your plan stipulates that you mu

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

t pay, say, $30 a month but your deductible is only for the first two days of hospitalization, that means the insurance company will cover the remainder

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

of the bill after you have paid for your first two days in the hospital. Usually, the higher the premium, the greater the deductible.

What about group

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

health insurance? Is there anything in particular that I need to know about it?

In the case of group insurance plans, these are offered as a package fr

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

m the insurance company to all the members of a particular group, or the head of that group. The advantage of this is that people who would normally be

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

enied individual health insurance can be covered by group health insurance. One of the first things insurance companies do is to have you go through a c

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

Following aspects would a

mplete physical checkup to determine health risks. If they find that you are a high-risk candidate, they may choose to deny you a policy. However, as re

dd to the challenges in developing combination products:

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

ards to group health insurance, as long as you are a member of that group (or corporation, in the example of an employer), you automatically get coverag

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

.

Other important details to consider are whether or not your health insurance policy covers your family as well. Other considerations are whether dent

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

al and eye checkups and services are included, and whether the policy has a subsidy for prescription medication. All these factors affect the price of y

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

ur premium which in turn affects your deductible. In the case of group insurance, the employer is usually the one responsible for paying the premiums on

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

Professional from academic institutions, pharmaceutical industries, health care indust

all the people his of her policy covers.

While group insurance does have its advantages, it has its drawbacks as well. The group insurance is generally

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

not as flexible as the individual insurance so it can not be customized to cater to the specific health needs of one of its members. Also, there are re

.

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

trictions on subscription dates. Most employers require their employees to apply for the group policy within thirty days of starting work. After this pe

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

Companies that provide selfless information through particip

iod, the employee may be made to submit to a physical done by the insurance company which in turn may cause him or her to be denied insurance altogether

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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