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Just Answers - Medical Insurance Policy
A Medical Insurance policy is a contract between an insurance company and an individual or a group which promises to pay for me
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
dical care reasonably required by the insured policy holder for treatment in case of any injury or illness. Even now a day’s me
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
dical insurance policy is provided for disease like obesity.
If an individual has taken up a medical policy then he pays the p
If an individual has taken up a medical policy then he pays the p
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
remium according to a specific time frame as decided between the two groups. Usually, the policy takes care for the health & me
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
ical acre of an individual but if the premiums value is higher the insurance covers the family members also. In the case when t
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
he policy is taken by a group or an association, then all the individuals under the association receive the certificate of insu
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
rance. Some key points like payment of premiums, deductibles and co-pays are decided at the beginning and both the parties have
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
to abide by these rules.
Searching a Medical Insurance Plan?
The terms in the policy may be hard to understand at times and
Searching a Medical Insurance Plan?
The terms in the policy may be hard to understand at times and
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
he person may stand confused. So here is list of some terms commonly used up in an insurance plan:
Deductible-The deductible r
Deductible-The deductible r
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
efers to the yearly amount of money that the insured would need to pay before any benefits from the health insurance policy can
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
be used.
1. Co-insurance / Co-payments- This is the amount that would need to be paid by the insured before the insurance pay
1. Co-insurance / Co-payments- This is the amount that would need to be paid by the insured before the insurance pay
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
s and in addition to the deductible.
2. Out-of- pocket- An out of pocket expense can refer to how much the co-payment, coinsur
2. Out-of- pocket- An out of pocket expense can refer to how much the co-payment, coinsur
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
nce, or deductible is.
3. Waiting Period- This is the time one would have to wait until certain health insurance overages are
3. Waiting Period- This is the time one would have to wait until certain health insurance overages are
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
available.
4. Grace Period- This is the amount of time one has to pay their health insurance premium after the original due da
4. Grace Period- This is the amount of time one has to pay their health insurance premium after the original due da
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
te and before insurance coverage would be canceled.
5. Lifetime Maximum-This is the most amount of money the health insurance
5. Lifetime Maximum-This is the most amount of money the health insurance
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
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
policy will pay for the entire life. Pay attention to individual lifetime maximums and family lifetime maximums as they can be
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
ifferent.
6. Out-of-Pocket - This is the cost one would pay out of their own pocket. An out of pocket expense can refer to how
6. Out-of-Pocket - This is the cost one would pay out of their own pocket. An out of pocket expense can refer to how
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
much the co-payment, coinsurance, or deductible is.
Is Medical Insurance Necessary?
Man saves money for a better & safe futu
Is Medical Insurance Necessary?
Man saves money for a better & safe futu
.
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
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
re. But life is a string of surprises. A serious medical situation can strain one’s pocket, thereby emptying all the lifetime s
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
avings. The best option to save oneself from this situation is to secure your future with the help of a medical insurance polic
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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