Just Answers - Insurance

There are three main types of car insurance available, starting with the cheapest and least common:

Third Party

This is the minimum level of insurance required by law - all drivers must take out at

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

least this kind of policy. It covers damage caused to someone else's car, or injury to them, in the event of an accident that is your fault. With this kind of insurance you won't be able to claim for

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

Examples of combination products may in

ny injuries or losses sustained by yourself for any reason.

Third Party, Fire and Theft

This is a step above basic third party cover. If your car is stolen and not recovered, or destroyed by fire, y

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

u'll be able to make a claim. You'll still be insured against damage or injury to someone else in an accident blamed on you.

Comprehensive

With comprehensive insurance, you can claim for damage to y

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

ur car even if the damage was caused in an incident that was your responsibility. This kind of insurance also covers the same things as third party, fire, and theft. Comprehensive cover usually allows

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

Combination pro

you to drive someone else’s vehicle with their permission under 3rd party cover, though you should check your policy specifically for this.

Extra Features

So those are the basic kinds of insurance,

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

ut policies from different insurers can offer different extra features that you can take into account when choosing who to insure with. This is especially true of comprehensive policies, which can hav

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

e quite a few added extras. When comparing policies you should bear in mind that nothing is 'free', no matter what the advertisments say. If you don't need a specific feature, you might be able to get

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

a lower price by getting a policy that doesn't offer unnecessary frills.

No Claims Bonus

If your insurance cover includes a No Claims Bonus or No Claims Discount, then for every insured year that yo

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

don't make a claim, your premiums will be reduced by a percentage, to reflect the fact that you're showing you're not a big risk to your insurance company. The discount will grow year by year until y

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

u hit the upper limit available, which is generally 60-70% depending on your insurer. If you make a claim, your bonus will usually be reduced, either back to it's previous level or even cancelled comp

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

Following aspects would a

etely. Some policies offer a 'no claims bonus for life' option which locks your bonus at its current level, even if you make a claim. This can be a good option if you've already reached a maximum dis

dd to the challenges in developing combination products:

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

ount as this will be protected no matter what happens in the future. Finally on this topic, many insurers will allow you to transfer over your discount level built up on a policy from a different comp

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

ny. You'd obviously be less likely to switch insurance companies if it meant losing your discount, so this will be an option in almost all cases.

Named Drivers

You can also add named drivers onto yo

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

ur policy, so that they will be covered when driving your car. This is popular with parents, who often add their children who have just passed their driving test to their policies. Quite often this is

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

the only economical way to get a new driver insured in today’s insurance market.

Courtesy Car

If your car needs repairing after an accident and is off the road, with this feature you'll get free use

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

Professional from academic institutions, pharmaceutical industries, health care indust

of a hire car to keep you mobile until you get your own car back.

Windscreen Replacement

Broken windscreens will usually be replaced for free under a roadside assistance scheme, but if you don't hav

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

that kind of cover or windscreens aren't included, make sure you can get a free replacement from your insurance.

Audio equipment

If you plan to install expensive in-car audio equipment, check that

.

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

he policy will cover replacing it if it's stolen from your car. Some policies have limits on the value of audio equipment they are prepared to cover.

Roadside Assistance

Some policies come with an e

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

Companies that provide selfless information through particip

ement of breakdown and recovery cover included, or will offer discounts on such cover. If you already have breakdown cover, you may find this saves you money by letting you cancel your separate policy

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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