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Health insurance is an important part of your financial planning. A minor illness or injury can set you back a bit, but a major illness or injury can devastate you financ

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

ially now and into the future. Carrying adequate health insurance gives you peace of mind. There are a variety of different types of health insurance plans you can buy. E

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

Examples of combination products may in

ach plan offers a different style of coverage. Each plan has a basic premium but there may be other costs depending on your family’s health and your medical history.

Two

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

health plans that you hear a lot about are managed care and indemnity plans. They are significantly different in their basic approach to health care but broadly speaking

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

the major difference involves choices. Managed care plans have pre-existing service contracts that they have entered into with specific hospitals, health care providers,

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

Combination pro

and doctors. A managed care plan will mean less paper work for you and much lower out of pocket expenses. There are 3 types of managed care programs available.

The PPO

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

or preferred provider organization combines managed and indemnity to come up with its own flavor. You can choose from professionals in the PPO network or outside the netw

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

ork. If you choose outside the network you simply pay the bill and then submit for reimbursement. If you choose a PPO doctor you will pay a nominal flat fee for service.

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

HMO or health maintenance organization requires you to pay when you see an HMO doctor but there is no plan deductible. HMO will give you a list of doctors to help you cho

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

ose a primary doctor. On the other hand the indemnity plans will offer you a wider choice of health care professionals to choose from because these plans have no predefin

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

ed contracts. You can expect to outlay higher amounts. Generally you pay the bill and then submit it. Deductibles start at $200 and go up and most plans cover 80% althoug

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

Following aspects would a

h there are variations. Over the years these two types of plans have actually begun to blur. In fact some indemnity plans are beginning to look more like managed care pla

dd to the challenges in developing combination products:

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

ns.

Group insurance can be offered by employers. Check with your company. Group policies cover a group of people regardless of physical condition, age, or any other issu

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

e. Premiums are based on a group rate rather than individual assessments, which makes it a lot cheaper. Individual insurance is carried by anyone who does not have access

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

to group insurance. Upon receiving your application you and your family members who will be covered by the policy will be evaluated and your risk assessed. This will det

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

ermine your premiums and any restrictions your policy might have. Besides your basic medical coverage for visits to the doctor or hospital, you can also buy additional co

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

Professional from academic institutions, pharmaceutical industries, health care indust

verage.

Vision care is one of those coverage’s that is worth considering especially if you have younger children in your home. Plan coverage varies but usually covers yo

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

ur eye exam, glaucoma screening, and glasses or contacts up to a set amount. You can also purchase dental insurance which provides you with coverage for dental related se

.

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

rvices such as diagnostics, checkups, restoration, and repair of your teeth. The type of health insurance you decide to purchase will depend on your personal needs and th

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

Companies that provide selfless information through particip

e needs of your family. By doing your research and understanding the different types of insurance available you will be better equipped to buy the right health insurance.

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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