Top Adding - Insurance

What is Disability Insurance?

“The Social Security and Supplemental Security Income disability programs are the largest of several Federal programs that provide assistance to people with disabilit

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

ies. While these two programs are different in many ways, both are administered by the Social Security Administration and only individuals who have a disability and meet medical criteria may qualif

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

Examples of combination products may in

y for benefits under either program.”
- Social Security web site, June 2006

The Social Security office will want to check your medical history to be sure you qualify for disability benefits.

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

The Social Security office is one way to get disability benefits, but in most cases these benefits will not be substantial enough for families.

Disability insurance can be obtained through any num

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

ber of insurance companies. In the event that you are disabled, this insurance will serve as financial protection. You will receive a percentage of your gross income from your disability insuranc

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

Combination pro

policy, income that will ensure your own financial safety.

You do not have to go through the Social Security Office to take out a disability insurance policy, nor to receive the benefits from tha

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 policy. The Social Security disability program is not related to any disability insurance policy that you take out.

“Individual disability insurance is truly a basic concept. It is an insurance

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

product designed to replace anywhere from 45-60% of your gross income on a tax-free basis should a sickness or illness prevent you from earning an income in your occupation. Every disability insura

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

nce policy from every insurance company is very different, this is not a product to simply shop for the most competitive rate. To buy the cheapest disability insurance policy on the market is to th

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

ow money away. The odds of getting paid a monthly benefit under a cheap contract may be significantly lower than receiving benefits from a quality contract.”
- About Disability Insurance web s

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

ite, June 2006

Types of Disability Insurance
Most people are familiar with two types of disability insurance: short-term disability, and long-term disability. Short-term disability insurance

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

Following aspects would a

is included as part of a benefits package with many different employers, and usually provides an income in the early part of disability. Short-term disability insurance generally provides coverag

dd to the challenges in developing combination products:

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

for a period of several weeks, and does not exceed a two-year term.

Long-term disability, however, can last for a period of several years. These types of policies may be included as a part of

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

employment, in a benefits package, but many purchase these disability insurance policies individually.

As far as disability insurance goes, however, there are still more policies to learn about.

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

ne type of disability insurance is the Own-Occupation Disability Insurance. The definition of this policy reads:

“The inability to perform the material and substantial duties of your regular occu

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

pation, the insurance company will consider your occupation to be the occupation you are engaged in at the time you become disabled, they will pay the claim even if you are working in some other ca

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

Professional from academic institutions, pharmaceutical industries, health care indust

acity.”

Another kind of disability insurance is the Income Replacement Insurance. This is a very popular type of disability insurance, and most insurance agents are familiar with this policy. Th

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

e language of this type of disability insurance reads:

“Because of sickness or injury you are unable to perform the material and substantial duties of your occupation, and are not engaged in any o

.

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

her occupation.”

Common in employee benefits packages, Gainful Occupation Coverage is another popular form of disability insurance. The language here is worded very carefully:

“Because of sickne

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

Companies that provide selfless information through particip

ss or injury you are unable to perform the material and substantial duties or your occupation, or any occupation for which you are deemed reasonably qualified by education, training, or experience.

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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