Top Adding - Insurance

Any form of insurance can be seen as a risk.

You pay a monthly or annual premium to an insurance company for a set amount of cover, effectively passing the risk t

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

o the insurance company. As long as you pay the premiums you'll continue to be covered, for whatever purpose.

When it comes to protecting YOURSELF in the form of

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

Examples of combination products may in

life assurance, critical illness cover, permanent health insurance or private health insurance you really do need to take the time to do your research (or pay some

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

one to do it for you) as this form of cover is not the type that you'll normally be shopping around for on an annual basis.

For example, once you've applied for a

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

nd been accepted for income protection cover it's unlikely that you'll change the plan or company that you're insured with in the future as the cover is based on y

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

Combination pro

our age and health at the time you apply.

One of the factors that you may not have included in your research is the actual claims history of the insurance company

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

that you choose. After all, if you put in a claim you'll want to know what your chances of a payout are going to be.

During the last 2-3 years more insurance com

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

panies have been publishing their claims statistics. This is crucial information as it gives you the opportunity to understand which conditions are being claimed f

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

or the most (so you can ensure that your plan covers these conditions and the wording of these conditions is competitive when compared to all other providers).

Fo

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

rtunately, the Association of British Insurers (ABI) publishes a set of definitions for 20 conditions (see below) and registered insurers who cover any of these co

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

nditions must comply with, or surpass, the ABI definition.

The 20 conditions:

-Cancer

-Heart attack

-Major organ transplant

-Stroke

-Coronary artery by-pass

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

Following aspects would a

-Kidney failure

-Multiple sclerosis

-Aorta graft surgery

-Blindness

-Deafness

-Loss of limbs

-Benign brain tumour

-Coma

-Heart valve replacement or repair

dd to the challenges in developing combination products:

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

-Loss of speech

-Motor neurone disease

-Paralysis/paraplegia

-Parkinson's disease

-Terminal illness

-Third degree burns

Many companies also cover additiona

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

l conditions, including bacterial meningitis and pre-senile dementia.

Skandia, one of the leading providers in the critical illness market, have recently released

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

their claims statistics (covers claims up to 1 February 2007).

They have:

-Paid 1920 claims totalling over ?182m

-The average age of claimants is 46

-On avera

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

ge a policy is in force for 4.7 years prior to a claim

The most common claims are for:

-Cancer, 59%

-Heart attack, 15%

-Heart surgery, 8%

-Stroke, 7%

The mos

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

Professional from academic institutions, pharmaceutical industries, health care indust

t common forms of cancer claimed for are:

-Breast cancer, ?23m

-Lower intestine, ?11m

-Malignant melanoma, ?9m

-Prostate, ?7m

They have paid 88% of claims, wi

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

th the remainder being declined for the claim either not meeting the definition (10%) or where the applicant did not disclose all the information required at the t

.

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

ime of application (2%).

The Financial Tips Bottom Line

If you currently have ANY form of personal protection policy, it makes sense to review your plan(s) to en

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

Companies that provide selfless information through particip

sure the cover you have is competitive and suitable for your circumstances. If you don't yet have cover make sure you do thorough research before you buy a 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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