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We've spoken with lots of pet parents who have heard about pet insurance but who have avoided looking at it in any detail. More often than not this is because they weren't given the fully story about how it worked or why. We'

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

re going to look at six myths that we hear frequently.

Myth #1: You can't get pet insurance for an older pet. Fact: Just because your pet isn't a puppy or kitten anymore doesn't mean you ca

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

Examples of combination products may in

't insure him! Pet insurance companies will usually issue a new policy to pets up to 8 or 10 years old, sometimes older if you get your veterinarian to do a health checkup. Your premium might be higher than on a younger pet a

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

d some pre-existing conditions may be excluded. Of course the best thing is to enroll your pet when he's young and healthy so you can avoid pre-existing conditions.

Myth #2: Since my pet is well now there's no point

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

uying pet insurance. Fact: Precisely because your pet has been well means that now is actually the best time to buy pet insurance because your pet probably has no pre-existing condit

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

Combination pro

ons. Remember, pet insurance is the one thing you can't buy when you need it the most! Why wait until after your pet becomes sick and you wish you had pet insurance? Why wait until your pet gets a pre-existing condit

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

on that pet insurance won't cover? No matter how well your pet is today, there is always a chance that your pet could fall sick or get injured. Pet insurance is designed to protect you against the unknown but you have to plan

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

in advance.

Myth #3: I have to wait until my pet's current medical condition has resolved itself before getting pet insurance. Fact: Your pet's current condition may be considered a tempora

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

y pre-existing condition but that doesn't mean you can't get pet insurance to cover everything else. For example, if your pet recently cut its leg badly and is still undergoing treatment, conditions relating to this cut may b

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

excluded for your first year of insurance but if everything resolves and clears up you will usually be eligible for full coverage again in the second and subsequent years. The best thing to do is to talk to the pet insurance

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

company and find out for sure.

Myth #4: Pet insurance is only worthwhile if you have a very active pet or an older pet that is likely to develop problems. Fact: While it is true that an ol

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

Following aspects would a

der pet is likely to require a greater level of medical attention than a younger pet that doesn't mean that younger pets can't get sick or injured. And just because a pet isn't highly active doesn't mean it can't get sick. Th

dd to the challenges in developing combination products:

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

reality is that, just as in humans, illness can strike even the healthiest pet and having pet insurance means you'll always be able to get the best care for your pet, not what you can afford.

For example, our company recent

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

y handled a claim for $3,565 for a 3-month old Akita that was attacked through the fence by a neighbor's dog. And the recent pet food recall reminds us all that sometimes things come completely out of the blue.

Myth

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

5: Pet insurance just doesn't pay. Fact: Sadly, there is (or was) more truth to this than not. For the longest time most pet owners only had the option of choosing from from a few pet insurance plans. These plans oft

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

n capped claim payouts at ridiculously low levels that left pet parents substantially out of pocket. But today pet parents have more choices and many plans now pay based on the actual vet bill which means you get much more ba

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

Professional from academic institutions, pharmaceutical industries, health care indust

k at claim time. Just make sure you ask how claims are reimbursed.

Myth #6: I don't need pet insurance because I can save a small amount each month to pay for anything that might happen.

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

rong>Fact: Setting aside a small amount each month can definitely help. But there are two downsides to consider: one is that many of us find it hard to save something every month, the other is that you may need to wa

.

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

t a long time before you've built up enough savings to pay for a serious illness or accident. For example, if you save $25 each month at 4% interest (paid monthly) after 5 years you will have saved $1,657. Your cat or dog is

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

Companies that provide selfless information through particip

ot going to wait until you've got enough money saved up to get sick! That same $25 could get you instead.

We hope that these answers will help you make wiser decision about whether pet insurance is right for you and your pet

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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