Top Adding - Insurance

Travel insurance implies the coverage for pitfalls associated with travel. This type of insurance is

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

intended to cover financial and other losses incurred at the time traveling. The losses may be incurr

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

Examples of combination products may in

d in a domestic or an international level. Broadly travel insurance coverage can be classified under

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

he following heads:

Cancellation of a trip

Very often it happens like this that the traveler

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

must cancel the trip because of unforeseen circumstances. It may be physical illness or any such emer

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

Combination pro

ency. Now, if the holiday package is already bought then he must have to face a big financial loss. I

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 is under such circumstances travel insurance works like a savior.

Interruption during the trip

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

/b>

This type of travel insurance covers the damages occurred due to trip interruption. In th

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

event a trip is interrupted because of illness or the booked hotel ceases to continue to operate or

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

ny other such occurrences, the traveler shall face a financial loss. However, if the trip is insured

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

hen he can avoid this loss.

Loss of luggage or other valuables

Since the work of a traveler

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

Following aspects would a

is to move from here and there, he may lose his luggage or other such expensive possessions during hi

dd to the challenges in developing combination products:

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

journey. To cover the financial damage incurred because of the inconvenience resulted from the loss

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

f luggage one can go for travel insurance.

Default Protection

It may happen that a trip is c

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

nceled because a carrier or tour operator is no longer in business. In this case the person who will

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

e in the receiving end is the traveler. However, travel insurance will help him recover the losses he

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

Professional from academic institutions, pharmaceutical industries, health care indust

incurs due to the cancellation of the trip.

Other types of losses

In addition to the above,

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

travel insurance covers delayed departure, emergency replacement of essential items, medical expenses

.

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

accidental death, injury or disablement benefit, personal liability and rental car damage, legal ass

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

Companies that provide selfless information through particip

stance, loss of income, high risk sports like skiing, scuba-diving, travel to high risk countries etc

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

Tags

Links

Top Adding - What Are The Losses Travel Insurance Covers?

Related Articles: