Advice You - Finance

Accidents and prolonged sickness can be a drain both emotionally as well as financially. Sometimes money crunch is caused by the inabilit

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

y to hold a job, or when the medical bills escalate and it becomes increasingly difficult to balance expenses.

Further, medical insuran

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

Examples of combination products may in

ce may prove insufficient or will not cover long term medications. Life has become such that one needs to think about and plan for any ev

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

ntuality.

Experts recommend the following:

1. Ask your doctor for samples of medication.

2. Often an older drug is effective and cheap

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

er. Request the doctor to write a prescription for a drug that is more affordable. According to studies you can save up to 75% this way.

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

Combination pro

3. Find out the generic name of the medication and choose to purchase it instead of branded medication ---the saving can amount to as muc

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

h as 70%.

4. Very often companies sell higher dosages of medication for a marginally higher cost. Be prudent, buy the higher dosage and

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

spilt the medication in half, one-third, or quarters. The savings you can make are almost 50 %.

5. Order 90-day supplies in bulk from

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

iscount mail order pharmacies or online services. The savings are considerable and many doctors help long term patients reduce costs by p

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

utting the patients in touch with distributors.

6. If a particular medication is very expensive ask the doctor to recommend a substitute

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

This is known as therapeutic substitution.

7. Do try comparison shopping. You will find that the same medication is priced differently

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

Following aspects would a

in local pharmacies, online outlets, and chain stores. Online pharmacies like http://www.walgreens.com/, www.costco.com , or http://www.d

dd to the challenges in developing combination products:

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

rugstore.com/ offer medications at affordable prices.

8. There are several patient-assistance programs that offer free or discounted med

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

cation to those who cannot afford long term illness. Companies like Merck have programs that benefit uninsured patients. Medicines are gi

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

ven at discounts of 10-40%.

9. If you or a family member travels frequently you could buy your medicines abroad. Often the same medici

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 manufactured by the same company is much cheaper overseas. One can also order medicine by mail from Canada where medicines cost 30-50%

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

Professional from academic institutions, pharmaceutical industries, health care indust

less than the US. But do check the laws before you attempt this.

10. Start a health saving account where you can save pre tax dollars to

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

wards unforeseen medical expenses. This has a high deductible. Find out if you or other family members are eligible.

Use an insurance br

.

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

ker who always thinks of you. He must keep you updated on all new developments as far as health schemes are concerned and make sure you r

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

Companies that provide selfless information through particip

eap all the benefits of the insurance scheme. You could also consider a critical illness policy in addition to a regular 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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