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Digg It - The Link Between Your Credit History and Your Insurance Premium
Did you know your credit history and score could have a tremendous impact on your ability to obtain insurance and how much you pay for it? Ma
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
ny consumers are not aware of this link and because of it they are often in for quite a surprise when the time comes to take out a new insura
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
ce policy.
Insurance carriers are becomingly increasingly aware that a tendency to pay other bills late may mean that you will pay your insu
Insurance carriers are becomingly increasingly aware that a tendency to pay other bills late may mean that you will pay your insu
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
ance premiums late as well. As a result, more and more carriers are opting to run your credit history before providing a quote. In some cases
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
a poor credit rating may mean you pay more for your insurance while in other cases it could mean you may not be able to obtain insurance at
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
all.
Just how bad does your credit have to be to interfere with your ability to obtain insurance? It really depends on the guidelines used b
Just how bad does your credit have to be to interfere with your ability to obtain insurance? It really depends on the guidelines used b
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 individual insurance company; however, in some cases, missing just as few as two credit card payments could mean you might have problem
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 some instances, missing just two payments could mean you premium might be doubled.
You are not necessarily exempt from this type of pro
You are not necessarily exempt from this type of pro
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
lem even if you’ve been with the company for a long period of time or if you’ve had a good history in terms of losses, either. Some consumers
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
have been rudely surprised to learn their policy has been cancelled due to credit score problems even though they had previously had a long
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
elationship with their insurance carrier.
How can insurance companies do this, you might ask. As previously stated one reason is that many c
How can insurance companies do this, you might ask. As previously stated one reason is that many c
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
mpanies feel that you may have an increased tendency to pay your premiums late. Other companies justify the practice on the basis that if you
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
re irresponsible with money you may also be irresponsible with other aspects of your life. Some statistics serve to back up this theory, indi
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
cating the thought that individuals with poor money management skills also handle other areas of their life with less responsibility, such as
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
driving or even taking care of their home.
Of course this doesn’t take into consideration the number of people who have a poor credit score
Of course this doesn’t take into consideration the number of people who have a poor credit score
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
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
ue to the fact they have experienced financial difficulties rather than possess poor money management skills.
Is there anything you can do a
Is there anything you can do a
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
out this practice? Not really. If you have been with the company for a long period of time, you could try protesting it, but your chances of
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
winning aren’t very good.
Ideally, it’s best to try to get your credit score in shape by running it yourself and making sure there are no er
Ideally, it’s best to try to get your credit score in shape by running it yourself and making sure there are no er
.
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
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
ors on there to drag down your score. Then concentrate on raising it by paying down other debts and paying your bills on time. You may have t
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
live with a higher premium for awhile but the good news is that when your credit score starts to rise your insurance premiums should go down
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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