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If you are financially minded but unfamiliar with what a reinsurance job might entail we’ve compiled four reasons why companies carry out rei

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

nsurance and the two main different types of reinsurance.

Four Reasons for Reinsurance

Risk Transfer – you only hav

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

Examples of combination products may in

e to look at the amount of money an insurance company would have to pay out if your house was damaged in a natural disaster to realise how th

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

ere is the potential for them to have huge costs. By reinsuring themselves with other insurers they are able to spread the risk so that no ma

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

tter how many of their policy are claimed upon they have the ability to pay out.

Income Balancing – for any large company i

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

Combination pro

ts important they can predict their income for cash flow and often shareholder benefits. As you can imagine this would be difficult for insur

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

ance companies if they weren’t reinsuring. A number of big payouts if they weren’t reinsured could have a very significant effect on their bo

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

ttom line. By reinsuring they are able to manage this risk more effectively.

mproved Surplus – on the balance sheet of a co

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

mpany it’s good to have a surplus. This is the sum of assets minus liabilities. Successful reinsurance can reduce the liability pushing up th

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

e surplus level upwards. It is desirable as it makes the company more financial stable and more attractive to potential investors.

A

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

rbitrage – another reason reinsurance is often popular is due to arbitrage. If you are not familiar with arbitrage in simple terms i

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

Following aspects would a

t is where you sell something at a high cost which you then buy at a low cost. In reinsurance this would be where a company sells you insuran

dd to the challenges in developing combination products:

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

ce at one price yet is able to insure that same risk at a lower cost from another supplier. This is of course hugely appealing to insurance c

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

ompanies and fuels some of reinsurance popularity.

Two Types of Reinsurance

Proportional – this type of reinsurance

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

is often known as quote share insurance. If companies are entering into a proportional reinsurance arrangement they divide the risk up as a

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

percentage. Assuming insurance company alpha reinsures 50% of my house insurance with insurance company beta, if I then make a claim both com

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

Professional from academic institutions, pharmaceutical industries, health care indust

panies would pay their percentages of the settlement. The agreement doesn’t have to be with just two companies, it is possible for several co

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

mpanies all insuring the same risk sometimes with different percentages.

Non-Proportional – this system works in slightly d

.

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

ifferent way. Assuming I felt on any policy I could only pay out a ?1000 but there is a likely hood that the risk could require more coverage

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

Companies that provide selfless information through particip

I could get reinsurance for ?9k. If this even then does take place and costs ?5 thousand I can then recover ?4k from the reinsurance company

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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