Actual - Legal

For most businesses the date of October 1st will have no real significance and yet for solici

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

tors this date has become surnonimous with one thing and that is their Professional Indemnity

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

Examples of combination products may in

Insurance renewal.

And with most solicitors insurance falling on the same date of the year,

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 months leading up to 1st October can be a minefield of insurance providers trying to secur

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

business and solicitors attempting to get the best deal possible.

And if recent trends are

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

Combination pro

nything to go by then the 2007 Solicitor Insurance season also seems to be an exciting time f

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

r all those involved.

In 2000 the Law Society opened the way for Solicitors Professional Ind

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

mnity Insurance to be sold via the Commercial Insurance market when the Solicitor Indemnity F

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

nd (SIF) ended. Since 2000 we’ve seen:

Solicitor fee income increasing by on average

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

7% per year

Solicitor PI claims increasing by around 5% per year

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

Premium income falling with 2006 showing a fall of around 10% from ?234 million to ?

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

Following aspects would a

211 million

The compulsory limit of cover for solicitors doubling to ?2 mi

dd to the challenges in developing combination products:

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

lion from ?1 million

So with more fee income, more claims and more cover you might

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

expect premiums to rise but the trend has been for solicitors insurance to fall. For solicito

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

s this of course is great news and no doubt 2007 will once again mean more insurance provider

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

fighting for a slice of the solicitors insurance PI.

Business Insurance and specifically Pr

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

Professional from academic institutions, pharmaceutical industries, health care indust

fessional Indemnity Insurance for Solicitors is a highly competitive market so in the coming

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

onths Northern Counties Insurance Brokers (The UK’s Solicitor Insurance Brokers) will be prov

.

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

ding Solicitors with the secrets to getting the best deal on Solicitors Insurance but for mor

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

Companies that provide selfless information through particip

information on professional indemnity insurance for solicitors visit www.northerncouties.com

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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