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Answers - Dodo Birds, Travel Agents - and Realtors?
There once was a time when buffalo roamed the prairies. Dodo birds, as far as the eye could see. You bought your airplane tickets from a travel agent, and your house from a realtor.
Well, you still probably buy and sell houses using a realt
Well, you still probably buy and sell houses using a realt
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
or, but probably not for much longer. The winds of internet-driven change have been blowing through every industry, ending traditions and creating new paradigms everywhere they reach. Real estate has been remarkably resistant to change thu
; 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
s far, mostly because of the power of the realtors' lobby and its death-grip on politicians. But cracks in the system are starting to let some daylight in, and once consumers get a sense of what they've been missing, there will be no stoppi
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
ng the stampede.
A moment of digression: in the 90's, I worked in the travel industry. Over the course of 10 years, I witnessed first-hand a huge upheaval in the business of travel. When I started, the travel agent was the gatekeeper... t
A moment of digression: in the 90's, I worked in the travel industry. Over the course of 10 years, I witnessed first-hand a huge upheaval in the business of travel. When I started, the travel agent was the gatekeeper... t
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
e source of information, expertise, pricing and tickets.
Agents claimed 3 primary advantages:
1) We are the source of information on flight availability and pricing. No one else has access.
2) We are the experts. No one else can t
Agents claimed 3 primary advantages:
1) We are the source of information on flight availability and pricing. No one else has access.
2) We are the experts. No one else can t
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ell you the best way to get from Wichita to Boise, and no one else can recommend the best carrier to do it with.
3) We are the ticket source. You can't fly without tickets, can you?.
Airlines went to great lengths to coddle agents,
3) We are the ticket source. You can't fly without tickets, can you?.
Airlines went to great lengths to coddle agents,
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
since agent support was essential to a carrier's success. Travelers also flocked to agents, often building relationships with particular agents who came to know their needs and preferences. Agents relished this position of power, and used
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
it to command a 10% commission.
But then came the internet. The internet provided free information, as well as access to experts. The internet EMPOWERED the consumer. It wasn't perfect at first, but it rapidly got better. Budget carriers,
But then came the internet. The internet provided free information, as well as access to experts. The internet EMPOWERED the consumer. It wasn't perfect at first, but it rapidly got better. Budget carriers,
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
and then all carriers, saw the value of a new distribution system and started moving inexorably towards it. Agents screamed and howled, but the game was over long before they knew it. As carriers gained control of their destiny, agent commi
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
ssions started to drop. 10%, 8%, 5%.
It's now 10 years later-- when was the last time you bought a ticket from a travel agent? When was the last time you even had a paper ticket?
Does any of this sound familiar as relates to real estate? T
It's now 10 years later-- when was the last time you bought a ticket from a travel agent? When was the last time you even had a paper ticket?
Does any of this sound familiar as relates to real estate? T
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
raditionally, Realtors have been the information source. The negotiators. The deal-makers. They work the buy- and the sell- end of the deal, sometimes simultaneously. You couldn't buy or sell a house without one, and it would cost you 5% of t
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
he selling price, regardless of the time or work involved.
Think about how the internet has changed things. Suddenly, the consumer has almost exactly as much information as the Realtor (the only information he or she doesn't have is the info
Think about how the internet has changed things. Suddenly, the consumer has almost exactly as much information as the Realtor (the only information he or she doesn't have is the info
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
which the Realtors refuse to make available to the public, even though the consumer now has BETTER navigating and search tools). New companies have popped up which offer to handle the messy paperwork and the legalese. Slowly but surely, the R
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
ealtor is becoming an optional, rather than an essential, part of the equation. There is a 25-cent word for all of this: disintermediation. The removal of the middle man. It came to travel, and it's well underway in real estate.
Realtors hav
Realtors hav
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
e some good arguments. "We are experts, we are professionals with a huge amount of valuable experience." And it's true-- some really are experts, just as the traditional travel agents once were. And the experts are worth their weight in gold.
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
But most real estate professionals are part-time, and anyone who has ever dealt with many knows that most agents really provide little if any extra value. And certainly not 5% of the deal value. Realtors know this, which is why 5% has sudden
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
y become negotiable.
Internet-driven real estate companies are stepping in - Zip Realty, for example. Having been disintermediated by the market, Realtors have attempted reintermediation by legal fiat. But this tactic can at best only delay
Internet-driven real estate companies are stepping in - Zip Realty, for example. Having been disintermediated by the market, Realtors have attempted reintermediation by legal fiat. But this tactic can at best only delay
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
the inevitable: in the near future, you will buy and sell houses on your own. You will hire companies, for a fixed fee, to market the property. You will price the property under advice from sites like Zillow. The miscellaneous fees which myst
.
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
eriously pop up at closing will disappear, replaced by fixed-fees by transaction, negotiated upfront. You probably won't even have to have a traditional 'closing'. Just check the box on a secure website. Congratulations, you're the new owner
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
of a house. The money has been electronically transferred to the seller's bank account.
It will be a brave new world, where gold Century 21 jackets will no longer be seen in your neighborhood, but will always be on display at the Smithsonian
It will be a brave new world, where gold Century 21 jackets will no longer be seen in your neighborhood, but will always be on display at the Smithsonian
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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