Answers - Real Estate

I've heard a lot of agents discussing Zillow.com lately. Some complain the website (founded by Richard Barton, former CEO of Expedia.com) will hurt their business by taking awa

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 one of the key services they offer clients -- namely, comps.

My first advice is not to rely so heavily on comps and consultations in the first place. My second bit of advice

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

Examples of combination products may in

is to view Zillow.com in the proper perspective.

Don't Rely on Comps and Consultations
This is a point I’ve been making for years, and the Zillow.com discussion b

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

ings it back into the light. If your real estate marketing program relies on comps, then your marketing program is flawed (long before Zillow ever came along). Likewise, the da

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

ys of hanging your hat on the "free consultation" have passed.

Much of the information you would share during a consultation can be found on the Internet, if you know where to

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

Combination pro

look. And believe me, your prospects know where to look. They can view homes online. They can find current interest rates online. And now (with the advent of such websites as H

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

ouseValues and Zillow) , they can get a ballpark valuation of their home based on comps.

Sure, comps are part of the service you provide, and they definitely help your clients

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

understand the big picture and proceed accordingly. So keep offering them. Just don't make it the focal point of your personal marketing efforts. It worked ten years ago ... i

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

doesn't work anymore.

A Closer Look at Zillow.com
The data Zillow provides is nothing new. The way they interpret and present the data is new, but the data itself

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

has always been publicly available. Zillow has just simplified the data acquisition process and created clever phrases like the "Zestimate," fancy talk for their own best gues

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

.

They say it themselves on their website: "We've done the legwork by getting huge amounts of data ... and creating something unique that the public sources don’t provide -- a

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

Following aspects would a

Zestimate..."

Why I'm Not a Mechanic
Let's imagine there was a website where I could enter a description of car trouble I was having: engine lags when acceleratin

dd to the challenges in developing combination products:

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

g, blue smoke comes from exhaust pipes, etc.

That website might give me a rough idea of what the problem is. It might even give me detailed instructions on repairing these pot

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

ntial problems, and an estimate of how long it might take. But that doesn't make me a mechanic. And it doesn't make me any more inclined to perform the repairs myself. That’s w

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

hat a professional mechanic is for.

Sure, I might take this diagnosis to a mechanic and say, "Here's what I think the problem is." But I'll still need the mechanic's help.

No

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

consider the fact that houses cost 10, 20, or 30 times more than a car (Rolls Royce aside), and you'll see my point.

Just because I know how much a house might be worth doesn

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

Professional from academic institutions, pharmaceutical industries, health care indust

't mean I'm ready to write up a contract and steer the sales process myself. That's a big undertaking that requires professional help. Zillow will not make professional agents

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

out of your clients any more than Weather.com will turn me into a meteorologist.

Zillow is a number cruncher. It can't listen to clients. It can't look out for their interests

.

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

and respect their needs. It can't offer them unique advice for unique situations. And it can't help them adapt to unforeseen challenges.

In short, it's no replacement for a re

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

Companies that provide selfless information through particip

al estate agent.

* You may republish this article in its entirety as long as you include the byline and author's note. If publishing online, please leave the hyperlinks active

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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