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Answers - Property Auctions - Tips For Getting A Good Deal
Property auctions used to be rather specialised events, but now they have become quite mainstream in the UK. They seem to feature on TV all the time.
All sorts of different types of properties are sold at auction th
All sorts of different types of properties are sold at auction th
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
ese days. I've seen everything from the pristine and prestige, through the middle ground of properties ripe for restoration or development, and down to the dregs of the defective and downright ugly.
If you're thinkin
If you're thinkin
; 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
g about investing in property, it will be worthwhile getting hold of auction catalogues for your area, even if you don't intend to actually buy through auction. Study what's available. Even better, view some propertie
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
s and attend some auctions, as this will help you cross-check the prices being asked by estate agents.
As a buyer, the auction route can offer you the opportunity to get a good deal. There are three main reasons for
As a buyer, the auction route can offer you the opportunity to get a good deal. There are three main reasons for
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
this:
1. Often the auction hammer price will be cheaper than that for a comparable property sold through the high-street estate agents, particularly if there are few bidders on the day.
2. Properties with improve
1. Often the auction hammer price will be cheaper than that for a comparable property sold through the high-street estate agents, particularly if there are few bidders on the day.
2. Properties with improve
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ment or development potential are often sold through auction, so if you're looking for this sort of thing, auctions are an important place to look.
3. The auction process is quick and certain. The marketing period i
3. The auction process is quick and certain. The marketing period i
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
s usually only about three weeks prior to the auction and once the hammer falls on the day, a binding contract is made and the property is yours, if your bid wins.
So you can get a good deal, but you do have to take
So you can get a good deal, but you do have to take
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
extreme care when buying at auction. You should ask yourself, "Why did the seller choose to sell this property at auction?"
Realise that sellers will be looking for some benefit, in return for taking the risk of bei
Realise that sellers will be looking for some benefit, in return for taking the risk of bei
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
ng forced to accept a lower price than they would really like. It may be just the benefit of a quick sale.
However, some sellers may be using auction to dispose of a property that would not be easy to sell, by other
However, some sellers may be using auction to dispose of a property that would not be easy to sell, by other
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
means. This is why you need to be wary.
The property may need significant work, although this could be the very reason for your interest, if you are a developer.
However, there may be more serious problems that cou
The property may need significant work, although this could be the very reason for your interest, if you are a developer.
However, there may be more serious problems that cou
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
ld be financially ruinous. Examples are defective title, rights of way issues, structural problems and disputes between freeholders and leaseholders.
Many problems are supposed to be disclosed by the seller, but in p
Many problems are supposed to be disclosed by the seller, but in p
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
ractice, you will probably have to identify the problems yourself, with assistance from your professional advisers such as surveyors and solicitors. Also, remember that with auctions, there's only limited time to inve
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
stigate these things, typically just a couple of weeks. It can be even less, particularly if the seller is slow to make information available before the auction. It is not uncommon for important, new information to a
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
ppear right up to the day of the auction. It is therefore vital to have a good, responsive solicitor who will pull out all the stops if necessary, to help you decide whether to bid or not.
If you are serious about b
If you are serious about b
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
uying at auction and you are on the lookout for a bargain, then remember the following points.
1. Get the catalogue early, so as to maximise the time you have before the auction day. View the properties that interest
1. Get the catalogue early, so as to maximise the time you have before the auction day. View the properties that interest
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
you at the first available opportunity.
2. Get your finance sorted out upfront. Remember that if you are a successful bidder, you will have to pay 10% immediately by bank draft, followed by the remainder on completi
2. Get your finance sorted out upfront. Remember that if you are a successful bidder, you will have to pay 10% immediately by bank draft, followed by the remainder on completi
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
on (usually 28 days later). Don’t think you can bid first and then arrange a mortgage later, if you are successful – the penalties for defaulting can be serious.
3. If you decide to bid for a property, ensure your so
3. If you decide to bid for a property, ensure your so
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
licitor gets the legal papers straightaway and knows the auction date, so he can carry out enquiries urgently.
4. Find out as much about the property as you can. Talk to the neighbours. Try asking local estate agents
4. Find out as much about the property as you can. Talk to the neighbours. Try asking local estate agents
.
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
what they know.
5. Have a survey – try to get a quick, but thorough survey, perhaps with a verbal report to save time.
6. Decide the maximum price you can afford to pay and stick to it on the day.
7. Be prepared t
5. Have a survey – try to get a quick, but thorough survey, perhaps with a verbal report to save time.
6. Decide the maximum price you can afford to pay and stick to it on the day.
7. Be prepared 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
o be disappointed. On the day, there may be several keen bidders for your lot, but only one can be the winner. You may well have to write-off your legal and survey costs, together with a good deal of emotional effort
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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