Answers - Real Estate

No matter which way you look at it buying a home is a major investment. But for many homebuyers, it can be an even more expensive process than it needs to be because many fall prey to at least a few of the many common and costly mis

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

takes which trap them into either:

-paying too much for the home they want, or

-losing their dream home to another buyer or,

-(worse) buying the wrong home for their needs.

A systemized approach to the home buying process can he

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

Examples of combination products may in

lp you steer clear of these common traps, allowing you to not only cut costs, but also secure the home that's best for you.

9 Buyer Traps

This important report discusses the 9 most common and costly of these homebuyer traps, how t

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

identify them, and what you can do to avoid them:

1. Bidding Blind

What price should you offer when you bid on a home? Is the seller's asking price too high, or does it represent a great deal. If you fail to research the market i

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

n order to understand what comparable homes are selling for, making your offer would be like bidding blind. Without this knowledge of market value, you could easily bid too much, or fail to make a competitive offer at all on an exce

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

Combination pro

lent value.

2. Buying the Wrong Home

What are you looking for in a home? A simple enough question, but the answer can be quite complex. More than one buyer has been swept up in the emotion and excitement of the buying process only

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

to find themselves the owner of a home that is either too big or too small. Maybe they're stuck with a longer than desired commute to work, or a dozen more fix-ups than they really want to deal with now that the excitement has died

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

down. Take the time upfront to clearly define your wants and needs. Put it in writing and then use it as a yardstick with which to measure every home you look at.

3. Unclear Title

Make sure very early on in the negotiation that y

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

u will own your new home free and clear by having a title search completed. The last thing you want to discover when you're in the back stretch of a transaction is that there are encumbrances on the property such as tax liens, undis

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

closed owners, easements, leases or the like.

4. Inaccurate Survey

As part of your offer to purchase, make sure you request an updated property survey, which clearly marks your boundaries. If the survey is not current, you may fin

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

that there are structural changes that are not shown (e.g. additions to the house, a new swimming pool, a neighbor's new fence which is extending a boundary line, etc.). Be very clear on these issues.

5. Undisclosed Fix-ups

Don't

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

Following aspects would a

expect every seller to own up to every physical detail that will need to be attended to. Both you and the seller are out to maximize your investment. Ensure that you conduct a thorough inspection of the home early in the process. C

dd to the challenges in developing combination products:

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

onsider hiring an independent inspector to objectively view the home inside and out, and make the final contract contingent upon this inspector's report. This inspector should be able to give you a report of any item that needs to b

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

fixed with associated, approximate cost.

6. Not Getting Mortgage Pre-approval

Pre-approval is fast, easy and free. When you have a pre-approved mortgage, you can shop for your home with a greater sense of freedom and security, kn

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

owing that the money will be there when you find the home of your dreams.

7. Contract Misses

If a seller fails to comply to the letter of the contract by neglecting to attend to some repair issues, or changing the spirit of the ag

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

eement in some way, this could delay the final closing and settlement. Agree ahead of time on a dollar amount for an escrow fund to cover items that the seller fails to follow through on. Prepare a list of agreed issues, walk throug

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

Professional from academic institutions, pharmaceutical industries, health care indust

h them, and check them off one by one.

8. Hidden Costs

Make sure you identify and uncover all costs - large and small -far enough ahead of time. When a transaction closes, you will sometimes find fees for this or that sneaking thr

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

ough after the "sub"-total - fees such as loan disbursement charges, underwriting fees etc. Understand these in advance by having your lender project total charges for you in writing.

9. Rushing the Closing

Take your time during t

.

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

is critical part of the process, and insist on seeing all paperwork the day before you sign. Make sure this documentation perfectly reflects your understanding of the transaction, and that nothing has been added or subtracted. Is th

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

Companies that provide selfless information through particip

e interest rate right? Is everything covered? If you rush this process on the day of closing, you may run into a last minute snag that you can't fix without com-promising the terms of the deal, the financing, or even the sale itself

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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