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Answers - Buying Our First Home - What We Learned And What We Should Have Known
I admit it, we were clueless. We didn't know what we were doing when buying our first home. My wife and I were anxious to get out of our small two bedroom apartment and move into a house we could call our own. Here's wha
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
t happened, the good, the bad and the lucky, and what you can do to make your home buying experience one that you will be happy with.
Here's what we did right. The first thing we did was take stock of our financial situa
Here's what we did right. The first thing we did was take stock of our financial situa
; 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
tion. This included determining how much money we could come up with for a down payment on a home. Having a budget to work with kept us focused on the homes we could afford and not wasting our time on houses we wish we c
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
uld afford. Along the same lines, we knew exactly what area of town we wanted to live in. Again, a significant time saver as our focus was on a small neighborhood with easy access to a good elementary school. The second
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
thing we did right was get pre-approved for a mortgage. Keep in mind that pre-approved is different from pre-qualified. Pre-approved means that a lender is willing to let you borrow money, pre-qualified mean a lender mig
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
t lend you money. There is a big difference and a seller is more interested in having you pre-approved. Regarding getting pre-approved, at the very last minute we asked to get pre-approved for about ten thousand dollars
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
more than we planned on spending. We figured that we wouldn't be using those funds; we just wanted to have the money available just in case something came up that we absolutely had to have. This is important as it figure
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
into the lucky portion of our home buying experience.
And now for the not so good part of buying our first home. We borrowed from our children's college education fund. Yes, we dipped into the money set aside for their
And now for the not so good part of buying our first home. We borrowed from our children's college education fund. Yes, we dipped into the money set aside for their
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
education and planned on using it for the down payment. We ended up selling number of stock shares to get the money. The good news, if you can call it that, is that the value of the stock declined considerably after we
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
old. We have since then replaced the money borrowed. Probably even more important in terms of having a home buying experience that we were happy with is the real estate agent we choose. Let me just say that you should i
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
nterview a number of agents before deciding on who you want. You will be spending a number of hours / days / weeks with this person so make sure you have the right person. The broker we used was the result of a family me
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
mber's recommendation. You would like to think that someone in your family would recommend the absolute perfect person to act as your agent. That's not necessarily the case. For us, the person we used as our real estate
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
agent was in, what I would call, the tail end of her career. She wasn't altogether "hungry" for lack of a better word. More often than not, we found the houses to look at. Coincidently, I found the house we eventually p
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
urchased while driving to work.
Finally, the lucky part of the home purchase is this. Remember that we were pre-approved for a loan that was ten thousand dollars more than we figured we would need? Guess what, we used t
Finally, the lucky part of the home purchase is this. Remember that we were pre-approved for a loan that was ten thousand dollars more than we figured we would need? Guess what, we used t
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
at money. The house we bought had a asking price, which by the way, we paid in full, that was exactly ten thousand dollars more than what we planned on paying. Also recall that I am the one who found the house we bought
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
and not the real estate agent while driving to work. The only reason I found this house is because I took a different way to work than what I normally did that day. I found our first home on the very day it went on the m
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
rket. I immediately went around the block to make another pass and pick up a flyer posted with the for sale sign. Once I arrived at work around 8 AM, I called my wife and told her to get the real estate agent on the phon
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
e and ask her if she could show us the house right now. My wife was telling me I was crazy, but I wasn't having any of that - this was the house, our house. We met at the house at 9AM, my wife absolutely loved it, and we
.
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
had an offer in writing by 10:30AM that requested a reply on receipt. The owners accepted and we moved in within two months.
This home purchase worked out because we lined up our financing in advance, we knew what we cou
This home purchase worked out because we lined up our financing in advance, we knew what we cou
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
ld afford, and we knew where we wanted to live. And in spite of our borrowing from our children's education and not having the right real estate agent for us, we were lucky enough to spot the right house at the right time
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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