Answers - Real Estate

What an exciting day; the day you close on your new home! A few days before, your Realtor had called to schedule the date and time of the final walk-through. You thought, "

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

This is great! I needed to check the paint color in the bedroom and measure the windows for blinds." But that is not what the final walk-through is for. This is the last op

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

Examples of combination products may in

ortunity for you to see the home prior to closing. It is an appointment not to be missed or glossed over. It is a time to stay focused on your investment and examine the co

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

dition of the property one last time.

The purchase agreement that you sign in the state of Minnesota requires the seller to warrant that the central air conditioning, heat

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

ing, plumbing and wiring systems on the property are in working order on the date of closing. It also insures you the rights to a "walk-through" review of the property prio

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

Combination pro

to closing. This is not something to forego.

Last year there was a news report of first-time buyers who headed with all of their belongings directly to their new home aft

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

r closing. They intended to move right in and enjoy their dream home but arrived to find a nightmare. Sometime since seeing the home and writing a purchase a

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

greement, a pipe had burst and flooded the entire home. They had considered the final walk-through unnecessary since they had just seen the home days ago. Now they were the

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

proud but frustrated owners of a huge mess. Although they do have legal remedies for having the home repaired, these buyers would have been in a much better position if the

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

negotiated with the seller prior to closing. Or in the case of this extreme damage, the buyers could have not signed the final documents to purchase the home.

Every buyer

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

should do a final walk-through on the home as close to the closing as possible. I suggest to my clients that we schedule the walk-through immediately prior to the closing.

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

Following aspects would a

We meet one hour before at the home to review the condition of the property and then go directly to the closing. Any problems are noted and I immediately contact the seller

dd to the challenges in developing combination products:

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

s agent so they have time to discuss the situation with their seller before our arrival.

The walk-through just prior to closing doesn't eliminate every surprise that a new

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

buyer might face. But it significantly reduces the chance of closing on an unknown disaster. Here is a quick guide of some of the areas to consider during a final walk thro

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

ugh

Final Walk-Through Guide

Double Check the Paperwork
**Are all work orders complete? Are you satisfied with the results?

Exterior Review

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

**Check for any changes to exterior since purchase agreement.

Plumbing Review
**Flush all toilets.
**Check all faucets for water pressure and temperatur

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

Professional from academic institutions, pharmaceutical industries, health care indust

.
**Check operation of all appliances

Interior Rooms Review
**Check for any changes to interior since purchase agreement.

Electrical Review
*

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

*Check all lights, outlets, bathroom fans and kitchen fans.

Furnace and Air Conditioning Review

Attic and Basement Review
**Check for changes in an

.

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

stained, damp or wet areas.

The final walkthrough should be done with a complete checklist and organized plan. (For a complete checklist visit www.terieckholm.com/WalkChe

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

Companies that provide selfless information through particip

k.htm ). After a review of the home inside and out with a checklist will get you back to exciting part of that final walk-through...Will the couch look better here or there

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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Can you imagine wiping out your web site and your voice mail system on purpose? One well-known publisher has done this, and you'll find it hard to argue with his success, says Dr. Gary S. Goodman, top speaker, best-selling author, and Fortune 1000 consultant.

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