Answers - Real Estate

OK, so you’ve read through Real Estate 101 and you’re pre-approved and you know how much you’re qualified to borrow. You’re ready to start shopping for houses! And you’ve found an agent with whom you feel comfortable working – by the way, this agent should be me, if you’re in the Waco area. Why get a

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

n agent, you ask? Don’t they cost extra? You could always just get those nice, color real estate magazines and/or drive around neighborhoods you like and just call the agents in the ads or on the signs. You have to call all those agents anyway since they NEVER put the price in the ads or on the flyers

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

Examples of combination products may in

Besides, once you call them, they’ll get you all fixed up and look out for your interests.

OK, time for dirty little secret #2: The agent that has the property listed is working for the seller, not YOU! This isn’t really a secret since agents are required to disclose this if you have any substantiv

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

discussion about a house with them, but most buyers, especially first time buyers, don’t understand all the implications of this disclosure. Now the listing agent is not out to rip you off or anything, in fact we are duty bound to be honest and fair with all parties. Let’s say that you decide to make

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

an offer on the house (under the asking price) with the listing agent, but you happen to mention that you’d be willing to pay the full price if that’s what it would take to get it. That agent is required to tell the seller that information, after all they are working for the seller and one of their com

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

Combination pro

mon goals is to sell it for as high a price as possible. It is important to remember that in a scenario like this one that, as a buyer, you and your interests are not being represented, and the agent cannot give you advice and opinions.

Seem crazy? Well, it is! Thankfully there is another option in

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

exas: buyer’s agency. A buyer’s agent represents the interests of you, as a buyer. No big surprise there. The buyer’s agent is working for you to find the house you want and get you the best possible deal on it. Your agent will give you advice and opinions and use his training and experience to neg

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

tiate the deal for you. There is an agreement called a Buyer’s Representation Agreement that spells out the terms and details of this agency relationship. You may be wondering who pays the buyer’s agent. Well, actually the buyer’s agent and the listing agent split the sales commission so it is the se

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

ler who actually pays both agents, even though the buyer’s agent is working for the buyer.

You may be wondering what incentive the buyer’s agent has to get the buyer the best deal, since the seller is paying him and the higher the sales price, the more commission the agent makes. It boils down to inte

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

grity. That’s what Realtors are charged to do, look out for the client’s interest above their own. Plus the simple fact that the percentages are tiny – for say $1000 differential in price, the agent stands to make maybe $25 more. No self-respecting agent is going to sell his own client down the rive

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

for twenty five bucks, or for any amount. This is especially true because Realtors depend on referrals from past clients to get new business. If you feel like I didn’t work hard to represent your interests, you sure aren’t going to recommend me to one of your friends. Then there’s simple pride: any

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

Following aspects would a

decent agent loves to outmaneuver his counterpart (the other agent) in negotiating a deal. A few dollars more (or even a few hundred more) of commission will never replace the bragging right you earn when you do some clever negotiating. Remember, our job as a Realtor is to get the best deal for our cl

dd to the challenges in developing combination products:

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

ent and we want to do our job well, just like anyone else does.

There are some other benefits to having a buyer’s agent that might not come immediately to mind. Some of the best deals are sold “in-house” before they ever hit the MLS (multiple listing service – the computerized list of available proper

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

ties for sale) or the open market. If one agent at a particular brokerage lists a great house for an awesome price, they will naturally tell their co-workers about it and should any of them have a buyer looking for something similar they are going to rush out and show the property and submit an offer b

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

fore it’s even entered into the MLS. You will never find a deal like this looking through magazines or driving the neighborhoods.

Also, a good agent will automate the searching process for you. He will set it up so that you will receive an email the moment a property that meets your specifications en

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

ers the MLS, often before many Realtors know about the property. That way you can beat other buyers to the best deals, it’s quicker and easier than driving around town or sifting through magazine ads which are 2-3 weeks old at best when they first come out.

What if your dream home turns out to be one

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

Professional from academic institutions, pharmaceutical industries, health care indust

hat your agent just listed? Or maybe you found your agent by calling his ad and that house just happened to be “the one”? Well, thankfully, there is a provision for that as well. It is the “intermediary” relationship. In Texas, you must have a Buyer’s Representation Agreement signed with the listing

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

agent for them to be acting as an intermediary. Also, he must have written consent from the seller to act as an intermediary. Technically it is the broker who is the intermediary, but the agent will be representing his broker. The intermediary is bound not to disclose confidential details (like whet

.

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

er the buyer will pay more or seller will take less) to either party without written permission. Also, he is not allowed to give advice to either party – in effect he merely facilitates getting the deal done. Often a deal can be negotiated more quickly since there are fewer links in the chain of commu

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

Companies that provide selfless information through particip

ication from potential buyer to seller.

You may be wondering just how you go about making offers and what takes place during the negotiating process that we hinted at earlier in this article. Well, check back soon for the next installment of this series. Offers & Counteroffers – Negotiating a Contrac

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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