Answers - Real Estate

Purchasing your first home is a big step, that comes with some very serious decisions. Many homebuyers are intimidated by the process, and continue renting much longer than they should, or need to. However, if you break the homebuying process down into these simple steps, and follow these importa

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

nt tips, you will find the process less intimidating, and much more manageable.

1)Before You Begin, Ask Yourself One Question

Will you live in your next home for at least 3 years? If the answer is “Yes,” you should probably purchase, rather than continue renting. With average appreciation, you’

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

Examples of combination products may in

l break even on your closing costs after 2 years, and start making money at year 3. Every year after that will put more money in your pocket! The most expensive aspect of real estate is buying & selling, so the longer you can live in the home the better. However, purchasing makes sense if you can make

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

as little as a 36 month commitment.

2) You Don’t Need a Down Payment!

It always surprises me how many people want to purchase a home, but don’t because they believe that a hefty down payment is required. Zero down programs are very common, and are quickly becoming the norm, rather than the excep

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

ion to the rule. Because your new home is collateral for the loan, there are many banks that will jump at the chance to loan you 100% of its value. Perfect credit isn’t a requirement, either. Because real estate typically appreciates in value, it’s often easier to be approved for a 100% mortgage

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

Combination pro

than it is to borrow 100% for a car!

3) Get Pre-Qualified

Pre-qualification is a very important step, and the step that first time home buyers dread the most. Qualifying to buy a home is pretty easy and requires relatively little work for you. Pre-qualification is what gives you buying p

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

ower and allows you to make an offer on your dream home when you’ve found it. More importantly, pre-qualification will let you know how much your new home will REALLY cost – in monthly payments. A $150,000 or $300,000 home doesn’t mean a lot to most buyers – but $1200 per month and $2500 per month are t

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

ngibles that everyone can understand. After your lender pre-qualifies you, ask them for a “payment table” that shows you a rough estimate of TOTAL monthly payment based on purchase price. Pick your payment, and you know the price range to shop in.

4) Consult a Realtor ASAP

Many first time home

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

uyers avoid contacting a Realtor because they dislike high pressure sales. However, Realtors have an advantage over traditional salespeople because they have access to the Multiple Listing Service, which is a database that lists roughly 99% of the homes for sale in a given market. This means that your R

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

ealtor doesn’t have to sell – he/she merely presents your options. The most important qualities to look for in your Realtor are his/her knowledge of your specific market and their willingness to help. Interview a few agents and choose one that will help guide you through the process. You’ll find the he

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

p & insight will be invaluable – and you’ll be glad you contacted your Realtor sooner, rather than later.

5) Make a List of “Must Haves” & “Wants”

Many new home buyers mistakenly think that they will “just know” when they “walk into the one.” While some buyers DO fall instantly in love with a ho

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

Following aspects would a

e, this is not the norm. You’ll find your search is easier, and you will be more confident in your decision, if you take a systematic approach to your search. The best way to organize your search is to make two lists: Your “must haves” and your “wants.” Your “must haves” are the absolute necessities in

dd to the challenges in developing combination products:

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

your new home – in fact, you don’t even need to view a home if it doesn’t have every “must have.” Great examples of your “must haves” are price, school district, size, etc… Your “wants” are the qualities that you would like for your new home to have, but it’s not a necessity. Great examples of “wants”

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

are color, flooring, kitchen appliances, surround sound, and type of exterior. By taking the time to articulate what you need and want in your new home, you will know exactly what to look for when viewing prospective homes.

6) Pick Your Favorite Neighborhoods

You can always make changes to your

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

ouse, but you can never change its location. Most home buyers already have a good idea of where they would like to live because of school districts, work, or other factors. However, neighborhoods can be pretty different, even in the same area of the city. Ask your Realtor to email you a list of homes i

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

n the specific area of town you’re interested in. Take a drive through the different neighborhoods on the list your Realtor sends you, and choose your favorites. Pay attention to area amenities, how well the yards & common areas are kept, and if you see a lot of “for lease” signs – which can be an indic

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

Professional from academic institutions, pharmaceutical industries, health care indust

tion of a heavy rental area, and lacking in “pride of ownership.” After you have picked your favorite neighborhoods, and you know your “must haves” and “wants,” you can literally make a list of EVERY home available that meets your criteria, and view those homes.

7) Make Your Decision!!!

Homebuye

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

s often hesitate after they’ve found the right home because they’re not confident about their decision, or their decision-making process. Your home is probably the largest investment of your life, and it’s normal to feel butterflies in your stomach before putting your first home under contract. However,

.

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

if you do your due diligence - and you have if you followed the steps above - then you will have your bases covered. If you’ve found a home that meets all of your “must haves,” most of your “wants,” is in the right neighborhood, and in your budget – it’s the home for you! Don’t wait and let another buy

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

Companies that provide selfless information through particip

r take YOUR home!

Buying your first home can seem very intimidating, but can be extremely exciting and manageable. If you think that buying a home is right for you, it probably is. Make sure and follow these important tips and you’ll know you made the right decision when you find your first home

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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