Answers - Real Estate

Northern Arizona’s high country lies on a vast landscape of rolling hills, fragrant pine forests and snow-capped mountains. While summer temperatures in the valleys top 100 degrees, temps in Prescott, Payson and Flagstaff average in the high

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

80s. Even chilly winter days are pleasant because the high desert sun shines 300 days per year. Because of its climate, vast recreational opportunities and low crime rates, this region has seen an influx of retirees and second-home buyers i

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

Examples of combination products may in

recent years.

From California to the East Coast, newcomers are taking advantage of low, national interest rates to flood northern Arizona area markets. With most land locked up in National Forests and Parks, the supply of new homes hasn’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.

kept up with demand. In less than two years the housing markets in Flagstaff, Payson and Prescott have increased from 12% to 35%, and real estate agents from all three towns predict another few years of boom. Despite this bullish market, ave

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

age home prices still remain reasonable compared to other U.S. mountain towns.

Prescott: At 5,400-feet, Prescott boasts a mild climate with four seasons and pristine air quality. Cultural, educational, job and health care opportunities com

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

Combination pro

are favorably to those found in metropolitan areas, but the city still retains its small-town feel. Subsequently, newcomers have flooded to the area at a steady rate and housing prices have almost doubled in five years. Prescott’s 37,500 res

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

idents now pay an average of $360,000 for a single-family home. Although significantly above the national average, these prices haven’t deterred two-thirds of residents from owning their own homes.

According to Red Arrow Real Estate Broker

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

ohn Clark, because Prescott is the “most desirable place to live in Arizona,” every part of the market is booming. “Years ago, it was more of a retirement community,” he says. “Now they come because of jobs and growth, which creates more job

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

s.” They also come to buy second homes. Low interest rates have allowed many Californians and lowland Arizona residents to refinance their primary residences, freeing up money they then invest in second homes in Prescott. Things aren’t slowi

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

g down either. “Builders are growing homes as fast as they can to meet demand,” says Clark, “but we have more buyers than we have sellers and inventory is not available in certain prices ranges.”

Payson: With the 7,000-foot, 200-mile long

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

scarpment of the Mogollon Rim and two mountain ranges as its backdrop, its no wonder newcomers flock to Payson. Scenery and recreational opportunities aside, this town of 14,300 boasts a low cost of living and lower than national average hom

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

Following aspects would a

e prices. At $283,000 home prices are ideal for retirees and second-home buyers. Around 80% of residents own their own homes.

According to Coldwell Banker agent Lori Coleman, market prices have increased at rates up to 25% in the last 18 mo

dd to the challenges in developing combination products:

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

ths because of the aggressive market and a lack of available private land to develop. “We’ve seen prices go up dramatically,” she says. Still, she adds, because Payson is smaller and harder to find, prices are lower than what is found in oth

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

er American resort towns (home prices in Aspen, Colorado, for example, are closer to a million). This appeals to the countless Californians who want to buy second homes and to the retirees that flood the area. Adds Coleman, because Payson do

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

sn’t have industry like other areas, “people who are usually here for the long term.”

Flagstaff: Surrounded by the Kaibab and Coconino national forests as well as canyon and desert terrain, Flagstaff residents enjoy stunning scenery and a

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

lethora of outdoor adventure opportunities. At 7,000 feet, this town of 56,000, which sits in the heart of the San Francisco Mountains, is the second highest established metro area in the country. The city boasts the most educated population

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

Professional from academic institutions, pharmaceutical industries, health care indust

in the state and a housing market that has increased 50% in the last five years. Average home prices recently reached $403,000. Despite elevated costs about half of residents own their own homes.

Realty Executive real estate agent Pat Love

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

, a 26-year veteran in the field, says he’s never seen such a phenomenal market. “It’s not unusual to have multiple offers on your property,” Loven says. “There’s more demand than there are houses.” Because only 18% of the Flagstaff area is

.

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

privately owned (the rest is owned by the state or reservations), development costs are increasing and houses are appreciating at rates of 12% to 20%. And, says Loven, the future looks bright. The steady flow of incoming students along with

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

Companies that provide selfless information through particip

n infusion of retirees and second-home buyers looking to escape lowland heat will stabilize markets for years to come. “Even when interest rates were 17%, our market didn’t go down,” Loven explains. “Investments in this area are a good idea.

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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