Answers - Real Estate

If you have been a landlord for longer than a year, chances are you have run across a tenant who does not pay rent on time or worse, doesn’t pay the rent at all. This is a common proble

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

m for landlords and the best way to handle it is to be firm, fair and consistent with this problem tenant.

We have all experienced it. Rent is due on the first; here we are on the thir

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

Examples of combination products may in

d and still no check. You call the tenant who tells you that “the car has broken down and needs to be fixed so I can work” or “my check doesn’t clear until Monday, I’ll have it for you

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

then”. Monday comes and you hear “I’ll have the money on Wednesday for sure”.

As soon as you let the tenant start calling the shots, they won’t stop. Next month they will remember the

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

power that you have relinquished and will stretch rent collection out all over again.

How should you deal with this tenant? There are several steps you can take to help them get the re

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

Combination pro

nt to you on time, every month.

The first step you can take is to be firm is from the start. When you sign the lease with a new tenant inform them that the rent is due on the first of

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

the month and they will be paying late fees for every day the rent is late. Tell them that communication is key and to call you if the are going to be late with the rent. It’s up to you

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

if you are going to give them a grace period or waive late fees the first time rent is late if it’s not habitual. This way you are the one calling the shots, not the tenant.

The secon

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

d step is to enforce late fees every month. Tenants hate to pay extra rent and when they know you are going to charge them $5 every day the rent is late they will make every effort to g

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

et that rent to you on time. Charging late fees and more importantly enforcing late fees also takes some of the stress out of not having that rent in hand. You know you are making $5 ex

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

tra per day and if they don’t pay the fee immediately you can deduct it from their deposit at any time. Be sure to inform them you made this deduction and don’t let the security deposit

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

Following aspects would a

go to low using this method.

The third step is, when the rent is 2-3 days late, issue a 10 day notice to pay rent or quit. It doesn’t matter how nice this tenant is, or how great your

dd to the challenges in developing combination products:

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

report is with this tenant. This gives you the OPTION to file for repossession. Chances are they will pay you before you have to repossess the apartment but incase they don’t pay you,

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

you can file after 10 days. A lot of landlords wait too long to issue this 10 day notice. By the time they want to start the legal path, the tenant will have 10 additional days before t

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

he landlord can file to repossess the apartment because of the requirement to deliver the 10 day notice.

The fourth step is to leverage the power you have over the tenant’s rental hist

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

ory by reporting them to any or all of the different credit bureaus and tenant databases. To report to the credit bureau you need to pay for membership to a service that can submit this

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

Professional from academic institutions, pharmaceutical industries, health care indust

for you. To report them to the Deadbeat Database you need to join their website which costs about $70.

Finally, the free option is to join the FreeLandlordSoftware.com which gives you

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

access to a database for landlords to post and browse tenant rental histories for free. Whichever option you choose, you should inform the tenant of your intention and this may encoura

.

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

ge the tenant to pay what they owe you.

Remember, you are the one with the control. It is your property and it’s up to you to protect your investment. When you apply the pressure to pa

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

Companies that provide selfless information through particip

y the rent early in the process, you can always ease up after you are paid. When you wait for the tenant to string you along, you give up the control and you are the one that will lose.

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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