Answers - Real Estate

When you are selling your home, it is incredibly frustrating to have days, weeks, and even months go by without a sale. Worst-case -- the listing expires without a sale. With increasing average market t

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

ime to sale, the number of listings expiring each month is on the rise.

Understanding the reasons why listings expire can help you reduce the risk that it will happen to you, and increase the likelihoo

; 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 that your home will sell quickly and for the best price.

The four main reasons a property doesn’t sell are:

1. condition

2. staging

3. pricing

4. marketing

Part one of “Why Listings Expire” disc

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

usses condition, since it is the number one component a home seller can consider to ensure the salability of their home and the ultimate price they receive.

Condition is critical because it colors 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

rospective buyer’s perception. Buyers are looking for well-cared-for, move-in-ready properties, so a home in excellent condition can leverage price and lower market time. When priced appropriately, cond

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

Combination pro

ition can ensure a sale even in a less-than-favorable market.

Several items to address before listing your home are common-sense:

1. Clean everything thoroughly. Your home should sparkle. Kitchens and

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

bathrooms should be spotless. De-clutter throughout your home and clear off the counters. Be sure windows are clean and accessible so buyers can see the view.

2. Replace worn, damaged or dated floor c

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

overings. The “carpet allowance” is a thing of the past. Today’s homebuyers don’t want to have to tackle projects before they move in. In addition, the actual cost of new carpet or flooring is usually m

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

ch less than the reduction buyers would want off your asking price.

3. Remove tired or loud wallpaper. A coat of paint freshens the house and makes it more amenable to anyone’s d?cor.

4. Replace or re

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

pair anything that is broken. The homebuyer wants a home that works and anything that might hint at problems or a lack of upkeep are red flags. A dripping sink, running toilet, or cracked light fixture

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

send a message that the property hasn’t been cared for.

5. Pay attention to curb appeal. First impressions are critical and could even halt a prospective buyer from going inside. Lawn and landscaping s

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

Following aspects would a

hould be well-maintained, paths clear and in good repair, front door freshly painted if needed.

A word of caution: not all improvements are created equal. It’s a good idea to consult with your Realtor

dd to the challenges in developing combination products:

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

o identify how best to spend your money on improvements. While many of the items listed above can easily be worth at resale double the amount of money you spend (depending on the home and market conditi

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

ons), there are some improvements that rarely even pay for themselves. Be careful not to overdo it.

Common mistakes include completely redoing a kitchen, when simply replacing the countertop would have

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

been enough of an update for a sale. Replacing kitchen cabinets or a total update can be expensive and time-consuming, and rarely increases the resale value enough to justify the expense when done sole

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

ly for the purpose of selling the home. Obviously, broken windows should be fixed or replaced, but don’t replace all of the windows in the house expecting to get back all the money when you sell. The sa

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

Professional from academic institutions, pharmaceutical industries, health care indust

e goes for exterior siding – don’t replace it if the existing siding can be repaired.

Your Realtor can advise you what improvements are worth the money. Many agents have checklists on hand which are av

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

ailable for the asking. Better yet, ask your Realtor to walk through your home and help you prioritize which projects to address and which to leave for a future owner.

Homes in good repair send a messa

.

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 of having been well maintained throughout the seller’s ownership. Many sellers are not willing to go the extra mile to address condition issues, which is good news for those who are. The house in bet

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

Companies that provide selfless information through particip

ter condition stands out from the competition, increasing the likelihood that it will sell.

Once all condition issues have been resolved, then you can begin to address price.

Copyright © Shawn Buryska

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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