Answers - Real Estate

When it comes to selling your home, the hardest part is often setting the price. It is one of the first things buyers will ask -- what is the asking price?

If y

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

ou ask too little, your profit goes out the window. If you ask for too much, you will have a hard time selling.

Last year, we sold our first home. We learned a

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

Examples of combination products may in

ot of lessons. First, we guessed at our asking price. We didn't even list the property. Someone knocked on our door, said he heard we wanted to sell and asked ho

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

w much. After a week of back and forth, we dropped the price way, way too much, thinking he wouldn't come up anyway. He did.

We knew then that we sold the prope

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

ty for too little. In fact, when the property was appraised, he said that the bank didn't tell him how much it appraised for. The bank said that because he paid

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

Combination pro

for the appraisal, only he could tell us the appraisal value. That verified that we sold the property for far less than it was really worth. We swallowed it, too

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

our still quite hefty profit and chalked it up to a lesson learned.

When we sell our current house, we will do things differently. Selling your home is a rathe

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

r large transaction. You want it to happen quickly and profitably.

One of the easiest ways to determine your home's value is to have your property appraised. Th

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

s usually costs around $300. The appraisal will include a comparison to the selling prices for similar properties in your area. While it does cost you money, you

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

will have leverage in selling the home -- a certified appraisal of what the home is worth before the purchase contract is signed.

In general, most real estate

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

gents can provide you with a pretty close estimate of what your home is worth. After all, this is what they do for a living. They won't overprice your home by to

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

Following aspects would a

o much because they want it to sell as quickly as possible. They won't underprice it very much because that cuts into their commission.

Ask the realtor to provi

dd to the challenges in developing combination products:

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

e you with a CMA (Comparative Market Analysis) on your property. The CMA is a comparison of the selling prices of homes similar to yours in your area. The CMA us

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

ually spans six months of real estate transactions.

You can go online and find several web sites that provide CMA services. The majority of online sites base yo

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

r CMA on the local tax rolls. Some are free, but the vast majority ask you to provide both a payment for the service and your personal information.

Depending on

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

the existing market in your area, you may need to adjust your asking price to sell your home quickly. If homes are remaining on the market up to 120 days in you

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

Professional from academic institutions, pharmaceutical industries, health care indust

area, you may need to lower your CMA by 2%. If homes are on the market for longer than 120 days, you may need to knock 3% off your asking price. Remember, you w

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

ant your asking price to be high enough to make a profit, but low enough to sell in a reasonable time frame.

Keep in mind that a home can be accurately priced a

.

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

d still not sell quickly. It all depends on the market. Many sellers take less than the value of their property just to sell it and get it over with. Look at the

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

Companies that provide selfless information through particip

market around you. Ask your realtor how long listings are remaining on the market. Base your decision to lower your asking price on the market, not on the buyer

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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