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Answers - Hiring Family & Friends
The real estate industry is an extremely competitive business. It’s difficult enough competing against other professionals. But, it is further complica
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
ted by the fact that obtaining a real estate license is relatively easy. It takes about 70 hours of class work and passing one or two exams. If I were
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
ing I would substantially raise current standards. The low cost of entry to a real estate license is a great disservice to the industry. Sometimes it s
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
ems everybody has at least two or three friends or family members that have a real estate license. If you need to sell your home is it a good idea to hi
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
e family or friends? Well, it depends. Before you sign on the dotted line there are a few things to keep in mind.
Selling your home is serious busines
Selling your home is serious busines
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
. If your home is not adequately marketed it can cost you a bundle, thousands of dollars. There may be other consequences depending on your reason for
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
selling. Before hiring a family member or friend, the first question you need to ask yourself is “will I be able to fire this person if the job doesn
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
t get done?” Furthermore, if you do have to fire them how will that affect your relationship with them? Is it going to create a problem at the Than
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
sgiving table each year and other family events?
Conversely, it may be difficult for your real estate friend to have a frank discussion with you about a
Conversely, it may be difficult for your real estate friend to have a frank discussion with you about a
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
pects of your home sale. Selling a home can be an emotional experience. One of the advantages to hiring a professional is that they provide third-party
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
objectivity. For example, if I get comments from prospective buyers that my client’s home has an unpleasant odor or is priced too high then I need to ha
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
ve a conversation with my client that a relation or friend may be reluctant to undertake.
Some people don’t give a second thought to hiring a family mem
Some people don’t give a second thought to hiring a family mem
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
er to sell their home because they assume that there is really no difference between real estate agents. They reason that all real estate agents do the
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
ame thing to sell a home. Or, they reason that putting a sign on the lawn and placing a listing on the MLS is enough to get their home sold. This is a
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
istake. There is a very big difference amongst real estate agents in the kind of services offered and the amount of attention given to a home. This bei
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
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
g the case, you would be well served to ensure that your cousin or in-law, or whoever you know, is actually prepared to provide you the kind of services
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
you need to get your home sold.
If that relation you know is a true professional working full-time earning their living in real estate and provides the
If that relation you know is a true professional working full-time earning their living in real estate and provides the
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ervices you require, then go ahead and hire them if you want. On the other hand, if it’s just somebody who got a real estate license they keep in their
.
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
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
rawer to “make some extra money,” I would think twice. In either case, ask yourself if you’ll be able to fire them in the event the job doesn’t g
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
t done. If you hesitate or feel you couldn’t fire them, then you’re better served hiring someone else that you’re not emotionally or genetically tied to
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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