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Wouldn’t you like to learn and understand agency relationships that you may form as look to buy or sell real estate in BC? What is a Realtor’s obligation to yo

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

u and how does it change with a differing agency relationship.

What is agency?
Agency is a legal relationship between you, the principal and your brokera

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

Examples of combination products may in

e, the company your Realtor is licensed under. An agency relationship gives that brokerage the authority to represent you in your dealings with others.

What a

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

re the different types of agency relationships?

There exist three types of agency relationships:

Agency
Dual Agency
No Agency

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

Agency
When an agency relationship exists between you and a brokerage, the brokerage owes you the following duties:

* The brokerage is obligated to discl

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

Combination pro

se all known facts that may influence your decision and is obligated to protect your negotiating position at all times.

* The brokerage must obey all lawful i

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

nstructions from you.

* The brokerage must keep your confidences, for example, the brokerage may not disclose a seller’s motivation to sell; or a buyer’s moti

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

ation to buy, to anyone.

* The brokerage must perform all of it’s assigned duties with reasonable care and competence.

* The brokerage must account for all m

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

nies or properties held for it’s principal.

In an agency relationship, the brokerage only represents the principal, no one else.

Dual Agency
When a brok

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

erage represents both the seller and the buyer in real estate transaction, there exists dual agency. The brokerage owes the duty of confidentiality, loyalty an

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

full disclosure to both parties. As such, it must limit these duties, if both parties agree in writing. The brokerage will deal with both the seller and the b

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

Following aspects would a

yer impartially.

* It owes a duty of disclosure to both parties, except that:

the brokerage will not disclose what the buyer is willing to pay for the proper

dd to the challenges in developing combination products:

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

ty or what the seller is willing to accept for the property;

the brokerage will not disclose either parties motivation to buy the property or sell the proper

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

y;

the brokerage will not disclose either parties personal information, unless consent is received in writing.

* The brokerage will disclose to the buyer any

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

known effects about the conditions of the subject property.

No Agency
In this type of relationship, you are not represented by a Realtor, for example, if

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

you call the listing Realtor directly. The listing Realtor has an agency relationship with the seller and you may choose to deal with them under a No Agency r

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

Professional from academic institutions, pharmaceutical industries, health care indust

lationship. The Realtor has an obligation to provide you with honest and accurate answers to your questions; however, the Realtor is NOT your agent and cannot:

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

* Recommend or suggest an offer or price

* Disclose the price the seller is willing to accept

* Disclose any other confidential information unless it has be

.

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

en authorized by the seller.

Clearly, the ideal situation is to be represented by a Realtor under an Agency Relationship, or at the very least, under a Dual A

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

Companies that provide selfless information through particip

ency Relationship. A real estate transaction is going to be your largest financial investment, wouldn’t you wanted to be properly represented by a professional

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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While there are a few good ones out there, I’ve found that the majority of them are just plain odd. I have put the most notorious oddballs into categories to help you decide which type you are dealing with. Unfortunately, I speak from personal experience and I have crossed paths with all of these types. If the recruiter you're dealing with exhibits any of the characteristics below...run!

For realtors the Internet can no longer be ignored. Significant numbers of home buyers on going online to do their preliminary research for real estate and to find an agent. Search engine marketing is the most cost-effective method to connect with these prospects.

Everyone has heard “The Trend is Your Friend”. If you follow the trend you can make money. It doesn’t matter if the trend is up or down, if you follow it, you will make money.

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