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Actual - How a First Time House Flip Went Bad
Let’s call him John. A bright and hard worker just trading time for dollars at his regular job. His first house flipping experience could have been a lot better.
John was watching “Property Ladder” on the A
John was watching “Property Ladder” on the A
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
&E network one day and got the bright idea to flip a house himself. After all, those people were making money. A complimentary show “Flip This House” confirmed that money could be made, lots of money.
If yo
If yo
; 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
haven’t seen Property Ladder, it’s a television show that features first time home flippers. Usually in that show the inexperienced flipper, egged on by Kirsten Kemp, make almost a year’s salary or more by
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
fixing up an old house and selling it. Kirsten Kemp is a veteran of flipping houses and is a bit too pretty to be mistaken for Bob Vila.
John figures that the people featured in these shows are not all that
John figures that the people featured in these shows are not all that
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
bright and certainly he could do as well. With a bit of nervousness John put a 10% down payment on a home that needed repairs and begin the repair process. Or did he?
The first thing John did was to ponder
The first thing John did was to ponder
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
what really needed to be fixed and if he needed a contractor to do it. Two weeks went by.
After getting several bids, John chose a contractor to come in and totally renovate the property for $11,000. That i
After getting several bids, John chose a contractor to come in and totally renovate the property for $11,000. That 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
cluded paint, carpet, appliances, and a new wall to turn an open area into another bedroom. Once it was agreed, the contactor was to start working. As luck would have it, the contractor had some unfinished j
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
obs and couldn’t start for another two weeks. John was patient, after all it was going to be a great flip and he was going to make money. It was just another $800 for an extra month, no big deal.
Once the c
Once the c
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
ntractor started he stared with a bang. Just like on the show “Flip this House” a big yellow dumpster was deposited on the lawn and a crew started ripping out wall paper and junk from the house. That demolit
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
ion lasted about two days.
The next thing this “go getter” contractor did was to disappear for another two weeks. The excuse: Men had quit and another job was pushing them behind.
To make a long story shor
The next thing this “go getter” contractor did was to disappear for another two weeks. The excuse: Men had quit and another job was pushing them behind.
To make a long story shor
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
, the contract took 8 months to get nearly complete, and then John pulled the plug and fired the contractor.
John paid others to come in a finish what was started. He had now 9 months of house payments into
John paid others to come in a finish what was started. He had now 9 months of house payments into
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
the project, 10% down, and construction costs.
After the house was ready, John listed it with an agent, and it sat another month. John lowered the price a bit with the prompting of the agent, but got cold f
After the house was ready, John listed it with an agent, and it sat another month. John lowered the price a bit with the prompting of the agent, but got cold f
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
eet after two weeks and wanted to raise it again. Too late! The house had a full price offer. Good news, sort of.
All said and done John made a little money and got a whole lot of experience. It was a flop,
All said and done John made a little money and got a whole lot of experience. It was a flop,
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
but at least he didn’t lose money.
Let’s review what John, now wiser, could have done differently on his first flip.
Firstly, putting 10% is ok, but not ideal. John should have used private money or have f
Let’s review what John, now wiser, could have done differently on his first flip.
Firstly, putting 10% is ok, but not ideal. John should have used private money or have f
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
inanced the property at 100%. That money could have been used for fix up rather than being tied up in the property.
Second. John waited too long to decide what he was going to do. He should have known befor
Second. John waited too long to decide what he was going to do. He should have known befor
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
he bought the property what his plan was. This would have saved two weeks at least.
Third. While John got a referral for the contractor, he should have gotten more bids. A deadline for the completion of th
Third. While John got a referral for the contractor, he should have gotten more bids. A deadline for the completion of th
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
e job, with penalties, should have been written in the contract.
Fourth. John waited too long to fire the contractor once he knew there was a problem. He was afraid that he would still owe the full amount i
Fourth. John waited too long to fire the contractor once he knew there was a problem. He was afraid that he would still owe the full amount i
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
he terminated the contractor before the work was done. A proper contract would have prevented that fear.
Sixth. John listed with a realtor too early. The property should have been for sale by owner from da
Sixth. John listed with a realtor too early. The property should have been for sale by owner from da
.
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
y one and John should have tried to market the property himself.
Seventh. The price was set, and then changed too quickly. Better marketing would have netted John with a nicer profit. John should have known
Seventh. The price was set, and then changed too quickly. Better marketing would have netted John with a nicer profit. John should have known
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
the selling price even before buying the property.
A lot of mistakes were made, but John still made a slim profit. All is well that ends well, but you don’t need to make these same mistakes. Learn from John
A lot of mistakes were made, but John still made a slim profit. All is well that ends well, but you don’t need to make these same mistakes. Learn from John
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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