Actual - Real Estate

There is a lot of talk just now in Spanish property circles about the recent reduction in Spanish Capit

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

al Gains Tax. Many Spanish property developers and, more importantly, the property agents who service

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

Examples of combination products may in

the UK market, are quick to point this out and often use it to entice UK buyers to the Spanish market.

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

This is the most recent example of the misleading half-truths and hype all-too-common in the Spanish p

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

operty sector. The company points out that for the majority of UK resident buyers, the total Capital G

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

Combination pro

ains Tax payable on the sale of Spanish property is unlikely to be very different than it was previousl

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

y.

The sale of Spanish property by a UK resident will now give rise to a Spanish CGT liability of 18%,

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

compared to 35% prior to the new law taking effect on 1 January. It is important to realise, however,

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

that this same gain will also give rise to a CGT liability back in the UK, which net of the lower Spani

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

sh tax, per the Double Taxation Treaty between Spain and the UK, will now be correspondingly higher. I

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

is believed that the most significant impact of this change will in fact be a higher taxation liabilit

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

Following aspects would a

y for Spanish residents, who will now pay 18%, instead of 15% previously.

UK buyers of Spanish propert

dd to the challenges in developing combination products:

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

y are encouraged to ensure that they fully understand all the implications of buying, subsequently owni

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

ng, and eventually selling a Spanish property, and not to be over-influenced by the partial favourable

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

nformation too often advanced by those with a vested interest. The company believes that a major inves

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

tment of this kind calls for substantial due diligence on the part of the British buyer prior to visiti

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

Professional from academic institutions, pharmaceutical industries, health care indust

ng properties in Spain and the help of a property agent in Spain that can be trusted to put the buyers

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

nterests before their own.

It is insightful perhaps to appreciate why this change to Spanish capital g

.

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

ains taxes was enacted in the first place. It was not to improve the Spanish property market, but in r

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

Companies that provide selfless information through particip

esponse to a European Union ruling forcing Spain to remove its tax discrimination against non-residents

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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