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Actual - A Common Myth Of Home Buying
Piggybacking off of my last post, hiring real estate agents, what's your method of choice? I'd like to address a common misconception among home buyers.
Every couple of months, it seems, I have to ta
Every couple of months, it seems, I have to ta
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
lk a friend or family member out of doing this, so I thought I'd share this common myth with the rest of the world.
Home buyers often convince themselves that they will save money by choosing one of
Home buyers often convince themselves that they will save money by choosing one of
; 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
wo options. They believe that if they A) represent themselves, or B) work with the selling agent, they will somehow save themselves 3% of the commission.
Here is the honest-to-God truth, from someone
Here is the honest-to-God truth, from someone
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
who does NOT work in the real estate industry: Nothing could be further from the truth.
The reality is that commission is set by a contract between the home seller and the agent whom the seller choos
The reality is that commission is set by a contract between the home seller and the agent whom the seller choos
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
s to represent the home. The selling agent, then, determines how much of that they are willing to share with the "other side", the buyer's agent.
If the agreed-upon commission is, say 6%, a selling a
If the agreed-upon commission is, say 6%, a selling a
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ent could very well choose to offer only 1% to the buyers' side. This is unlikely, as few buying agents would leap at the chance to sell a home for 1%. Conversely, if the agent needs add extra incenti
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
ve to sell the home quickly, they could choose to offer 5% to the buyers' side. During the time I was involved in real estate marketing, I did see several 4% offers to the buyer's side in return for q
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
ick sales.
If there is no buying agent, the selling agent keeps the 6% commission to themselves, since that is the contract they have with the seller. A home buyer does not play a role in the contrac
If there is no buying agent, the selling agent keeps the 6% commission to themselves, since that is the contract they have with the seller. A home buyer does not play a role in the contrac
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
between seller and seller's agent. And, again, that is where commission is set.
Home buyers are often convinced that a selling agent will reduce their side of the commission of there is no buyer's a
Home buyers are often convinced that a selling agent will reduce their side of the commission of there is no buyer's 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
ent. This is highly unlikely. When it does happen, let me tell you why you should be extremely wary of these folks:
1. You are not adequately represented in the largest financial contract most of us
1. You are not adequately represented in the largest financial contract most of us
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
ill ever be involved with in our lifetimes. If you choose to allow the seller's agent to have "dual agency", where one agent represents both sides, how good of a deal do you think you're getting in co
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
ntract negotiations? Particularly when you consider that the agent has agreed to do twice the work for half the pay, per your insistence?
2. An ethical agent who will reduce commission and allow you
2. An ethical agent who will reduce commission and allow you
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
o represent yourself will wind up representing you anyway. Only rookie agents will make this mistake. And a rookie agent will have a hell of a time navigating the complex waters of implied dual agency
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
An unethical agent will take advantage of you to the fullest, since he or she will have to explain each step of the process to you, thus creating a lot more work.
No matter how you feel about real
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
state agents (and I'll state right here that I've got plenty of mixed feelings myself), you need to be represented when you purchase a home.
I'm flummoxed when I hear otherwise rational human beings,
I'm flummoxed when I hear otherwise rational human beings,
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
people who realize that after a certain age you just hire professionals to do things, suddenly decide to forgo a buyer's agent.
Unless you're willing to pick up another full-time job, you're saving y
Unless you're willing to pick up another full-time job, you're saving y
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
ourself nothing. By that I mean that you must be prepared to see homes, navigate inspections, negotiate contracts, etc. and do it well enough to protect what is likely the largest investment in your '
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ortfolio'.
If you don't do it well enough, you can find yourself in a home in need of serious repairs, in a contract that exposes you to a world of liability, or any number of worst-case scenarios.
If you don't do it well enough, you can find yourself in a home in need of serious repairs, in a contract that exposes you to a world of liability, or any number of worst-case scenarios.
.
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
don't know too many people who would drive without car insurance, no matter what the expense. Because the reality is that, if something goes wrong, it goes very wrong. And no amount of money saved co
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
pensates for that.
I hope this posting will clear up a widespread myth about home buying. I know a lot of people will be irritated to read this, but I hope that ultimately most people find it helpful
I hope this posting will clear up a widespread myth about home buying. I know a lot of people will be irritated to read this, but I hope that ultimately most people find it helpful
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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