Actual - Real Estate

In a competitive market with fewer buyers, more homes for sale and longer market times, you want to do everything you can to be sure your home doesn’t linger on the market. Listings which expire without selling and often without a single offer becom

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 harder to sell at the best price.

While you can’t control the market or the buyer pool, there are things you can control when trying to sell your home. We’ve already addressed how home condition, staging, and aggressive marketing can improve the

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

Examples of combination products may in

dds that your home will fare well against the competition. The final element is setting the right price.

The key here is “the right price.” A home in perfect condition, staged well, and aggressively marketed will sell for top value when the price

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

s appropriate given market conditions. The price will suffer if any of the three elements is inadequately addressed. However, if a home is overpriced it won’t sell, even if it is in pristine condition, shows well and is marketed appropriately.

A h

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

ome’s asking price is the final determinant in how quickly it sells and whether the sale price approaches the home’s value.

A quick word about “the home’s value.” Basically, a home’s value is what two parties agree on as a selling price. It doesn’

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

Combination pro

matter what you paid for it, how much you have spent for maintenance or improvements, how much you need to get out of it, or what the county’s assessment says. Market conditions are much more important in determining your home’s worth at that mome

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

t in time. The bottom line is determining at what price range you will find a buyer who is willing to pay that amount for your home.

So how do you determine an asking price? Appraisal, county’s assessed value, replacement cost, and current competit

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

ion are some of the ways a home’s value can be determined. The best way involves a combination of all of these. Several years ago I developed a very accurate pricing method that I call “4 Point Pricing.”

4 Point Pricing

Point 1 – The appraisal me

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

hod (often referred to as a comparative market analysis) considers three other homes in the immediate area making adjustments for quantifiable differences such as a finished basement, more or less square feet, garage stall count, or walkout lower lev

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

l. This initial consideration gives an indication of the subject’s price based on how the other homes faired in the market. The key to this method is location: all of the homes considered must be in fairly close proximity to the subject house. Inc

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

uding homes outside the general neighborhood decreases the accuracy of your comparison.

Point 2 – The second step is to compare price per square foot. This works well if the comparables are pretty much the same with the amount of finishing, garages

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

Following aspects would a

, etc. The result gives a range of consideration. The subject home’s condition influences whether the appropriate target price is at the higher or lower end of this range.

Point 3 - An Area Market Survey (AMS) considers the overall current market

dd to the challenges in developing combination products:

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

conditions. By comparing the number of homes currently available with the number sold over the past year, we estimate the absorption rate or how long it would take to sell out of all the current homes for sale. A high absorption rate generally refl

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

cts higher inventories and longer market times with the implication of softer prices in the future. A low absorption rate is usually a sign that prices are on the rise. Knowing how market conditions are trending can help you decide how aggressive o

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

r conservative you should be with your pricing.

Point 4 – Finally, the current competition in the targeted price range needs to be considered. Analyzing the pros and cons of those homes with respect to yours can help you fine-tune your pricing stra

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

egy. Potential buyers will compare your home to the competition so it is very important that you do so as well before setting the price. If your home is the nicest in the price range you should be in good shape. However, if there are other homes j

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

Professional from academic institutions, pharmaceutical industries, health care indust

st as nice or nicer in the same price range, you need to adjust accordingly. Remember that these homes have not sold yet and they may need to come down in price before they do. You are better off pricing slightly below ALL of the competition to ins

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

ure a profitable sale. A lower initial asking price and a quick sale are more likely to put more money in your pocket than a higher asking price that needs to be lowered several times over a longer amount of time.

Once you have studied all 4 indica

.

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

ors look for a convergence of value. That price is usually the right price!

Ultimately, the decisions you make will influence how quickly your home sells. If you are willing to take the time to prepare your home for sale, select a realtor who will

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

Companies that provide selfless information through particip

aggressively market your home, and carefully assess market conditions when setting your asking price, you can increase the likelihood that your home will sell quickly and for top dollar, regardless of the market conditions.

Copyright © Shawn Buryska

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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