Actual - Real Estate

Start the Bidding!…if you have ever been at an auction, you’ve probably experienced the thrill of bidding on your favorite piece of furniture or collector’s item. Even

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

watching auctions on television for collector’s items such as old baseball cards, civil war weapons, and movie items as they are conducted on popular television shows li

; 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 Antiques Roadshow and guesstimating what the final value of the auctioned item will be can be a pleasant pastime. But, have you considered attending or participat

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

ing in a real estate auction?

While real estate auctions are hardly a new home-sales technique, and have been a customary way of selling foreclosed properties for many

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

years, the real estate industry has taken more notice of this technique in recent years. Real estate auctions generate buzz, create a sense of urgency for a sale, and h

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

Combination pro

ve been known to spark bidding wars for properties that otherwise could stagnate on the market according to a National Association of Realtor’s online article, “Not Doin

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

g Auctions? You’re Missing Out”.

Statistics reported in the article showed that residential real estate auctions grew by 12.5 percent in 2006, making up the fastest gro

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

ing sector of the auction industry, according to the National Auctioneers Association. With new real estate online tools being made available, some of these auctions are

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

occurring online with participants from around the country.

What auctions are doing for home sellers is drawing pools of potential buyers to a property, especially whe

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

the bidders perceive that they’re getting a good or better deal than they otherwise would be by traditional home selling methods. With online marketing, interested pro

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

pective buyers can be drawn from around the country and not solely from the state that the property is located in. Buyers usually grow through a pre-qualifying process

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

Following aspects would a

in order to bid. Although, homes sold in this manner are still a ways from becoming the primary way property is sold, the growing trend is a good indicator that online

dd to the challenges in developing combination products:

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

r offline auctions are a viable option for a home seller.

“Agents and sellers can use the competitive edge that auctions generate to maximize the return,” Gehringer sai

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

d, a real estate auction expert in Winchester, Virginia. Case in point: At one auction, a townhouse’s market price in the $250,000s skyrocketed to the $400,000s after a

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

idding frenzy, said Gehringer, who does 80 percent of her real estate transactions with auctions.

The three main types of real estate auctions are:

• Absolute auctions

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

- Properties are sold regardless of price to the highest bidder.

• Minimum bid auction - A minimum published price is set that guarantees the property will not be sold

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

Professional from academic institutions, pharmaceutical industries, health care indust

for anything less than that number.

• Reserve auctions - A minimum price is set by the seller that is not disclosed to the public. The seller reserves the right to acce

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

t or reject the highest bid.”

While real estate auctions are growing in popularity, some in the industry still view auctions as a last resort in the home selling proces

.

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

s. However, as sellers and their realtors become more knowledgeable and familiar with the process, and online tools grow in sophistication; a homeowner is likely to see

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

Companies that provide selfless information through particip

the option of selling his home at auction not just as a way to unload hard-to-sell or foreclosed properties but as an efficient way to get their home sold in any market

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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