Main Subject - Business

Home stagers are cropping up all over the globe (though home staging has been around since the 1970's) and real estate agents need to get savvy so as not to get

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

sued by their clients after selling their home for them.

Home staging is the art of decorating a home to sell for top dollar and in the least possible amount

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

Examples of combination products may in

f time.

Recently in Ontario, Canada, a real estate agent was sued by his client AFTER having sold the home. It would appear that the real estate never spoke t

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

his client about home staging (because he didn't know it existed). The court decided the real estate agent should not only have known what a home stager was,

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

ut the agent should have offered the service to his client.

Here's the nitty gritty: Man (Let's call him Mr. Jordan) puts home on market with real estate agen

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

Combination pro

. Many months later, the house is still for sale, has had no offers and few visitors. Real estate agent suggested lowering the price. Mr. Jordan wanted to se

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

l, so followed the expert advice of his agent and lowered the price thousands of dollars. The house finally sold UNDER the asking price that had already been r

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

educed.

On the same street, just a couple of doors down, another man (Let's call him Mr. Wills) put his house up for sale with another real estate agent. With

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

n just a few weeks, Mr. Wills house sold ABOVE the asking price.

Since Mr. Jordan and Mr. Wills live in townhouses EXACTLY ALIKE except for the decorating, Mr.

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

Jordan just couldn't figure it out. Until Mr. Wills explained that his real estate agent suggested hiring a home staging expert to get top dollar for the home

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

n the shortest amount of time possible. It worked.

Mr. Jordan was furious (justifiably so, if you ask me) and took his real estate agent to court. And won!

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

Following aspects would a

o beware all you real estate agents. Your job is to sell people's homes quickly and for profit. So get out your contacts, hit the internet or consult your yel

dd to the challenges in developing combination products:

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

ow pages but make sure you offer your client the services of a home stager and protect your profits.

And if you actually stop and think about it for a moment,

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

iring a home stager is a great thing for you too. A home stager will have absolutely no qualms about telling your client that while selling his/her home, the s

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

melly kitty litter has to go and by the way, the cat has to go too. And do you really have time to make sure the client gets their home spic and span for selli

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

g or open house visits? Isn't your job to get listings and sell? Let a good home stager do their job and remember, it's an investment on a high return. Sure,

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

Professional from academic institutions, pharmaceutical industries, health care indust

10k lower for the sale of a home doesn't really affect your bottom line. But if you have 16 homes listed for sale, 10k on all 16 of the homes makes a major dif

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

erence to your bottom line! And keep in mind that a home that has been staged sells higher, on average in 15 days and the trend is that staged homes are so nic

.

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

, multiple offers come in on a home and then you can just sit back and advise your client to take the highest bid... Much better than telling your client to lo

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

Companies that provide selfless information through particip

er the price. Hire a home stager, let the client pay for it and you get to take all the credit for selling high and selling fast... What more could you ask for

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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