Advice Pool - Real Estate

Buyer Broker Agreement? What’s that? Most agents don’t ask their potential buyers to sign anything. It is too…well…you know…uncomfortable. Hmmmmmmm.

A professional is vi

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

ewed as a professional for a reason. They value their own time and energy as well as their clients. Of all the paperwork required, I often wonder why the Buyer Broker Agree

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

Examples of combination products may in

ment isn’t required.

Personally, I take anywhere from 40 to 50 phone calls per day from my listing signs. Most of these individuals do not have an agent or they are not h

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

appy with their agent’s performance. When someone calls without representation, I also extend an offer of my services, but there is a catch, they must be willing to sign a

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

uyer broker agreement. Why? It is the right thing to do. I often hear agents griping about how people run them ragged and use them up and then go and buy from someone els

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

Combination pro

e from a sign or perhaps a for sale by owner. In my opinion, this is the agents lack of educating their clients on the value, they, the agent, bring to the deal.

Even thou

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

gh I have a high energy level and run at high speed most of the time, there are times when it can still catch up to me. Prioritizing, organizing and actually roping in time

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

is certainly a challenge. One of the ways this can be done is to fully commit to my clients and like a good marriage, why would the commitment only be one sided? After al

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

l, if I was committed to my husband and he was not committed to me, it seems a bit unequal, unfair, and even unhealthy to continue in such a relationship, doesn’t it?

Many

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

people talk about commitment as if it is stomach gas. First they feel committed, then they don’t feel committed. I don’t think commitment is a feeling at all! True commi

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

ment is a conscience decision to follow something through to completion and give it your all to make it work.

I met a man once that wanted to do business with me. He cont

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

Following aspects would a

inued to talk about his high level of commitment and integrity. He didn’t talk about it in a way of saying he valued integrity, he talked about how he just had integrity. I

dd to the challenges in developing combination products:

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

ntegrity, like any character trait is not something we have….people don’t just have patience. These traits must first be recognized and then developed.

When it came time

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

to do business with this same man I asked for the terms we had agreed to in writing. He became angry and said his word was his word and he didn’t need to put it in writing

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

He said I was questioning his integrity and he didn’t like it. In return, I simply stated that everyone that I knew that had integrity, didn’t have a problem putting it i

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

n writing. Hmmmmmmm. This didn’t make him happy. But of course, it is not my job to make other people happy is it?

The next time someone asks you to look for a home…take

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

Professional from academic institutions, pharmaceutical industries, health care indust

a minute and say, I have a slot open to help you find a home…and…let me tell you how I work…at this point, explain the buyer broker agreement to them in depth…tell them it

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

s not about obligating them…it is about YOU committing to them fully.

Professionals protect their clients and want what is in the clients best interest. If you are not gi

.

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

ving your buyers your commitment in writing, you are not doing them any favors. Buyer Broker Agreements also protect your clients from the wolves out there that will hound

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

Companies that provide selfless information through particip

them and beat them up. Do what is right and best for everyone and take control of your business. Be a professional! Use a Buyer Broker Agreement with all of your clients

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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