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Some 30-odd years ago, MLS listings were printed on small cards that fit in shoeboxes, and Realtors were their gatekeepers. Thanks to the Internet, agents as well as consumers have access to all kinds of information.

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

As a result, real estate firms are changing the way they interact with customers and reevaluating their roles in the age of information. "Whereas before clients depended on Realtors for information, they're now f

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

Examples of combination products may in

inding their own information and then coming to us for services," explains Chee, CEO of Prudential Locations. "That's meant a lot of changes for the industry and has made the job of a Realtor much, much more complex."

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

Around 1995, when the Internet first hit real estate, it was the kickoff of consumers getting much more involved in the transaction, because it brought more information to the customers.

Discount Brokera

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

ges

Has all this paved the way for Discount Brokerages to take over, akin to what has happened in the securities business? Discount brokerages offer all the usual services and expertise at a fraction of the c

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

Combination pro

ost. Has that forced traditional real estate firms to rethink the way they do business? Will agents become order takers and brokers just the vehicle for executing the real estate transaction?

Discount brokerages

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

are not a new phenomenon. They arise every time the market gets hot like this, because there's so much inventory. And then the market switches over, and they disappear. The thing people need to understand when they're

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

working with discount brokerages is Econ 101. Econ 101 like the grilled cheese sandwich that had the Madonna on it and sold on eBay for $33,000. It's an extreme example of how, when you open the market up and have more

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

people see it, you get the highest possible price. In a discount situation, generally speaking, that's not the case. Ask a potential listing client: So what's more important--the commission, or getting the higher pric

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

e for your house?

Consumer Education=Good Business

How are traditional brokerages positioning themselves to remain relevant and important to consumers in this new landscape?

What's interesting

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

is that customers feel empowered because they found their house on the Net. But if you think about the real estate purchase, it's something you do once every eight or 10 years. So you don't develop an actual skill set

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

Following aspects would a

to do it. So the question is, how fast can we enable customers to get up to speed?

What's happened is that the market has been dissected into different types of consumers. Some guys say, "Do everything for me."

dd to the challenges in developing combination products:

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

Some say, "I want to be hands on." Before online MLS listings and virtual tours, if you wanted to know something, like how big the yard was, you'd have to call me. Now it's, "I saw this house on the net. It's 10,000 s

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

quare feet, it's three-bedroom, it looks like what I want. Now what else can you tell me?" So now firms need to decide to include or exclude different ways that customers want to do business.

Some companies are a

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

ccomplishing that by offering services a la carte. A menu of services is a maturing thing, but, at the end of the day, the business that survives is the one that treats its customers the right way, and that might mean

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

more education. When you talk about a la carte, it's not as simple as ordering off a menu, because the individual services are all kind of connected to each other. When you split them up too much, it becomes very comp

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

Professional from academic institutions, pharmaceutical industries, health care indust

lex. So as long as the consumer knows how they're connected, it can work.

Is the empowered consumer the main factor behind falling commission rates? Overall commission rates are falling, and have been falling for

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

almost four years across the board, but it's very similar to looking at the statistics for real estate. People say, "Oh, the average price fell by $20,000," but it really didn't, because the composition of the market

.

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

changed. Commissions are falling, but the structure of services is also changing. Consumers are getting smarter. So one of the things progressive brokers are doing is getting customers as smart as anybody in the mark

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

Companies that provide selfless information through particip

et. The way we do that is by giving them tools that are easy to use. In example, giving them all the solds, all the listings, charts and graphs to get the client smart. Because when they're smart, they're decisive!

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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