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Buying a Property in Spain this article should be of assistance in illuminating the purchasing procedure. It almost goes without saying that these details of the

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

buying process must be regarded as a general guide and no substitute for specific legal advice .

Spain has been the darling of the overseas property buyer for

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

Examples of combination products may in

any years in particular the favourite of the British property buyer. It is an established overseas property market however this does not mean that it has not ha

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

d its problems.

With an ever-increasing number of international investors, the mortgage market in Spain is highly active, with more than two hundred local banks

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

offering home loan products in the country. Your mortgage loan options will greatly vary, depending on the type of property and the purpose of buying it. Usually

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

Combination pro

the lenders offer loans up to 70 percent of the property value, which is the maximum permissible loan as per Spanish laws. While most lenders may not lend beyon

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

d three times your income, a few international institutions such as Barcalys Bank may consider offering four times individual income. Lenders prefer customers wi

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

h steady employment.

Before setting out to invest in a property in Spain, it is imperative for buyers to understand the intricacies involved in the buying proce

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

ss. To purchase a property in Spain, you need a ‘NIE' number or a taxation identification number. It is crucial to obtain this number, since it is required for a

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 the formal proceedings of property purchase. You can obtain this number with the help of a Spanish solicitor, by giving him a power of attorney. Make sure that

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

the solicitor has your best interests in mind when working for you. After selecting a suitable property, you need to sign a ‘reservation agreement'. At the time

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

Following aspects would a

of signing this agreement, you are required to pay an amount around one or two percent of the property value. The vendor in turn, officially withdraws that parti

dd to the challenges in developing combination products:

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

ular property from the market, to enable your solicitor to proceed with other formalities, beginning with ‘land registry checks'. After confirming that the prop

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

erty has a clear title and there are no outstanding debts on the property, the contract of sale is signed by the concerned parties. Upon signing, you are general

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

y required to pay about 10% of the agreed amount as deposit. For under construction properties, you should make sure that your builder gives you a copy of the in

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

urance cover or the bank bond, to safeguard your investment in case the builder fails to complete the project.

After completing other formalities, the concerned

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

Professional from academic institutions, pharmaceutical industries, health care indust

parties, their lawyers and bank representatives, in case of a mortgage loan, go to the public notary's office to sign the final contract, after which the title

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

eed is transferred in your name.

Depending on the type of property you wish to buy, the additional costs on your purchase will vary. For new properties, a 7% VA

.

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

T along with a stamp duty of 1% is applicable, while old resale property buyers pay only the 7% VAT. If you are buying land in Spain, you will have to pay 16% VA

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

Companies that provide selfless information through particip

and 1% stamp duty. Other additional costs may include land registry fees, lawyer's fees, notary charges and other extra charges, if you have obtained a mortgage

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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