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Top Articles - UK Property Code is No Substitute For Expert Advice
Businesses are being warned to avoid tempting but
potentially costly shortcuts in commercial property leases.
The advice comes following the publication o
potentially costly shortcuts in commercial property leases.
The advice comes following the publication o
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
f a new stronger
code of practice that includes a step-by-step guide for
tenants to negotiate a lease. Leading city law firm, Hegarty
Solicitors, welc
code of practice that includes a step-by-step guide for
tenants to negotiate a lease. Leading city law firm, Hegarty
Solicitors, welc
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
omes the code of practice, but says it is
not a substitute for expert legal advice that can often
secure substantial savings for businesses and anticipate
not a substitute for expert legal advice that can often
secure substantial savings for businesses and anticipate
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
issues that arise years after a lease is signed.
New Government Backed Code
The new ‘Code for Leasing Business Premises’ that was
lau
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
ched in March 2007 by Housing Minster Yvette Cooper, has
been published to clarify the process and aims to assist new
businesses that are new to negotiati
been published to clarify the process and aims to assist new
businesses that are new to negotiati
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ng leases for shops and
offices.
Commercial Property Partner Richard Hegarty says businesses
might be tempted to try and handle negotiating the lease
offices.
Commercial Property Partner Richard Hegarty says businesses
might be tempted to try and handle negotiating the lease
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
>themselves, but it is their lack of experience that makes
them more vulnerable, and they need to realise the
importance of using experienced property law
them more vulnerable, and they need to realise the
importance of using experienced property law
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
yers.
Richard explained, “The new code is not compulsory but is
regarded more as a basis for negotiation rather than a
blueprint for a lease.”
“I would
Richard explained, “The new code is not compulsory but is
regarded more as a basis for negotiation rather than a
blueprint for a lease.”
“I would
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
trongly recommend that anyone entering into lease
negotiations takes expert legal advice. The code is still
quite complicated, and businesses should take
negotiations takes expert legal advice. The code is still
quite complicated, and businesses should take
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
into
consideration the time they want to spend trying to
understand the lease, and what happens when something goes
wrong at a later stage”
“Also, th
consideration the time they want to spend trying to
understand the lease, and what happens when something goes
wrong at a later stage”
“Also, th
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
e code is standardised but every property is
different. A commercial property lawyer would able to
provide specialist advice on each individual scenario a
different. A commercial property lawyer would able to
provide specialist advice on each individual scenario a
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
nd
know to look for anything unusual in the lease.”
Negotiating Yourself; A False Economy
He continued, “When people are starting up we kn
know to look for anything unusual in the lease.”
Negotiating Yourself; A False Economy
He continued, “When people are starting up we kn
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
w that
every penny counts, and they might think they will save
money handling the lease themselves. A commercial property
lawyer is really like an ins
every penny counts, and they might think they will save
money handling the lease themselves. A commercial property
lawyer is really like an ins
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
urance policy. We are highly
experienced at negotiating leases and can often obtain a
better deal than they could themselves. The savings they
could m
experienced at negotiating leases and can often obtain a
better deal than they could themselves. The savings they
could m
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
ake can dwarf the legal costs involved, and they have
peace of mind knowing they are fully aware of their rights
and commitments in the lease.”
The new c
peace of mind knowing they are fully aware of their rights
and commitments in the lease.”
The new c
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
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
ode suggests that landlords may not want to tie
tenants in for lengthy periods. Richard says that when a
company is unsure of it’s future, perhaps because
tenants in for lengthy periods. Richard says that when a
company is unsure of it’s future, perhaps because
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
it is new
or in an unstable market it can make sense to have a shorter
lease period. However, many other businesses prefer to have
the security of kno
or in an unstable market it can make sense to have a shorter
lease period. However, many other businesses prefer to have
the security of kno
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
wing they will not be looking for other
premises or incurring moving costs in the near future.
“When you are busy running a business the last thing you
w
premises or incurring moving costs in the near future.
“When you are busy running a business the last thing you
w
.
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
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
ant to contend with is the pressure of having to find new
premises. The length of a lease is very important, and a
commercial property lawyer would be abl
premises. The length of a lease is very important, and a
commercial property lawyer would be abl
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
e you help you make a
decision to suit you and your business,” commented Richard.
Details of the new code can be seen at
www.leasingbusinesspremises.co.u
decision to suit you and your business,” commented Richard.
Details of the new code can be seen at
www.leasingbusinesspremises.co.u
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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