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Have your customers or family moved to Florida? Are you thinking of buying a second home th

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

ere? Many mortgage brokers and lenders on the East Coast and Midwest find themselves with c

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

Examples of combination products may in

ustomers who ask them if they can do their loan for their condo or new house in Florida. You

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

can close that loan only if you are licensed in Florida.

Florida is a relatively easy stat

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

to get your license. It does not require an office in the state. For companies, they offe

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

Combination pro

r 3 levels of licensing – broker, correspondent lender, or mortgage lender. Each of the comp

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

any licenses requires a principal (either an owner or senior management) to have taken 24 ho

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

urs of classroom education in Florida and then to have passed a test. This requirement is no

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

as onerous as it sounds. The classroom education is given by various approved schools in Fl

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

orida. Many out-of-state applicants schedule the classroom work the weekend before the test

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

and take the test the following Tuesday. The classroom work is geared totally towards the ex

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

Following aspects would a

am. The principal must also have 1 year of mortgage broker experience.

If a mortgage broker

dd to the challenges in developing combination products:

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

doesn’t want to deal with minimum net worth requirements or surety bonds, it can apply for a

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

mortgage broker business license. The major restriction with the mortgage broker business l

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

icense is that all of its loan officers must be licensed individual mortgage brokers.

If a

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

mortgage broker needs to get certified financial statements for another state anyway, go for

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

Professional from academic institutions, pharmaceutical industries, health care indust

the correspondent lender license. Mortgage brokers get much higher income from their brokeri

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

ng. But a correspondent lender needs to maintain a $10,000 surety bond and show the Florida

.

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

Department of Financial Regulation that it has $25,000 minimum net worth and that is where t

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

Companies that provide selfless information through particip

he certified financial statement comes in. Mortgage lenders must maintain $250,000 net worth

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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