Top Adding - Real Estate

Nicaragua is an awfully nice place to call home, full-time or part of the year. And more and more people who come to visit decide they’d like to be able to return regularly and with their friends and families. They buy building lots...and then reality settles in. They’re faced with the proposition of erecting a house.

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

Building in a foreign country can be a daunting proposition, especially if you’re operating long-distance in a place where you don’t speak the language.

My husband and I are in this position ourselves, making plans to begin construction of a house on Nicaragua’s glorious south Pacific coast at Los Perros. We have bee

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

Examples of combination products may in

n traveling in the country for nearly a decade and have friends and business partners ready to lend a hand any way they can. Still, we’re nervous.

So many ways things can go awry. Whole houses laid out wrong, with rooms in the front that should be in the back and views of the hillside instead of the beach... retaining

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

walls that crumble... foundations that crack... second-rate fixtures installed when top-of-the-line were stipulated (and paid for)... pools that leak... pipes that burst... (All real-life stories from people we know who’ve built houses in this part of the world.)

How do you successfully manage the construction pro

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

cess from afar? The most important thing is to recognize that you’re not operating in the States. Different building codes. Maybe no building codes. No inspection process. The second most important thing (given the first) is to engage a reliable general contractor who you’ve found with the recommendation of someo

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

Combination pro

ne you trust and for whom you’ve gotten three current references. Best case (and what we’re trying to arrange) is to be in the country, on site, for the first month of construction. Then your G.C. can take over for you between your follow-up visits. If you can’t be on site when ground is broken and the foundation work,

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

etc., is being done, your G.C. plays an even more important role.

Hire an independent agent to follow the progress of construction for you... to be your eyes on site. Someone living in the country for the duration of construction and who, preferably, speaks the language of the workers. We have someone living in the c

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

ountry who will be able to fill this role for us. When we finally begin building, we’ll get weekly updates and photos by e-mail. Arrange for payments to be made according to construction benchmarks. Maybe 25% to start, 25% after certain milestones, 25% after the next set of milestones, 15% after another set of milesto

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

nes, and the last 10% after you have been to visit the property and have assured yourself that you’re completely satisfied with the work.

One of the greatest advantages to building a home in this country right now is how affordable it can be. Nicaragua has not yet been hit by the building boom (and rising construction

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

costs) that are common in nearby areas, Costa Rica, for example.

This means that you can build a spectacular home, complete with hardwood floors, French doors, Italian or Mexican tile kitchens and baths, wooden decks, air conditioning, and all the amenities for as little as $45 a square foot--a total of about $60,000

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

for a spacious two-bedroom home.

Or you could build a home that could be featured in the pages of Architectural Digest for maybe $90 per square foot. But these construction savings won’t last forever.

President Bolaсos is preparing to launch an aggressive campaign to increase the number of foreign visitors to

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

Following aspects would a

the country from the current 475,000 per year to 800,000 per year by 2006. More visitors will lead to more buyers will lead to higher prices.

Managua, especially, has seen millions of dollars of new construction recently--new hotels, restaurants, apartment complexes, shopping malls. With all this activity, constructio

dd to the challenges in developing combination products:

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

n prices won’t remain at their current low levels for long.

Here are 14 more tips to help you safely take advantage of the current opportunity to build in paradise:

1. Identify what IS and what IS NOT included in the contract. For example: retaining walls, the pool, landscaping, etc. Get a firm price in writi

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

ng, and be as specific as possible. Err on the side of detail - include electrical outlets, include the wall lamps by the pool (they’re in the drawing, but make sure they’re in the price), include the “hooking up” of the appliances.

2. Understand how your house will look and what view you’ll have if all the homes aro

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

und you end up being built.

3. Understand all the maintenance costs--landscaping, security, pool maintenance, bug control (especially on a traditional palapa roof if you’re incorporating one).

4. Consider whether you want to air condition the bedrooms, the public rooms, the hallways, or all of the above. This can m

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

ake a big difference in the layout.

5. Don’t let your builder change a thing without your consent or giving you a written quote as to how much it will cost.

6. If you’re building on the water, use water- and salt-resistant materials on exposed surfaces (sounds obvious, but your builder may not remember).

7. If yo

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

Professional from academic institutions, pharmaceutical industries, health care indust

u are going to put your house in a rental pool, remember that when you select furniture, bedding, sheets, etc.

8. Make your home storm-proof and provide instructions to your property manager in case of a storm.

9. Expect delays. The weather sometimes will be bad... materials often won’t arrive on time.

10. Pick ou

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

t your own appliances and finishings-- the tiles, the air conditioners, the generator, the toilets, the light fixtures, etc.

11. Get a warranty in writing from your builder, including such things as plumbing and electricity.

12. A palapa roof looks lovely, but it requires much more maintenance than a tile roof. Palap

.

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

a is said to last five years. Hornets and scorpions favor the palapa too, so that can be another vote for tile.

13. Talk to your builder about “Covintec” sheeting. It is a wire-framed styrofoam sheet that you can use for walls and roofs. It has excellent thermal qualities and is designed for earthquake zones. It can a

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

Companies that provide selfless information through particip

lso be used for pools. It is a great cost- and time-saver.

14. Buy a generator, one that is proportionate to the size of your home. Ask your builder for recommendations.

Keeping in mind you are in a foreign country, be savvy and don’t assume anything… and you can build your beautiful dream home in a tropical paradise

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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